Future Forum | Bank of England

ATM's replaced with fully transactional machines

Kelly Goodacre
Kelly Goodacre | 2 months ago | in Money, Money, Money

All ATM's should have the facility to pay money back into the bank. This would reduce the need to refill them and more importantly enable people to have more control over their finances.  Being able to get a balance is also a minimum requirement but even better a printed statement.  When trying to live on a budget using cash is often easier to track as you can easily lose track of card transactions.  It is important to be able to have the ability to check bank balances and pay cash back in (for example when you have accidentally overspent before a bill is due to be paid or have had an unexpectedly higher bill than normal). 

Cameron Penny 2 months ago

Kelly - interesting points which pose another question; how can fintech or electronic money apps help people track their spending and stick to their budget? What do you think is the answer?

Nicola Marham 2 months ago

Hi, its really interesting at the moment to see lots of individuals and companies seeing this exact same need for consumers. I know of a number of companies who are looking at this Self Service Kiosk function for basic banking services and cash in/cash out in non Bank locations. There are many FinTechs who are providing simple Personal Financial Management apps to allow people to immediately keep track of spend and they can see where they are up to in any month e.g." you need £250 to pay your scheduled bills before pay day" or "usually you have £30 more in your bank account at this stage in the month. All with great simple visuals".

Kelly Goodacre 2 months ago

I currenrly use a spreadsheet but I can see money tracking apps could be useful. However I would need some reassurance that the data was secure and recommended by the FSA for example

View all replies (2)

Ian Muigai 1 month ago

This is a great post!! A fresh look on the current hardware we are all exposed too, could initiate more efficient ways to make it adaptable to the ever changing needs of society

Amy Buckingham 1 month ago

This idea has been advanced to the current phase