In today's environment, financial institutions are digging deeper to uncover the organizational 'wins' ATMs can contribute to their bottom line.
When customer interactions fail or slow down at an ATM, the clock is ticking. You may lose
revenue, profits, and customer satisfaction. Even worse, you may not yet be aware of the problem.
Below are four recommended steps to identify issues within your ATM fleet and increase your ROI.
Step 1 - Be aggressively proactive in looking for problems
In a typical enterprise, 2 of 5 performance incidents are spotted first by users or customers, who may or may not report the issues.
Real-time ATM monitoring can eliminate this gap by detecting the first cases of failed consumer interactions. In notifying the appropriate team, you can minimize lost revenue opportunities and customer complaints.
Real-time ATM monitoring can reduce the average time to repair by an average of 65%.
Step 2 - Dig deep into your ATM transaction data
ATM transaction analytics allow you to understand the availability and usage patterns for each service at an ATM. As a result, you can make more granular decisions about which services to offer, and where.
These analytics allow you to understand how long customers spend at the ATM by location, customer type, and transactions attempted. Using this information, look for ways to reduce transaction times during peak periods. This analysis may drive changes in screen flow, new ‘favorite’ listed transactions, or an additional investigations to reduce network latency and processing time.
The net result is extracting more value out of your existing ATM fleet and expansion plans that better meet both revenue goals and customer demand.
Step 3 - Adopt a holistic monitoring solution
The ATM is a sophisticated, multi-dimensional device that often combines hardware and software from different vendors, communicates with multiple networks and services, and
provides a broad set of transactions. It's also much more resilient in its design, architecture, and servicing requirements.
With that, when there is a problem, it most likely is because of a particular service or network communication link, as opposed to the machine itself.
Monitoring these additional components can aid in identifying problems faster and getting the unit operational again in less time.
Step 4 - Prioritize your upgrades
Often, financial institutions may know an ATM upgrade is necessary, but not know how best to prioritize enhancements to achieve the highest ROI for their investment.
Upgrade Priority #1: Are you compliant? Is your software up-to-date? Are you protected from skimming and other criminal activity? If the answer to this question is no, invest in fixing these issues first!
Upgrade Priority #2: Is your equipment obsolete? Smaller institutions may not be able to afford to keep up with large banks and simply need working, compliant touch-points for their members to use. For these companies, like-new, refurbished equipment coupled with a few new added features, such as deposit automation, can represent a real win.
Upgrade Priority #3: Is there a need for greater integration? Redesigning screen displays and software to have the same look and feel as your online platform or apps can create the impression of a strong integration. Other financial institutions may need more sophisticated interactions, such as pre-staging on a mobile platform, to streamline transactions.
Simply put, a metric such as "ATM Availability" isn't likely expressive enough to capture the diverse range of issues that result in lost revenue opportunities or poor customer experience at a modern ATM. Challenge your team to think about your ATM's performance from a user's perspective.
If you'd like to learn more, subscribe to our blog or check out our Deep Dive Series on Lowering the Costs & Increasing ROI of your ATMs. We’ll keep these sources regularly updated with tips and information to help you get the most out of your ATMs.
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Tellerex is committed to leveraging our knowledge and experience to reduce ATM expenses and accelerate their contribution to your bottom line. To learn more about our solutions, contact us by e-mail or visit us online.
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