Next-Gen ATM Technology Forges New Path in Banking
Attracting new customers is the biggest challenge bankers face today, according to a PwC report, closely followed by cementing long-term relationships between customers and banks. Thus, “enhancing customer service is the number one investment priority for banks, globally.”
Where enhancing customer service once meant opening more branches and hiring friendlier tellers, today’s customers want to interact with their banks — and their money — through a plurality of channels, especially via mobile and online. The customer experience is constantly ranked according to convenience, constant availability and an ever-growing spread of services at the lowest costs.
But that’s not to say that older channels are falling by the wayside as banking becomes more digital. According to estimates from Business Insider, last year there were 2.7 million ATMs installed and operating around the world — an increase of 700,000 over 2010. Given the continued digitalization of banking and financial services, the proliferation of ATM technology is expected to rise steadily.
Indeed, as a recent session at the Money20/20 conference in Las Vegas shows, a growing number of banking and financial institutions view next-generation ATMs as an integral part of strengthening their multichannel delivery infrastructure, thus cementing strong brand and branch differentiation. But that’s only if current and next-generation ATM technologies operate flawlessly.
Supporting Next-Gen ATM Technology
To achieve optimal performance, banks can look to advanced ATM services to proactively ensure machines consistently perform well, providing a robust maintenance and support solution for ATMs and branch services through embedded analytics, continuous improvement, life cycle management and more. Through this comprehensive approach, banks are able to strengthen infrastructure for multichannel delivery. Through a strengthened and responsive infrastructure, an improved customer experience is possible, leading to more bank profitability today while also helping to future-proof banks against new disruptors tomorrow.
Advanced predictive and prescriptive analytics provide an ongoing read of an ATM machine’s status so that problems can be addressed immediately — or before they even occur. For example, the technology can notify banks when one of their machines will run out of supplies such as cash, deposit envelopes, receipt paper or ink. Likewise, banks can receive notifications about hardware performance: If an integral part of the machine is approaching its end-of-life, an automated notification would inform the bank to replace the part prior to failure, preventing outages or further damage.
Beyond that, analytics can personalize offers and banking guidance to customers based on their past preferences and actions, as well as their current transaction. Even then, the power of analytics is far from exhausted. They can also be used to ensure compliance and to increase security in ATMs by providing automated software updates.
Having both this information and predictive information immediately on hand means that banks can ensure all services offered through ATMs perform flawlessly and exceed even the most demanding customer’s expectations. But if the bank finds acting upon this information to be a distraction from its core competencies, ATM support can be delivered through a third-party services provider using an as-a-service model, thus relieving the bank of the burdens of updates, servicing, vendor and project management, security checks, customer support and related responsibilities.
In any case, modern bankers are turning to current and next-generation ATMs to complete their multichannel strategy of delivering the ultimate customer experience. They are also turning to ATM services to ensure ATM technology performs flawlessly — without distracting from their core mission.