The next innovation for ATMs that is going to speed up and simplify the way consumers conduct their self-banking will soon be coming to banks nationwide.
NCR Corporation (NYSE: NCR), a global leader of ATM manufacturing, is making progress in securing certification for its Scalable Deposit Module (SDM). The technology will improve the efficiency of ATMs, which are experiencing increasingly use by the American consumer population.
The standout benefit of SDM is the ability to deposit both cash and checks through a single deposit slot and in a single transaction – NCR is the first and only ATM manufacturer to deploy such a solution. The company has received nearly 2,000 unit orders since the introduction of SDM in October 2010 in the U.S.
According to NCR, SDM allows a typical bank customer to deposit five bank notes and two checks in less than 60 seconds.
“Banks and credit unions have received positive data and feedback from consumers on automated deposit, so it is natural for NCR to continue to invest in innovation that improves the technology,” said Michael O’Laughlin, senior vice president of NCR Financial Services.
“With SDM, we have built a new solution that is even more intuitive and simple for consumers.”
From a financial institution’s perspective, the technology may not pose major cost savings compared to the envelope-free ATMs already in place at many institutions. According to Boston-based analytic firm Tower Group, the estimated cost per branch teller or ATM envelope deposit is $1.82 while the estimate cost per envelope-free deposit is $0.58.
With SDM, the focus is on customer experience and branch efficiency – especially for banks that are relying on online and ATM banking to reduce branch overhead. For example, Bank of America’s eBanking checking account will waive monthly service fees if the customer does not visit a teller.