Blog: The Self-Service Channel Opportunity: How to Remove Complexity, so You—and your Customers—Can Maximize the Inherent Value

March 14, 2022  |  THOMAS KARAKALOS

What does it mean to be a financial institution (FI) today? The definition is changing, as new players enter the market and disruptive technologies emerge. If you’re anything like the FI executives I speak with on a regular basis, you’re also reflecting on what it means to be a bank in this day and age—and what you can do to stay ahead of the curve. 

Cultivate Your Modern-Day Digital/Physical Connection Point
Every FI is different, but one common driver is the need to develop a strategic roadmap for self-service—and it’s particularly critical in a post-COVID world. The self-service channel, and especially the ATM, has proven to be a crucial tool in engaging consumers and offering them better access to banking tools. Self-service can be a direct link to enhance the customer experience while reducing the costs of delivering financial services.

This channel is more vital—and more complex—than ever before. Optimizing its success and profitability requires mastery over 12 pillars: areas of expertise that each require a specific set of resource capacity, expertise and sophisticated tools, and which come at a very high cost when managed in-house without integrated tools. Often, FIs focus their resources on a few pillars they feel are most important, while accepting that they won’t be in full control—they simply won’t be able to optimize every single pillar, which means they won’t be able to optimally balance resources invested and the return on that investment. It’s a strategy that leads to unnecessary risk as well as missed opportunities.

The real question FIs should ask themselves is “Do I truly believe I can go it alone or is there real opportunity to remove complexity and unlock value via the right partner?” Let’s explore that with three simple dual choice questions, considering whether A or B applies to you:

I believe:
A) managing in-house all 12 pillars required to operate a self-service channel, truly enables me to drive my core business.
B) managing in-house is cumbersome, expensive, challenging, and ultimately increases the risk of operational distractions taking resources away from my core business.

I have a:
A) well integrated and cost-efficient self-service channel management solution, with proactive automation, that delivers an optimized seamless experience for my consumer.
B) self-service channel management solution comprised of various tools and processes that while not integrated or data rich, are working to maintain a secure, compliant and available channel.

I feel that:
A) our self-service channel strategy is well defined, has all the components, resources and budgetary allocation to delivery on commitments.
B) we could greatly accelerate our self-service channel strategy if it was possible to redirect resources from operational tasks into higher value activities that truly transform our banking services reach and consumer journey.

If you answered ‘B’ to any of the above questions, you have untapped potential to remove complexity and unlock value.  

At Diebold Nixdorf, our goal is to ensure each of our clients adopts the right strategy to ensure they fully seize emerging opportunities and proactively shift priorities for the future of banking. As world-leaders in the fintech space, we’re deeply engaged in understanding FIs’ pain points, from everyday challenges to the most strategic opportunities in the global and local marketplace. We offer expertise across all 12 pillars and maintain best-in class practices to manage them in a seamless and efficient manner.

Harness Collaborative, Flexible Partnership Where, and When, You Need it
Our experts can help your organization fully unpack the levers and opportunities within the self-service channel to define and execute a winning, future-proof strategy. That knowledge has been compiled and distilled down into our latest comprehensive guide, “Self-Service Channel Management.” Designed to help your executive team navigate the details of each pillar, the guide demystifies the challenges and opportunities that each one represents, and explores how your organization can position itself to have full control while optimizing efficiencies and resources. The guide also includes inspiring, real-life examples of leading FIs that have implemented winning, game-changing approaches to their self-service channel strategy and operations, becoming more agile and accelerating their speed to market with consumer-focused innovations that have driven growth. The guide takes a deeper look at how they’re accessing the latest technologies—including artificial intelligence (AI)—to ensure their network is high performing, secure, compliant and future proof, while enjoying an optimized total cost of ownership (TCO) and increased profitability. 

Access our guide, Self-Service Channel Management, and share the link with your colleagues—collective knowledge is always the first step to success. Wherever you are, around the world, there is a local team of DN experts ready to support your organization’s unique goals. Contact us today to share your thoughts and ideas and discuss more deeply with us how your organization can seize the self-service channel opportunity while removing the complexity.  

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