Aduragbemi Omiyale
One thing that the pandemic has shed light on, ever since it struck us from the middle of nowhere, is that our society shall always depend on cash despite having access to a hoard of self-serving banking technology.
We are gradually inching towards assuming the shape of a cashless society, and this transformation has come in handy in a number of situations.
It reduces the dependence on cash, reduces the act of transferring cash from one hand to another and also makes for quick payment.
However, all that said, one thing that we have realized in this pandemic is that human beings shall always depend on cash during emergencies and crises.
And this need for cash, especially during the pandemic, has also led to an increased demand for ATMs. ATMs, these days, are not just acting as cash dispensing machines, but have also branched out in a number of other directions. Over the length and breadth of this article, we shall talk a bit about the ATM and cash trends and see how they have changed due to the pandemic.
ATM and Cash Trends During the Pandemic:
Customer payment and cash withdrawal behaviour have changed over the course of the pandemic, and several factors can be attributed to this change. Consumers are withdrawing as much cash as possible owing to the volatilities in the market and so that they can be prepared in the face of emergencies. Technology might fail in times of emergencies, and the only thing that shall come to our rescue is cash.
People are well aware of this aspect and are, therefore, withdrawing more cash just to stay prepared. These patterns have led financial institutions and small businesses to rethink their business models and come up with better cash forecasting strategies. That said, let us look at a few more ways in which the ATM and cash trends have changed during the pandemic.
Bank Branch Activities Have Changed Over the Course of the Pandemic
As we mentioned earlier in the article, self-serving banking technologies are now more important than ever. With physical distancing becoming the new normal, customers now prefer to go about different banking processes via apps. Banks have also increased the daily withdrawal limits at the ATMs and waived off the charges so that customers can withdraw as much cash as they want in this hour of crisis.
Financial institutions have curtailed the number of hours they function so that people do not have to queue up in front of the banks. Banks and financial institutions have also enhanced their apps and banking technology so that their customers can go about the banking processes without any hassle.
Technology is Supporting and Making Banking Easy as Ever
Banks have improved their ATM technologies, and ATMs these days have started operating on a number of verticals. Plus, drive-up ATMs have also made it increasingly easy for customers to withdraw cash without having to risk their safety. Cash recycling technologies have also made cash availability easier. Plus, with a hoard of apps and online banking services, consumers hardly have to step outside their comfort zones to go about their banking tasks.
Therefore, the pandemic has changed the ways in which consumers interact with banks and financial institutions and has also given rise to new cash and ATM trends. These institutions are now placing more importance on appropriate cash optimization and cash forecasting techniques so that they can stay afloat even during the pandemic and keep serving their customers in times of crisis.
Summing It Up:
The COVID-19 pandemic has not only changed the way we behave and interact with banks and financial institutions but also changed the way the world functions. Businesses across every vertical have changed their core values and are looking for better ways to stay afloat. Banks and financial institutions are just a part of this entire ecosystem that has been toppled over by the virus.
Therefore, if we are to survive this challenge and make our peace with the new normal, it is important that we learn how to function in this new world and adapt to the changes.
The aforementioned trends are some of the ways in which our cash and ATM behaviour have changed. As we make it through the months, we might witness some more trends and fresh new changes in this new world.
