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  • How Might ATMs Engage Users in the Future?

    Increasingly, consumers prefer digital interaction with their financial institutions. Branch visits are becoming less and less common. How can ATMs continue to engage users and provide value in a rapidly changing world of financial technology? The answer may be in changing the role of ATMs entirely. Here are a few ways that banks and credit unions can rethink their fleet strategy to meet new customer needs. ATMs and Customer Experience Most people prefer banking away from their branch. In fact, according to a study by the American Bankers Association, only 18% of people prefer in-branch banking. That means that other banking service channels must begin providing the same kind of customer experience that traditionally comes from in-person banking. For many consumers, ATMs represent the only location-based interaction with their financial institution. So, it’s essential that ATMs maintain or improve convenience, engagement, and profit. That’s no small task in today’s technological environment. ATM operational costs are increasing, yet there are fewer transactions per ATM, and ATM profitability isn’t as high as it used to be. Fortunately, ATMs bridge the gap between the physical and digital banking worlds. As such, there are multiple opportunities to rethink the role of ATMs in the future. How ATMs Are Changing ATMs already show increased functionality over their predecessors. Even the ITM vs ATM question fundamentally asks how best to turn what was once a mere cash dispenser into a customer relationship tool. Now, as Windows-based ATMs become standard, ATMs have the chance to evolve. Here’s what that evolution looks like: 1. Quick-Touch Balance Peeks Improved user interfaces make at-a-glance banking much easier. With quick-touch balance peeks, customers can review account balances without leaving the screen they’re on. This eliminates the need for confusing and time-consuming multi-screen navigation. 2. Simplified Screen Flows Another way to improve the ATM user interface is to simplify and declutter everything. Eliminate unnecessary screens, submenus, and “Are You Sure?” prompts to provide a more streamlined and intuitive experience. Additionally, adding shortcuts will reduce search and navigation time. Furthermore, on-page scrolling allows for faster and more convenient access to more information without requiring navigation to additional screens. 3. Cross-Channel Services Traditionally, ATMs are used primarily for basic banking services such as deposits and withdrawals. However, smart ATMs offer far more banking options. In the future, expect your ATMs to support: Loan applications Bill payments Fund transfers to other customers Charity Donations Mobile top-ups As ATMs evolve, they’ll drive user engagement through services traditionally reserved for in-branch (and occasionally online) banking. 4. Cardless Transactions Unfortunately, debit cards are often lost, stolen, or simply left behind. When that happens, cardholders are typically cut off from valuable ATM services. However, cardless transaction capabilities could spell an end to that pain point. With cardless transactions, users may request ATM access codes through their mobile banking app. This builds a robust digital banking ecosystem for users, and it allows financial institutions to tie together their various customer experience touchpoints. 5. Near Field Communication Card Support Pulling out and inserting cards into ATMs is less convenient and secure than contactless capabilities. Customers with NFC cards can use them at ATMs to improve their experience and safety during transactions. Additionally, barcode and NFC readers on ATMs make it easier for financial institutions to deploy new applications and features that also use that technology. Imagine a cardless cash function in which a user’s smartphone serves as their debit card. 6. Customer-Friendly Design ATM design doesn’t stop at sleek, modern exteriors. Everything, from the UI, text prompts, and general language can be made clearer and more casual to adjust to changing user demographics and sensibilities. 7. Security and Biometrics Consumer-facing security and privacy technology have grown by leaps and bounds in the last decade. Biometric privacy features like fingerprint scanners, facial recognition, and voice verification offer drastic improvements over things like Personal Identification Numbers (PINs). Add in two-factor authentication, such as SMS or email sign-in, and customers can enjoy greater peace of mind when using ATMs. 8. Marketing Opportunities ATMs present ideal marketing opportunities. Messaging and offers may be tailored toward particular regions, ATM locations, or even individual customers. Adding a new marketing site ensures brand reinforcement and visibility of pertinent financial offers—all for a reduced cost compared to traditional marketing channels. Final Thoughts Consumers no longer prefer in-branch banking, choosing instead to bank digitally. If financial institutions don’t adjust their ATM strategy to fit changing consumer habits, their ATMs will continue seeing declines in ATM revenue and profitability. However, emerging technologies hold many opportunities in the ATM space. These opportunities, such as those listed above, can turn ATMs into valuable and relevant service channels for customers. Subscribe to our blog to learn more about how to maximize the value of your ATM fleet. Or contact us to see how we can ensure a bright future for your ATMs. Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • Just How Trustworthy Are Refurbished ATM Machines?

