Manulife Financial Corporation (USA) (NYSE:MFC) on Monday announced plans to reoll out 830 new automated Teller Machines that will be distributed across Canada.
The new ATMs are part of the bank’s mission to boost the Canadian ATM network which is better known as the exchange network. Currently the network already serves numerous banks and credit unions in the country. The new ATMs are part of the bank’s strategy to enhance its services to the population as well as gaining more popularity. A strategy that is also intended to encourage more sign ups.
It is also part of Manulife Financial’s plan to solidify its presence in the Canadian retail banking market in an attempt to maintain a competitive edge. The market is currently dominated by five major Canadian Chartered banks. So far, Manulife has 11 ATMs in the exchange network that are held by specific companies. These ATMs allow users to withdraw their inances from any access point in the network for free without any charges.
Manulife Bank Chief executive Rick Lunny describe the ATM initiative as an effort aimed towards making banking more convenient to customers by bringing them closer to their places of work or residence. The new machines will be introduced in various location including the Northwest Territories, Quebec, British Columbia, Saskatchewan, Newfoundland,New Brunswick, Manitoba, Alberta, and Ontario. They will mostly be situated near populous places and social places such as convenient stores.
A spokeswoman from the bank announced that the installations will commence on Monday and are expected to come to a completion by the end of the year. The new ATMs are expected to bring the Bank’s total ATM tally to about 3,300 machines. Despite the additions, the exchange network is still far from its rival network, Interac. The latter is the prevailing ATM network in Canada with more than 65,000 ATMs.
Despite the size of the competition, Manulife’s performance has been good and it is on its plans to capitalize on more growth in the future.