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■ 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


VIRGINIA BUSINESS 65


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