    Whether replacing one faulty ATM or deploying a fleet, financial institutions end up shelling out a pretty penny for new ATMs. Some banks and credit unions have turned to refurbished ATMs to cut costs. But how reliable are refurbished ATMs? As with most good questions, this one has no clear answer. The fact is that not all refurbishments are created equal. Still, refurbished ATMs offer an incredible value that shouldn’t be passed up. Questions About Quality One of the main drawbacks of refurbished ATMs are the questions about quality. And it makes sense that these questions would come up. Anything that’s been used to the point where someone wants to replace it is going to have a little personality. However, that personality might be as simple as looks. Or perhaps a larger bank wanted to standardize its fleet. The truth is that it doesn’t much matter whether an ATM is used or not. Rather, it matters how it was refurbished. Any questions about the quality of refurbished ATMs ultimately come down to this: How assiduously was the ATM refurbished? If the refurbishing company just opened the ATM up, cleaned them out so they look fresh, and put them back on the market, then the quality will suffer. We call this process the “blow and go,” and it gives refurbished ATMs a bad name. Fortunately, this process is rather uncommon. Refurbished ATMs Are Reliable Refurbished ATMs are reliable so long as they’ve been carefully restored. When companies put a little extra time and effort into the refurbishing process, the final results are just as good as new. For example, at Tellerex, we don’t just clean up ATMs—we rebuild them completely. First, we inspect all the components to ensure that they’re working as they should. Then, we pull out old or worn parts and replace them with new OEM parts. The end product is an ATM that works just as well as any new ATM. The internals have been inspected, cleaned, and replaced. They’re ready to go. The only major difference you’ll see between a new ATM and a well-refurbished ATM is the sticker price. A Note About New ATMs Refurbished ATMs may not be perfect. In fact, a select few of them may have “quirks” that require attention. Often, people view these issues as a product of the refurbishing process. But that’s not exactly the case. In reality, ATMs are complicated machines with intricate moving parts and finicky electrical components. And then there’s the software. The simple fact of the matter is that all ATMs, both new and refurbished, are subject to a modicum of error. That’s right—even out of the box, brand-new ATMs have measurable failure rates. So, buying new is not a foolproof way of avoiding faulty ATMs. New ATMs and responsibly refurbished ones are similarly reliable. Final Thoughts If your bank or credit union is looking to add more ATMs to your fleet, then you might want to consider refurbished machines. While the new machines will certainly lend some flashy pizzazz to your brand, the refurbished ones may fit your budget better. Plus, so long as performance and reliability aren’t an issue, then why not go refurbished? Either new or refurbished ATMs will work for your financial institution. And there are pros and cons to each option. Just remember: reliability is not a key differentiator! Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • Comparing the Functionality, Lifespan, and Value of New vs Refurbished ATMs

    Adding new ATMs to your fleet is a necessary evil. Nobody likes replacing older models or shelling out to expand their fleet, but what’s the alternative? Not providing critical banking services to your members and customers? No thank you! Of course, there is an alternative to buying new ATMs. Buying refurbished ATMs can get you almost as much ATM as a new one for a fraction of the price. But is it worth it? Read on to learn more about the new vs refurbished ATMs. The Latest ATM Functions Most of the services that ATMs provide have been the same for the last couple of decades. You put your money in, you take your money out. You check and transfer balances. Maybe you deposit a check. The core of ATM functions will be the same in a brand-new machine and a 3-year-old refurbished model. However, there are some functions that may not be available on older models. For example, the video banking capabilities on Interactive Teller Machines (ITMs) will be scarce. Not only are ITMs less likely to hit the refurbished market en masse soon, but their current rarity ensures that they won’t be very common. Another function that refurbished ATMs might miss is cash recycling. Although most U.S. financial institutions don’t currently utilize cash recycling, it’s growing in popularity. If your financial institution is looking for a good deal on refurbished ATMs that support cash recycling, you’ll probably have to look a bit harder and pay a bit more. Ultimately, refurbished ATMs will provide you with the entire range of functions that a new ATM would. However, if you’re moving into ITM or cash recycling territory, a new ATM might be easier to find in the near future. The Lifespan of Refurbished and New ATMs The lifespan of an ATM is difficult to calculate. Many factors may affect how long it will last, including exposure to elements and whether Windows 10 updates will render it outdated sooner than expected. However, any ATM will last longer if its life cycle is well managed. Things like routine maintenance, consistent repair and service, and a few well-placed upgrades and refurbishments can extend the ATM's life very far. That said, refurbished ATMs usually have a few years of their lifespans