In an increasingly digital world, an ATM network can be perceived as a low-return-on-investment consumer touchpoint. The temptation can be to decrease the attention and resources it receives, but this can be risky as it can lead to missed revenue-increase and cost-savings opportunities. With the right strategy and operating model, the ATM channel can strongly support financial institutions’ objectives of delivering a compelling consumer experience, business growth and cost-efficiency. Here is how financial institutions can access the full value of their self-service channel.
1. Maximize uptime of devices across your fleet
A highly available ATM receives more consumer visits, attracts new ones and generates more profit. To optimize uptime across your network you need a data-driven availability management model with remote monitoring, machine learning and artificial intelligence to detect and pre-qualify out-of-service events in real time. As most incidents can be resolved remotely, the right automation tools should be in place to deliver faster incident resolution and reduce costs. Where issues require human intervention, a team of regularly trained, desk support agents and technicians with access to data-driven intelligence can ensure each on-site visit is planned in detail, completed with the maximum efficiency and no repeat visit is required.
2. Drive more transactions and shift work from the teller
Are you making the most of the 24/7-functionality of your ATM network? Offer services that help generate additional revenue and make your consumers’ lives easier by providing a wide range of transaction options. For many consumers, the ATM is the branch, and they expect a personalized experience, such as initiating and completing transactions from their smartphone. By giving more to consumers, they reward you with their loyalty, which leads to business growth. As you convert your branches into advising centers where your staff focuses on value-added consultative banking, the ATM channel should take over the management of transactional operations.
3. Leverage the power of your ATM network as a marketing channel
ATMs are your most important consumer touchpoint in the physical world. Take full advantage of this highly cost-efficient, customer information, engagement and marketing channel. Embed targeted messages within the transaction journey to promote new products and services, cross-sell or upsell. Displaying offers while consumers are in the banking frame of mind is proven to be effective. According to the recent NielsenIQ International Retail Banking Consumer and Technology Survey, 11% of consumers who purchased a financial product became aware of it through a message read on the ATM screen.
4. Realize cost savings and control every cent spent on your ATM channel
Using data and the latest forecasting technology reduces the cost of cash by enabling better planning of cash in transit services, preventing costly emergency visits, and ensuring you always have the right amount of cash at the right ATM at the right time. However, the cost of cash is only one component of the total cost of ownership (TCO). When managed in-house, the cost of personnel, infrastructure and operational overhead can be very difficult to control as there can be many hidden or forgotten costs. The fixed cost of ensuring compliance or innovating can be very high. Handing over the management of your self-service channel– either partially or fully –helps access economies of scale and deliver significant cost-efficiency improvements, while providing budgetary and cash-flow certainty. It also helps streamline in-house staff resources and reduces investments in expensive infrastructure, management tools and related upkeep costs.
Diebold Nixdorf has offered managed services for self-service equipment for over 20 years, and we currently manage more than 200,000 devices worldwide. Our relationship with over 1,300 banking managed services and ATM-as-a Service customers is a true and transparent partnership: a clear journey to optimization and growth. If you need help to bypass the barriers of legacy banking infrastructure, fast-track innovation, reduce TCO and bring your ATM channel to the next level, with consumers at the heart of it, simply get in touch and let’s start the conversation.