ATMs are no longer cash-and-dash machines—and with people spending the equivalent of an entire day each week online, usually on a smartphone, financial institutions (FIs) must adopt and augment their self-service channels to engage and retain customers. An FIs’ brand identity and future success will hinge on its ability to deliver self-service that is integrated with consumers’ devices, mobile and highly personalized.
Because the thing is, cash is a mainstay. But how cash is deposited, obtained and otherwise circulated is evolving to meet consumers’ demand for a digital experience. Self-directed touchpoints have outpaced the branch for everyday banking. So, how does an FI evolve and thrive while consumers and self-service devices also advance? How can a bank rethink its self-service strategy to automate cash processes while reducing cost and driving efficiency?
Ultimately, an FI’s self-service strategy should be anchored around three pillars: cash automation, journey thinking and reducing total cost of ownership (TCO).
Adopting a Winning Digital Strategy
Every FI is on its own journey, and as FIs explore the future of self-service and how to capitalize on the ATM as a primary touchpoint and “face” of the brand, they must adopt a comprehensive digital strategy. This will involve rethinking self-service and optimizing cash automation. It will also include cash recycling and enabling the latest technological innovations to create seamless user experiences and future-proof the FI.
A winning digital strategy will accomplish five goals:
Power Up the ATM. The ATM can be a vehicle enabling consumers to interact with their FIs, and access support services and offerings outside of the branch.
Personalize UX. Consumers expect to engage with a touchscreen, and they want a seamless experience that is tailored to their needs and speaks their language. Not only should self-service deliver in the moment, it should transcend transactional experiences and build stronger connections between an FI and its customers.
Remove Silos. Fintech and the way modern consumers use technology demand a seamless digital landscape where channels share information. Any other platform or infrastructure is simply frustrating for customers and bank personnel, who are also navigating business in today’s highly digital environment.
Focus on Cash Recycling. To drive efficiency and reduce cost, FIs can create closed-cash loops with recycling features that reduce CIT visits and cash handling. This can reduce the cost of managing cash.
Optimize Security. As FIs evolve their self-service capabilities, they must also elevate security with multi-layered protocols that ensure self-service terminals are fully protected from all types of threats. This includes embracing security innovations like long-edge card readers and taking a holistic approach to security that wins consumers’ trust in the bank brand.
Your Guide to Self-Service Success
You are not alone on this multi-faceted journey to develop an engaging, relevant and personalized self-service experience for consumers. The key is to view the modern ATM as a strategic asset that can be leveraged to establish engaging touchpoints and connect customers to your brand.
Find out the six key requirements for self-service solutions, and learn how your FI can adopt a winning digital strategy.
Download our free fintech guide, Self-Service Reloaded—How Industry Leaders Maximize Customer Engagement and Strategic ROI.
There’s no secret to self-service success. But there is strategy, and you can find it here.