already gone. That means that with good lifecycle management, they probably have about a decade of useful life left in them. New ATMs do have a longer life ahead of them, but in the grand scheme of things, the overall lifespan may be rather similar. New vs Refurbished ATM Value The value of ATMs fluctuates per buyer and by volume. But there are two major constants: New ATMs cost more than refurbished ones New ATMs lose their value much faster than refurbished ones If you just spent $40,000 on a new ATM, you can practically watch the resale value plummet as soon as you unbox it. After six months of use, your ATM is probably worth about a quarter of what you originally paid for it. Refurbished ATMs depreciate in value as well, but not as dramatically. For starters, they cost a fraction of what a new ATM would cost. Not only that, but the majority of their depreciation has already occurred—further depreciation will be slower than when it was new. Final Thoughts on Refurbished and New ATMs Refurbished ATMs feature a much lower total cost of ownership (TCO). They cost less to deploy, feature all the same basic functions, and last nearly as long. For value, refurbished ATMs are a far better prospect than new ones. Then again, if you’re looking for all the latest features and an extra couple years of life, then a new ATM might serve you better. Just remember, that “new ATM smell” comes at a premium cost, and it won’t hold its value long. If you’d like to learn more about ATM lifecycle management, subscribe to our blog. We keep it up to date with the latest in ATMs. Or just follow the links below to see what else we’ve written about lately. Be Prepared: Four Steps to Windows 10 ATM Deadline Just How Trustworthy Are Refurbished ATM Machines? Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • The Most Common ATM Machine Maintenance Services

    Death. Taxes. ATM maintenance services. Fortunately, in an increasingly unpredictable world, there are still some things you can count on. Unfortunately, none of those options are particularly appealing. Generally speaking, you’ll need to conduct regular preventative maintenance and repair. That includes all the little things, like cleaning the ATM, ensuring the lights work, etc. It also means keeping an eye on frequent ATM service issues. Taking a proactive service approach to the parts that wear out the fastest will significantly improve the value and lifecycle of your ATM fleet. 1. The Cash Dispenser Possibly the most important part of the ATM—the dispenser—dispenses the cash that most users want to withdraw. Those dispensers employ many tiny, moving parts. The smallest mistake could affect the dispenser’s ability to dispense, resulting in incorrect sums or a complete jam. To make matters worse, the user’s account is still debited in these circumstances. Between the ATM and the user, that’s a lot of headaches for one financial institution. Because dispensers are among the most frequent ATM service requirements, they should be checked regularly. Aggressive preventative maintenance or replacement is generally more cost-effective than waiting for something to go wrong and then trying to fix it. 2. The Card Reader The card reader is one of the most common points of contact at an ATM. The card reader reads the magnetic strip on a user’s card, which lets the ATM and financial institution pull up the user’s account information. If that magnetic strip is damaged, the card is useless. If the card reader is damaged, it can’t read the magnetic strip. Then, the ATM is useless. If your ATM can’t read users’ cards, it can’t be used. The card reader should be checked often to ensure it remains in proper working order. 3. The Keypad Many ATMs now use touchscreens, which are both futuristic and convenient. But there are still numerous ATMs with physical keypads, which are great but wear out quickly. Because of rough handling, dirt, grime, or extended wear, many keypads require early service. If you want people to be able to use your keys, monitor your keypads for wear. If keys can’t be depressed, stay depressed, or their faces have worn off, it’s time to do something about it. Otherwise, your cardholders may be unable to use the ATM. 4. The Receipt Printer Printers run out of ink and toner. They also run out of paper. And, sometimes, they run out of steam, metaphorically speaking. The receipt printer is one of the most frequently repaired items on an ATM. Keeping your receipt printer running will keep your users happy. It will also help establish trust, as financial paper trails are still extremely useful. 5. The Software As much as we’d like to think we’ve reached the pinnacle of human technology, we know we haven’t. Touchscreens still seem unresponsive sometimes, and security issues emerge constantly. With the Windows 10 migration deadline looming, the software component of ATMs is under extra scrutiny. Keeping your ATM fleet updated, patched, and in good working order is crucial. As part of regular maintenance, check your software for viruses, glitches, or other issues. Further Reading Knowing what to look for and what to plan for is an important part of keeping your ATM fleet up and running. Good service and regular maintenance will maximize your fleet’s downtime and lifetime value. Subscribe to our blog to learn more about ATM lifecycle management, or follow the links below to see what else we’ve written about recently. Related Articles: Should Your Financial Institution Bring in ITMs? What is ATM Lifecycle Management? Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • What is ATM Lifecycle Management?

