Rethink the ATM
Reload Your Self Service Strategy
While advanced digital technologies have transformed lives, consumers are more likely to look for payment solutions conducted through digital means.
That being said, it has become essential for financial institutions, specifically banks and credit unions, to adopt and deploy self-service channels at different locations to hold the existing customers.
Conversely, how the cash is obtained, deposited, and circulated among B2B or B2C is significantly evolving to customers’ demand. At the same time, self-service kiosks have outpaced traditional banking.
Not to forget, the success and brand identity of financial institutions hinges on the integration of self-service into the highly personalized, digital devices, including a smartphone. Although the recent anticipation indicates that societies will become cashless, it is imperative to remember that cash is a mainstay for many years to come.
Financial institutions are facing a big challenge in retaining their market position. How do banks and credit unions can continue to evolve and flourish while consumers demand is drastically changing, requiring the solutions within the digital space?
How can financial institutions rethink their self-service strategy to automate ATM solutions and cash processes while driving efficiency and reducing cost? The self-service approach must be anchored on three points:
- Reducing the Total Cost of Ownership (TCO)
- Cash Automation
- Switching to More Advanced Solutions
Implementing an Effective Strategy to Take a Competitive Edge
While banks and credit unions are on its journey, the financial institutions need to explore the future benefits of self-service. Financial institutions that are pondering over how to capitalize on ATMs must implement a digital strategy. Making the automated teller machine as a primary touchpoint of their brand they can reach the heights of success.
However, this strategy involves rethinking the self-service along with optimizing the cash automation through digital means. Furthermore, it will include the adoption of the latest technological innovations and cash recycling.
By doing so, financial institutions will be able to create a seamless user experience, which in return could help in creating a strong base of customers. Besides, adopting such an approach ensure to future-proof banks, credit unions, and other financial institutions.
Rethinking the ATM means integrating it with the more advanced solutions, it will provide the banks and credit unions with the five goals listed below.
Optimize Security
In addition to improving the self-service capabilities, financial institutions must enhance the security of ATMs with multi-layered protocols. It will protect the self-service terminals from threats such as robbery or system glitch. They must integrate their solutions with the latest security innovations like improved lock systems and long-edge card readers.
Cash Recycling
For financial institutions to reduce operating costs and drive work efficiency, it is essential to create a closed-cash loop with improving the features that minimize cash handlings and CIT visits. As a result, it will mitigate the overall cost of cash management.
Personalize UX
Today, consumers expect a seamless experience that provides them with advanced digital solutions. In other words, they look for more convenient and quick cash solutions. ATMs should be updated with the features that offer customers more reliable and instant service. Consequently, it will build a stronger relationship between financial institutions and customers.
Power up Self-Service Kiosk
The automated teller machine can enable users to access financial services outside of the branch and directly interact with their financial institutions without visiting the bank.
Remove Silos
While consumers demand an impeccable digital landscape, it is a perfect time to provide them with automated cash solutions through self-service kiosks.
The Bottom Line
To create a highly personalized and engaging self-service experience for your consumers, it is in your best interest to approach MOBILEMONEY; they have highly modified ATMs integrated with a digital strategy that offers advanced features to the customers.
