The world has changed. Has your perspective on partnering shifted accordingly?
Hindsight, as they say, is 20/20. As we look back on the last few years, I think it’s safe to say everyone got the message that digital enablement and omnichannel accessibility are simply non-negotiable. The pandemic, and ensuing overnight shift to digital and low/no-touch interactions, illuminated two major trends that should inform your strategy moving forward:
It’s the consumers’ world—we’re just living in it. Offering a superior, personalized customer experience has never been more critical to long-term growth. Consumers know exactly what they want and have no patience to wait for the introduction of new capabilities.
Financial institutions (FIs) must completely reevaluate their operating strategies to prioritize efficient, nimble, highly scalable and continuously available service channels, both physical and digital. And they need to do this change quickly.
Future growth doesn’t have to be simply a function of new business. Capacity creation, enhanced consumer experiences and emerging technology can all help your organization deliver growth in the newly digitized, omnichannel era of retail banking.
Transform the way your organization manages transactions
While COVID-19 reshaped consumer interest in contactless transactions, the desire for cash has not diminished significantly. After an initial decrease of cash usage in the pandemic, we see worldwide that the trend is reversing and that the amount of cash being circulated through the ATM is going up in aggregate.
Fewer but larger cash withdrawals will have an impact on economy of scale and ATM operations. Internal silos, disconnected channels, legacy operating IT systems and the lurking fear of commoditization must all be addressed before FIs can offer the kind of seamless, consistent, omnichannel experiences consumers are asking for. Make no mistake—as the future of banking continues to unfold, consumers expect more options, not less, for connecting with their financial lives, and they expect seamless experiences across all channels, regardless of the size and IT budget of their FI. Thus, delivering contextualized, data-led journeys that offer them tangible value is becoming increasingly important.
That means FIs need to invest wisely and rethink their operating models, especially as it relates to self-service channels. Why? Because self-service empowers FIs:
To migrate as many transactions as possible to self-service
To automate processes to reduce manual activities
To close one of the most complex and expensive channels—the branch—in locations where it is no longer efficient or profitable, and employ a self-service strategy with enhanced ATM functionality instead
Open the door to new growth models
A services transformation plan might just be the growth enabler your organization needs. Tapping into the resources of a partner that specializes in banking software and system management means something quite different these days. Modern service providers like Diebold Nixdorf use APIs and cloud-native technology to create open, standards-based platforms that enable FIs to modernize more quickly and dynamically. An open ecosystem enables FIs to unlock value and new opportunities within the self-service channel, creating a path to partnerships that are integral to building new products, services and functionality.
The decision around going it alone or partnering also plays heavily on the time to market for driving innovative solutions. If you choose to go it alone, it’ll cost more in terms of money and—maybe even more importantly—speed to market associated with capacity and lost opportunity where you could otherwise repurpose your assets, people and time. The key is finding a partner that can support your organization flexibly, offering the right level of support to meet your specific needs. The right partner accelerates that transformation to a more agile model. Engaging in an open, “everything on the table” innovation discussion with Diebold Nixdorf will ensure you’re equipped with a clear transition plan; leaving the “how” and “when” to Diebold Nixdorf as your trusted partner results in faster delivery and capacity release.
To learn more about how you can benefit from a partnership with Diebold Nixdorf, download our ‘Self-Service Channel Management’ Guide.