Why it’s Crucial to Keep ATM Services Central to Financial Institutions’ Self-Service Strategy: Part One
ATM innovation has become a key element of a retail bank’s branch transformation strategy. As they look to optimise their resources, while delivering the in-branch experience consumers demand, they increasingly turn to automation technology to support their objectives – and state-of-the-art field services, professional services and managed services are key to support their business operations.
ATMs provide a crucial link that connects consumers with their banks, and ultimately, their money. Indeed, the relationship between consumers and ATMs has become stronger, with consumers increasingly using the terminals for cashless transactions. But the core of this ‘relationship’ remains cash-based and, while some might challenge the future of cash, the truth is that, instead of moving towards a cashless society, ours is a ‘cash-more’ society. More than 85% of all global transactions are still cash transactions, according to MasterCard’s recent study on global payment trends.
As a result, consumers’ expectations are not negligible: ATMs need to be available at all times, easy to replenish, reliable and secure. For FIs, that’s a lot to ask, especially since ATMs are not their core business. Service providers are thus a vital component in these institutions’ long-term competitive strategies as they seek to differentiate themselves.
Since services ensure the smooth running of ATM networks, the benefits for FIs are huge. Here are the key ways we help financial institutions through our multi-vendor services portfolio:
- Drive efficiencies: The simple integration of advanced technology and outsourced services can make a significant impact, enabling FIs to realign internal resources and focus on their core business.
- Grow revenue: By using services that support branch and central office personnel, FIs are able to free their branch personnel for what they do best: Forge stronger relationships with their customers to better support their revenue-generation goals.
- Delight consumers: Our powerful, consumer-centric ATM software solutions can support new branch processes and are designed both for bank customers and bank personnel alike.
- Manage risk: Streamlining the management of an ATM fleet reduces exposure to external threats and enables FIs to stay one step ahead of today’s high-tech criminals.
To summarise, as an FI’s self-service strategy assumes increasing importance in its overall strategy, field services, professional services and managed services enables the organization to exceed consumers’ expectations and experience exponential growth.
Subscribe to our blog to stay on top of our latest insights, and read Part Two in this series, “Services: A Crucial Component of Your ATM Fleet Deployment & Management.” I outline our suite of services and share some thoughts on cloud solutions. If you’d like to find out more about how our teams can collaborate with your business to drive efficiencies, contact us. Let’s start a conversation.
This article was adapted from a post on bobsguide.