Cloud technology can transform the consumers’ experience of ATMs as rural bank branches close delegates at a Fife fintech festival will hear.
Jim Tomaney, chief operating officer at Renovite Technologies, says that banks can offer more services than before at a lower operating cost through an ATM than through a traditional high street branch – something that is crucial as more branches close in rural areas.
However, investment is required to replace the legacy technology of the traditional ATM with modern architecture suited to the demands of the 21st century consumer.
Mr Tomaney said: “Rural bank closures means customers are travelling long distances to access basic financial services such as cash deposits or retirement options.
“ATMs are a cost-effective way to plug this emerging gap, providing a lifeline for increasingly marginalised communities in remote areas.
“By reinventing the ATM channel through modern cloud technology, financial services can be extended and maintained in rural areas,”
Renovite argues that cloud-native technology can enable banks to experiment with new ideas in an agile, risk-free environment, and easily deploy new services to customers, meaning the next generation of ATMs could allow customers to speak with human tellers, open new accounts and potentially grow into something that will revolutionise self-service banking.
Mr Tomaney said: “Like any computer or network, the technology behind ATMs needs to be up-to-date.
“50-years ago, the ATM was an innovation like none other and it offered 24-7 cash withdrawal services.
“Cloud-native technology is so advanced, so malleable, and so effective, that we can once again change the way consumers interact with banks.”
The fintech festival takes place on Tuesdayin North Queensferry.
jimillar@thecourier.co.uk