• Darren Smith

Want to Attract Millennials and Gen Z? Look to Your ATMs!

Updated: Apr 5

Darren Smith

Vice President, ATM Management

ATM USA There are currently over 57 million mobile banking users in the United States. Over half of adults (56%) use their mobile banking apps at least once per week in 2021 versus 45% in 2019. Surely, this increased use means younger consumers are going completely mobile, right?


Not so much. It turns out “tech savvy” generations rely on cash.


Over half of Millennials (58%) prefer to pay in cash, seeing it as one of the best ways to make smaller purchases, pay friends and family, and budget their spending to help them live within their means. In a similar vein, Gen Z also prefer to use cash over credit cards to avoid the burdens of additional interest or digging themselves into debt. Over three-quarters (80%) of Generation Z use cash weekly.


Access to Cash is a Big Pull for Younger Generations

A large component (41%) of consumers under 40 have been with their current financial institution for five years or less. And, as “tech savvy” individuals, they aren’t scared by the idea of having to build out their bill payments and update the myriad of mobile applications they use to new bank account information as older generations. No, this group is far more willing to switch banks or credit unions if they see greater convenience or lower fees.


But it’s that convenience aspect that really matters. As the simplest, safest and most prolific way to access cash throughout the United States, ATMs are a key component in considerations for selecting a bank or credit union for their accounts for those under 40. In fact, a robust (and surcharge-free) ATM network ranks above online banking, interest rates, hours of operation and even a mobile app.


ATMs Don’t Have to be a Burden

Most financial institutions find growing and maintaining widespread ATM access to be a cost burden. This is especially the case as the demand for surcharge-free access continues to grow. The equipment, software, compliance and support required are often a roadblock.


However, these issues can be easily resolved by partnering with the right ATM provider. In fact, ATM outsourcing often reduces ATM network costs by 30% or more. And the increased efficiency and uptimes are certain to impress the younger generation - keeping them coming back for more.


Financial institutions partnering with a business that specializes in ATM outsourcing and managed service can save on their capital investments, avoid expensive compliance upgrades, significantly reduce employee time spent managing machines and provide a better experience for their ATM users across the board.


Banks and credit unions looking to entice younger generations to stick around or even try out a new institution should focus beyond the technology in everyone’s hands, and remember these consumers want easy cash and account access. Because when it comes to Millennials and Generation Z, the ATM is a key player in financial institution success.


Download our infographic to get the stats on how you can attract Millennials and Gen Z with ATMs:



Set Up a 15 Minute Meeting to Learn

How ATM USA can Save You Time & Money


Craig Helmers, Vice President, ATM Management

craig@atmusa.com | 919-534-3233 | Schedule a Meeting


Darren Smith, Vice President, ATM Management

darren@atmusa.com • 919-534-3232 • Schedule a Meeting



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