TECH GENERATIONS PREFER SURCHARGE-FREE ATMS (WHITE PAPER)
In 2017, Nielsen reported that Millennials comprise almost 26 percent of the American population with Generation Z coming in a close second with 22 percent. Spending preferences of these two groups, also known as the tech generations, have forced financial institutions to revamp traditional services.
The Millennial push for convenient self-service options gave rise to on line and mobile banking, among other things. As Generation Z comes of age, banks and credit unions can expect more change with the push toward customer-centric smart branches. One aspect both Millennials and Gen Z agree on, however, is the preference for surcharge-free ATMs.
ATM fees have been gradually increasing as the cost of maintaining and upgrading fleets for functionality and compliance rise. When surveyed , 45% of the 2017 ATM Marketplace survey respondents said that surcharge-free ATMs were essential, and 34 percent said they were very important. Offering surcharge-free transactions is critical for smaller banks and credit unions trying to complete with large, national brands that operate their own vast networks of ATMs both at branch sites as well as off-premise locations in high-traffic hubs like shopping centers and entertainment districts.
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