As online and mobile banking continue to grow in popularity, financial institutions are re-examining how they do business, with the goal of investing as much as possible in their digital channels.

The rise of new financial technology or “fintech” is changing traditional in-branch banking, and causing some credit unions to re-evaluate their bricks-and-mortar investments. But despite this digital shift, one area that remains surprisingly strong is consumer use of ATMs.

ATM and cash withdraw numbers continue to increase, even in established markets like North America, according to research and consulting firm RBR. The company's 2016 market research forecasts the number of ATMs worldwide to grow to 4 million by 2021, with the most significant growth in the Asia-Pacific region.

The reason? ATMs are a cost-effective way to serve bank customers, especially in rural areas where it may not make sense to operate a full-scale retail bank branch. By placing ATMs in high-traffic locations, your credit union can reach a lot of people, and even turn a profit with the right kind of ATM transaction fee.

But a word of caution: there's no point investing in new ATMs if you're not prepared to make an investment in their security. Criminals continue to target ATMs, particularly those that are located away from credit union branches. Without the proper security in place, ATMs could actually hinder, instead of help, your credit union's strategic growth plans.

Unique security challenges Because they are unstaffed, ATMs can be easier targets for vandals and thieves. Loitering and property damage are common, while crimes like skimming and shimming (where criminals take data from an EMV chip card) continue to victimize thousands of people. Other types of attacks like jackpotting, where malware forces the ATM to spit out cash, are on the rise in parts of Europe.

Without the right ATM security plan in place, you risk the following:

• You could lose business if members don't feel safe A 2016 Ipsos Public Affairs research report shows that half of Americans surveyed opted not to conduct an ATM transaction because someone was loitering in the vestibule.

I would argue that you would see a similar member response around ATMs that are dimly lit, appear to be vandalized or in poor condition, or are located in less than desirable locations. If members don't feel safe at your ATM, they're not going to use the machine.

• You could spend a lot of money on unplanned security If you haven't fully thought out your ATM security plan, you may end up spending more to address surprise threats.

In the Netherlands, for example, one bank is now deploying security guards to protect their ATMs from ram-raids and explosions. Criminals have been attacking the ATMs with explosives and using vehicles to rip out the machines and steal the cash. The bank's deployment of security guards has come at a “major cost,” according to a bank spokesperson.