In an effort to bolster banking accessibility, Velera is set to extend its ATM infrastructure to more Speedway locations across the United States. This expansion reflects Velera’s commitment to ensuring that traditional cash access remains available alongside the rise of digital payments. Insights gained from Velera’s research indicate that despite digital advancement, a considerable percentage of credit union members continue to rely heavily on cash transactions, validating the organization’s decision to broaden its ATM network. In collaboration with FCTI, widely known for servicing brands like 7-Eleven, this expansion seeks to maintain a balance between physical and digital financial interactions.
Velera’s partnership with Speedway to increase its ATM presences highlights an ongoing trend in which physical and digital banking modalities coexist. This dual-approach has previously been encouraged by Velera’s research, emphasizing that, contrary to digital-only predictions, cash usage is still prevalent among customers. In past discussions, the focus was on adapting to customer needs without abandoning physical banking completely, aligning with the company’s commitment to enhancing service accessibility.
Why is Velera Expanding ATM Presence?
Velera announced the addition of 2,500 new ATMs to its Co-op network, thereby totaling 37,000 ATMs available for customer use. This initiative underscores the company’s dedication to maintaining convenient, physical financial services amidst growing digital evolution.
“Our Co-op ATM Network — the largest issuer-owned surcharge-free network — is built on the credit union principle of ‘people helping people,’” Velera’s vice president of network growth, Rob Goodwin, stated.
The report highlighted that a significant percentage of credit union members regularly engage with ATM services, indicating robustness in ATM demand.
How Does Gen Z Fit Into Velera’s Strategy?
Purchase patterns among Generation Z are acknowledged in Velera’s strategic orientation, underlining their mixed preference for both digital tools and traditional cash withdrawals. Gen Z’s inclination towards personalized banking solutions introduces potential adaptability challenges for credit unions. Velera’s insights emphasize the need for financial institutions to communicate authentically with younger customers who lean towards diversified banking methods.
“Velera is helping credit unions strengthen engagement and impact in their communities,” Goodwin further added.
Their demand for personalization and authenticity places pressure on banks and credit unions to offer bespoke experiences across multiple platforms.
In earlier assessments of credit unions, PYMNTS discovered a clear expectation from Gen Z for real-time, digital financial tools that overlap harmoniously with in-person services. Given this demographic’s rapid formation of banking preferences compared to previous generations, financial service providers must consider both peril and opportunity in crafting long-term customer relationships. This insight focuses on the crucial balancing act between digital offerings and the physical presence required to retain young members.
Velera’s initiative to extend its ATM network aligns with broader trends within the banking sector, where institutions are reassessing methods to maintain service accessibility while integrating digital advancements. This strategy could indicate a pivotal moment for banking as it navigates customer demands that bridge digital convenience with physical assurance. Velera supports the notion that ATM infrastructure remains essential for customer satisfaction, particularly for those prioritizing cash transactions over purely digital interactions. Such reflections are pivotal in understanding the dynamics at play within modern banking preferences.
