We are living in truly unprecedented times. Now more than ever, consumers around the globe are demanding that convenience and security work hand-in-hand during every interaction. Their trust in, and adoption of, digital capabilities to improve and protect their day-to-day transaction is key—and has a profound impact on banking. As consumers look to minimize their physical in-branch interactions, they still want the same personal interactions. Financial institutions (FIs) sit on the other side of the fence, struggling to maintain those intimate connections with consumers as they increasingly see consumers utilize technology that distances them from direct interactions. This is driving an increased demand for robust, personalized self-service experiences, and never has there been a stronger demand to engage with consumers through your physical ATM channels as well as digital channels.
As consumers, we want secure, easy access to cash without barriers or extra steps to complete a transaction. For FIs, one way to get there is by taking the card out of the transaction completely and empowering consumer to “pre-stage” ATM transactions on their smartphones.
In this scenario, consumers can open up their bank’s digital application on their smartphone, set a withdrawal amount, and receive a one-time PIN to use at the terminal. No card necessary.
With the introduction of VynamicTM
Digital Cardless Cash Micro App, this kind of seamless, cardless transaction is now a reality—and it offers game-changing benefits to FIs and their consumers.
Consumer Satisfaction – It reduces the amount of time a consumer spends at the terminal, not only improving their experience, but also ensuring a shorter wait time for those behind them as well.
Consumer Confidence – Cardless transactions provide consumers with improved peace of mind as they control their own device and authorization credentials through their smartphone. They no longer have to interact with as many ATM modules, and have improved comfort knowing they aren’t exposing a physical card.
No Physical Card = Increased Availability – Moving even a small portion of your transactions to cardless reduces the occurrences of card jams, thereby improving overall system availability—ensuring your self-service channel is available when your consumers need it. Further, the ability to give another person ‘access’ to cash as a P2P through use of a one-time PIN/code (OTP) also increases availability of cash points to consumers—all without a card or even an account.
Engaging Through Self-Service Channels
Communication with your consumers is facing new realities. Face-to-face interactions in branches are becoming less common, yet the use of digitally-enabled channels such as mobile banking and ATMs are the perfect way to relay your message in a way that’s timely, relevant and contextual to the situation.
One way Diebold Nixdorf is helping FIs deal with this challenge is by leveraging the physical terminal to deliver targeted campaigns to consumers. Many organizations simply want to reassure the public that they are financially sound, backed by the government, and their money is safe. Others want to communicate more specifically about the steps they are taking and how consumers can engage with them. Whatever your specific desire, the importance of leveraging this primary channel for customized messaging is more evident than ever before.
Additionally, as we look to the future and contemplate the impact of consumers being more physically removed from FIs, it will be increasingly important to find ways to digitally target specific segments of your consumers to continue to engage, offer new services, and grow your business. The ATM channel will serve as a significant foundation for these types of interactions in the future.
While the pace of change is significant, and the global economy of the future will likely look vastly different, we must continue to seek new ways to adapt and thrive. At DN, we are constantly seeking new ways to enable meaningful interactions through self-service channels (whether physical or digital). In today's dynamic environment, your ATM is no longer just a simple cash-and-dash machine. It is quickly becoming the primary method of interacting with your consumers. How prepared are you?
If you’re ready to think more strategically about your ATM channel, let’s start a conversation today.