When over 394 UK ATM’s closed down each month in 2018 or when India forecasted half of its ATM’s to shut down in 2019, people were pretty sure that ATMs – marketed as ‘Any Time Money’ – was ticking its way to its end.
But just when we thought the business of Automated Teller Machines was standing on shaky territory, leading financial technology and ATM service provider FIS Global weighed in some balance. Global Chairman and CEO, Gary Norcross discussed during his interaction with BusinessLine how ATMs remain the company’s highest revenue-maker— indicating how this form of financial transaction won’t be slowing down anytime soon.
When asked if the ATM industry is expecting a downturn, Norcross remained confident that their existing customers will continue to bring opportunities. For him, if the number of ATMs deployed may have slowed “people are looking at where these less-performing ATM machines are located and have redirected them in other locations – but we continue to win the business on the ATM front.”
Regulatory issues and maintenance fees are among the concerns as to why ATMs have been experiencing a shut down. However, when asked what is the major challenged facing FIS Global in the Indian Market, Norcross mentions the South Asian country’s regulatory changes as just another occasion for them to “work with their clients and help them meet the regulatory requirement on a much more expedited basis”.
Read the full exchange here.