The ATM Industry Association announced on Thursday the creation of a forum to encourage development and deployment of ATM solutions to address the needs of America’s unbanked and underbanked consumers.
While the use of mobile devices in the financial services realm has become more popular, 2011 data from the FDIC showed 28.3 percent of American households still conduct most of their financial business outside of the traditional banking system.
According to the FDIC study, which was released in September 2012, the number of unbanked households rose by 821,000 since the first survey in 2009. More than half of all unbanked survey respondents said they did not have a bank account because they lacked the funds or they do not want or need an account.
David Tente, the executive director of ATMIA USA, said the need for ATM-based solutions for the underbanked is “greater than ever.”
“The ATM is the perfect platform for linking traditional and non-traditional financial transactions,” Tente said. “And financial institutions, independent operators, networks and processors all share a very high level of interest in creating new solutions to serve this market.”
The forum, which will enhance collaboration between ATMIA Members on potential solutions and technologies, is scheduled to hold its first meeting on April 30.