52% of ATMs Will Offer Automated Deposits by 2024, Research Projects
In the U.S., it's estimated that 40,000 automated deposit terminals will spring up in the next five years.
More than half of the world’s ATMs will offer automated deposits by 2024, according to new projections from banking research and consulting firm RBR. The London, England-based firm also predicted that the United States will see tens of thousands more automated deposit terminals (ADTs) arrive in the next five years.
“In a busy world where time is of the essence, both business and retail customers no longer expect to have to queue for the teller to make everyday deposits,” RBR said. “Banks report that deposit ATMs are an efficient tool for keeping their customers satisfied, while also enabling them to migrate transactions from the teller and achieve cost savings.”
Automated deposit transactions have risen quickly in the last few years, according to the research.
“Excluding China, where a meteoric surge in mobile payments has stifled cash usage, automated deposits grew by 10% in the other core markets covered in the report, contrasting with a fall in cash withdrawals in many of the same markets. Customers increasingly appreciate the benefits offered by automated deposit such as reduced queuing, instant account crediting and out-of-hours availability,” it noted.
RBR said it expected the number of terminals in the markets in the study to hit 1.6 million by 2024, which is a 14% increase. Much of that growth will come from deposit ATMs, which will make up 52% of the ATM population by 2024, it said. In the United States, RBR estimated that 40,000 ADTs will spring up in the next five years.
ADTs do more than just accept deposits. RBR predicted that two-thirds of them will also be able to recycle cash by 2024.
“Although the technology has been available for decades, the number of deposit ATMs installed worldwide continues to demonstrate healthy growth,” RBR researcher Sam Blackwell said. “Banks are now expected to pivot further towards recycling as the ratio of withdrawals to deposits narrows and CIT costs grow, presenting increased opportunities for cost savings.”