It’s no secret that the digital transformation has affected many things, including banking. As transactions and payments have shifted to the digital space, many are worried about the impact it will have on ATMs. However, ATM statistics show that they are still making a positive impact and serving the needs of consumers.
Since the world’s first ATM was invented in 1967, the machines have evolved with the times and are still going strong. With more technological advances ahead of us, it’s good to know where ATMs are heading and how consumers feel about them in a day and age where cash is used less and less.
Here are 5 ATM statistics and what they mean:
1. The average ATM is used 300 times per month. Though this number isn’t super large, it does show that the average ATM traffic is steady. With usage at 300 times per month, that’s a steady 75 people per week using one ATM. (National Cash Systems).
2. 40% of ATM users use an ATM 8-10 times a month. Almost half of all ATM users in a National Cash Systems survey said that they use an ATM 8-10 times a month. This means that those who are using ATMs are using them frequently. These repeat visits add up and mean that those who do use ATMs are continually using cash. (National Cash Systems).
3. 78% feel it is important to have access to cash. Despite the common belief that cash is not highly valued anymore, 78% of people in a Transaction Network survey said that they feel it is important to have access to cash. This is a high number that proves that cash is still an asset to most people, even with the rise of mobile payments. (Transaction Network Services).
4. 82% are happy that the locations of ATMs suit their needs. Location is a vital part of the success of an ATM. The fact that 82% of people are happy that the locations of ATMs suit their needs means that ATM deployers are doing a great job when it comes to strategically placing their machines. (Transaction Network Services).
5. 85% said their preferred ATM’s availability was usually good. With ATMs being so quick and easy to use, there are typically no long lines to face. This convenience and efficiency ultimately fuel a positive customer experience, which would hopefully keep ATM goers coming back time after time. (Transaction Network Services).
Ultimately these ATM statistics show that ATMs are still going strong. Though they have in some ways been affected by mobile payments, they are still viewed as an asset to many people. They’re still being used and providing a positive experience for customers.