Independent ATMs could be the future in India.

After debit cards, credit cards, Automated Teller Machines (ATMs), phone banking, Internet banking and mobile banking, it is now the turn of independent ATMs to make an impact in the banking arena. Independent ATM as a strategy is different from other strategies which were initiated by a particular bank with specific targets such as increasing retail customer base or offering value-added services. An independent ATM customers can avail services irrespective of the bank he holds an account in. This will be a huge leap from the way things are today in the Indian scenario.

Consider the present situation, an ICICI Bank customer has to use the ATM of ICICI Bank. If he or she chooses to use the ATM of another bank he or she will be charged a fee, which creates an incentive for customers to use the ATM of the bank in which they hold an account. But, with independent ATMs customers of various banks will be able to access their accounts at the same ATM without any hassles such as cannot access card or prohibitive charges. The USP of independent ATM is customer convenience. They are the norm in some of the developed markets. For instance in the US, 60% of the ATMs are independent ATMs, while 25% belong to this category in the UK.

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