■ Business Trends: BANKING
The evolution of ATMs Used less often, machines still offer advantages to banks and customers
Bill Ridenour says John Marshall Bank has made changes to offer its customers “more capabilities for more mobile banking.”
by Stephenie Overman T
he use of automated teller machines is declining because of the popularity of new types
of financial technology, but Virginia community bankers say that doesn’t mean ATMs have outlived their usefulness. Alternative payment methods
such as PayPal, Venmo, PopMoney and Zelle give consumers more choices at a time when the number of ATM withdrawals is falling. Transaction Network Services
released a survey in September show- ing that American bank customers are
Photo by Mark Rhodes
using ATMs less frequently. The sur- vey found 29 percent of respondents said that they never use ATMs, up from 21 percent in 2015. The survey also asked respon-
dents how often they typically visited an ATM. In the 2017 survey “once a month” was the top answer for U.S. respondents. Two years before, the top answer was “once a week.” Virginia community bankers say
they are adapting to customers’ chang- ing habits in their use of ATMs and other services. Bill Ridenour, senior executive
www.VirginiaBusiness.com
vice president and chief banking offi- cer of John Marshall Bank in Reston, says it went through an operating sys- tem conversion a couple of years ago “to be able to offer more capabilities for more mobile banking.”
New features While ATMs used only as a cash
dispenser are going “by the wayside,” smarter machines are taking their place, says Steve C. Yeakel, president and CEO of the Virginia Association of Community Banks (VACB). “The ATM is in evolution. Manufacturers
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