I will be honest, one of my greatest professional challenges is trying to convince customers that tried cash recyclers 10 years ago and possibly had a bad experience, to consider using the technology again.
In this article, we discuss the pros and cons of ATMs and how they impact the markets they serve. The ATM was introduced to deliver teller service(cash) for extended hours over 30 years ago. While there have been many enhancements, the ATM channel is a way for Financial Institutions to allow customers access to funds and even deposit when the branch is closed. The channel built for convenience has seen some improvements over the years, but the core functionality is still being delivered all over the world.
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While none of us have a crystal ball, Windows 10 has really pushed many financial institutions to think about the ATM channel, the broader self-service channel, and how that plays with customer experience. With huge investments being made in digital platforms, how does the ATM and self-service channel fit into the equation?
As more financial institutions are evaluating their ATM channel, the interest in ITM technology continues to rise. More FIs are looking for greater functionality, the ability to extend hours to serve clients, and the ability to grow physical touch-points without having to build brick and mortar. However, since ITM technology has been deployed for nearly 10 years, there are some common misconceptions to discuss to ensure that people who are evaluating the investment have the correct information.
The ATM channel is one of the most important channels of self-service for financial institutions. It allows immediate access to cash and the ability to make deposits when the physical branch is closed. For many community banks, it’s a vital service to compete in local markets against the bigger players.
As we think about the branch environment, the branch is certainly the hub of customer service activity for transactions, account openings and where relationships begin. While many clients can be moved to less expensive channels like on-line banking, mobile banking, and other platforms, still over 80% of relationships start at the branch.