The boss of one of Fife’s leading fintech firms has hit out at UK banks’ failure to invest in new ATM technology.
Responding to the growing number of bank closures, Jim Tomaney, chief operating officer at Renovite Technologies, said many of the services offered by branches could be done via a smart ATM.
A recent analysis showed that more than a third of Scottish bank branches had closed over the past eight years – a drop from 1,625 branches to 1,015 locations between 2010 and 2018.
Mr Tomaney, whose firm produces innovative software for ATM machines, said: “The decision to close bank branches unjustly penalises significant portions of Scottish society and, in particular, people and businesses in remoter areas of the country.
“What’s frustrating is that many of the services that bank branches offer, like loans for consumers or cash-deposits for businesses, could be replicated using cloud technology to create Smart ATMs or a ‘bank-in-a-box’.
“Unfortunately, most banks aren’t yet prepared to invest in updated technology and infrastructure to bring about that change.”
Renovite set up its European headquarters in Dunfermline a year ago but has already grown its Scottish team to 13 staff, with plans to increase its number of employees to 20 in the first half of this year.
The firm’s range of ATM software solutions are designed to run on any operating system.
“The vast majority of today’s banks still rely on infrastructure designed back in the 1980s and 1990s which are incredibly hard to add innovative new services to, which is why financial exclusion is becoming more and more of a problem,” he added.
rmclaren@thecourier.co.uk