Dolphin Debit, a full-service ATM management company, saw strong growth across all areas of the company in 2017. Revenue grew 27 percent year over year and the company realized significant increases in the number of ATMs, transactions, and volume of cash dispensed, according to a press release.
Growth came from both existing clients and new institutions with large ATM portfolios. The company said that many existing clients that primarily outsourced off-premises ATMs to Dolphin Debit have now moved all of their ATMs over to Dolphin’s turnkey management.
Additionally, Dolphin Debit saw strong growth with banks and credit unions across all of its regions, and increased market penetration the Midwest, Northeast and Pacific Northwest.
Company Co-Founder Gary Walston said that the number of ATM transactions in 2017 rose 47 percent, and the amount of cash dispensed rose 53 percent, when compared with 2016.
“One of the big drivers of our business in 2017 was the need among credit unions to upgrade or replace their ATMs for EMV,” Walston said in the release. “Another factor is that more and more credit unions are recognizing that outsourcing is a smart option when it comes to how they manage their ATMs.”
Oftentimes the catalyst for a financial institution to consider outsourcing its fleet is the need to upgrade or replace ATMs, Walston said.
“They may not worry too much about the costs and management burdens of their ATM fleet until they’re faced with spending large amounts on upgrades or new machines,” he said.
“They find they can put the money — cash that they would have had to invest in ATMs — to much better use by loaning it to members.”