North American PaymentsInsights

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ATM Banking: It’s Not Just About Cash Withdrawal Anymore

ATMs continue to be an integral part of the customer experience in U.S. banking

New Mercator Advisory Group survey finds that U.S. consumers have a strong preference for their primary financial institution’s ATMs over other ATMs available to them.

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Mercator Advisory Group’s most recent Insight Summary Report, ATM Banking: It’s Not Just About Cash Withdrawal Anymore, reveals that U.S. customers are increasingly relying on ATMs to fulfill their banking needs. The report is from the Banking and Channels Survey in the bi-annual CustomerMonitor Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s CustomerMonitor Survey Series online survey of 3,000 U.S. adult consumers in November 2018.

Among many insights uncovered, the survey found consumers are more than four times as likely to use their own bank’s ATM (94%) as other banks’ ATMs (22%) or ATMs than are not bank branded (19%). Furthermore, heavy users of ATMs are less dedicated to their own bank’s ATM and more apt to use ATMs that do not belong to their bank. The same is true of younger consumers, reflecting their strong presence among the heavy users of ATMs.

The survey also found that consumers are more likely to choose going to a teller when depositing higher-denomination checks (e.g., $1,000) than to deposit them in an ATM. Checks of smaller denomination (e.g., $50) are more apt to be deposited via an ATM. Additionally, the report shows that 14% of Americans say they will not withdraw cash at an ATM and 31% will not conduct any other type of transaction at an ATM.

“There is an opportunity for financial institutions to deepen their relationship with their customers by expanding the capabilities of their ATMs. Younger consumers rely more on ATMs and use more of their features. As such, this group should be kept in mind during any discussions of or planning for new functionality,” stated the author of the report, Peter Reville, Director of Primary Data Services at Mercator Advisory Group including the CustomerMonitor Survey Series.

This Insight Summary Report has 42 pages in slide form.

Highlights of this report include:

  • Not surprisingly, interest in new types of ATM transaction is heavily skewed toward the heavy users of ATMs users rather than light users.

    – Heavy ATM users are about three times as interested as those who are light users.

  • Regarding interest in alternative methods of authentication, the results are virtually the same for each method queried (QR code on mobile phone or on ATM, biometric via phone or via ATM).

    – About one-third of consumers surveyed are not interested in any of these authentication methods.

    – Similar percentages are willing to consider them