Wells Fargo, the first bank to introduce envelope-free ATM deposits, is at it again. The bank is testing out the newest ATM innovation: ATMs that accept a mixture of cash and checks.
The main factor that differentiates these ATMs from others is that they are able to accept envelope-free checks and cash deposits simultaneously. So far only 38 of the next-generation ATMs have appeared in Boulder, Colo., but the bank plans to extend the program to the entire state by the beginning of November. As part of the expansion, the bank will add the innovative modules to 200 ATMs.
“This is just a better way to take a deposit, it’s simpler,” Jonathan Velline, VP and head of ATM banking at Wells Fargo, told Bank Systems Technology. “The machine does the work and it’s a more elegant design.”
The ATMs impacted by the change will be those designed by the NCR Corporation, a company specializing in technology products for different retailers such as ATMs, point-of-sale terminals and self-service kiosks. NCR is the perfect company for Wells Fargo to use because of its engineering skills and understanding of consumer convenience.
Consumers Remain Apathetic
A high percentage of Wells Fargo customers were not interested in the bank’s new ATMs, according to Bank Systems Technology. Wells Fargo had a similar situation occur when it became the first bank to introduce bulk check deposits at ATMs. At the time, many consumers felt the change was unnecessary because the average customer only deposited 3.1 checks at a time.
“When I look at the numbers today, 9% of checks deposited in Wells Fargo ATMs come in bundles of ten or more items. If we didn’t have bulk deposit, we would have missed all that volume,” Velline told the online magazine.
Wells Fargo has constantly adapted its ATMs to be first to make new services available for customers. From envelope-free to bulk deposit and now mixed-media-enabled ATMs, the bank has acted as a pioneer of ATM banking. Even if individuals do not feel they need these additional ATM features, having them available might eventually spark interest. These new machines should bring benefit to people with busy schedules who need to expedite their banking experience.