With customers and financial institution associates practicing social distancing, a majority of bank and credit union interactions are now occurring through an ATM screen rather than in person.
With this in mind, many financial institutions currently face the challenge of maintaining or enhancing their existing ATM services while reducing expenses.
While there’s little doubt that maintaining your ATM fleet at this time is critical, spending will inevitably be met with questions: How much does this location justify? Is spending here necessary to increase, or even preserve, our traffic? And likely the most important of all: What will be the ROI of our investment down the line?
While this balancing act may be a challenge, there are steps your organization can take through pre-planning, extending usage, cataloging, and recycling efforts.
Manage Upfront Costs
Recognize up-front cost savings with refurbished ATM's. Refurbished units can sometimes reduce your initial costs (compared to the price of a new ATM) by 60-70%. Also, despite the lower investment, the lifespan of these units, when properly managed, generally aligns with average depreciation models of new ATM's.
Costs associated with logistics and installation, like freight and shipping, rigging, cleaning, site prep, security, and power hook-up, can also be overlooked. With careful planning, a concurrent installation of multiple ATMs can drive efficiencies, saving your organization significant time and money.
Stretch Existing ATM Assets Further
Use ATM assets for more extended periods by renovating older units. By managing your fleet with an exhaustive lifecycle management process, it may be possible to double, or even triple, the lifespan of your existing ATM units.
Additionally, leveraging a lifecycle management process allows your team to align annual preventive ATM maintenance with necessary software upgrades or installations. In doing so, your team can ensure the customers' needs are met by proactively planning and providing alternative accommodations.
Increase the ‘return’ from decommissioned ATM units
Remarketing ATM's can contribute profits to your division, providing an additional offset to the unit’s initial cost. Using a partner specializing in remarketing services can ensure you receive the maximum dollars for your decommissioned units.
Also, utilizing a tracking and cataloging process during an ATM's teardown can simplify your management process. These procedures make locating components and parts easier in the future, reducing your ATM units’ future downtime, and saving your organization money.
Finally, by recycling valuable metals found within decommissioned ATM units, your organization can further recover ATM-related expenses. This process can be managed by third-party businesses, limiting your organization's liability in disposing of potentially harmful materials found within your ATM.
If you'd like to learn more about maintaining your ATM fleet, 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.