    You know that old saying, “they don’t make ‘em like they used to?” Well, that may be true for some small appliances, but it’s less true for bigger machines. Take the ATM, for example. ATMs are built to last. But that’s not to say that they will last. At least, not forever. ATMs have a lot of moving parts. They also have various ports of ingress and egress, so they’re not closed systems. Plus, when you add software into the mix, you’re just adding one more complication. So, ATMs require some maintenance. From logistics to recycling, and everything in between, the entire lifecycle of an ATM must be managed. The ATM Lifecycle The lifespan of an ATM doesn’t follow a linear path like a typical lifespan. It’s not like you just buy one, install it, and then forget about it until it stops working. There are many stages throughout an ATM’s life that may call for minor improvements, repairs, and so on. Each of these stages pulls the ATM from the brink of death, essentially restarting its life. That’s why we think of it as a lifecycle rather than a lifespan. Here are some of the major stages in the lifecycle. 1. Installation / Deployment This is when you first install your ATM. It’s shiny. It’s new. Your cardholders love it. This is the stage when you should have your inventory tracking and management figured out. All the whirs and clicks are already wearing things down. Having your storage, vendors, and asset tracking all set up will extend the ATM’s lifecycle in the future. 2. Preventive Care and Maintenance Preventive care and maintenance will further lengthen your ATM’s lifecycle. Sometimes, the little things really count. Essentially, this step is about keeping the machine well-oiled, so to speak. Preventive care and maintenance include all the smaller maintenance issues that can be easy to overlook. Cleaning the ATM, ensuring signage and lighting are working properly, and looking out for fraud-enabling devices (such as skimmers, loops, and cameras) keep your ATM safe and friendly. 3. Service and Repair Some parts wear out faster than others. If you want to keep your ATM alive longer, you may need to replace or repair some of the high-wear components. Routine service and repair can extend the life of your ATM fleet. The longer they stay operational and in the field, the more you can maximize their financial opportunity. 4. ATM Upgrades Sometimes, service and repair don’t go far enough. Upgrades can help whether you’re trying to address new compliance concerns or upgrading your operating system. So, may you need a new processor or motherboard for the upcoming Windows 10 upgrade. Or maybe you need an on-site refurbishment kit to upgrade and replace parts as needed. Either way, ATM upgrades will significantly extend your ATM’s lifecycle. 5. ATM Refurbishment Either the entire ATM or its parts can be refurbished. Reconditioned, like-new parts can give your ATM the update it needs. Reusing and refurbishing parts provides a cost-effective means of extending your ATM’s life. Maintenance, upgrades, and refurbishment can keep your fleet running for a very long time. 6. ATM Remarketing If you decide that you’d like to replace your ATM before its lifecycle is complete, ATM remarketing is the answer. Remarketing unlocks the value of legacy infrastructure by reselling ATMs in good condition to institutions that can use them. Remarketing recaptures the value left in the ATM’s lifecycle. You can then reinvest that money into new technology. 7. ATM Sanitization, De-branding, Disposal, and Recycling Sanitization cleans more than just the physical parts of an ATM. It also cleans out any extant data, ensuring continued privacy and security. Your ATMs also shouldn’t just end up in a landfill somewhere. They can be taken apart, inspected, and separated into parts and materials. The parts from old ATMs can still be used to extend the lifecycles of other ATMs still in service. The rest of the materials can be responsibly recycled and disposed of to reduce environmental impact. ATM Lifecycle Management is Paramount If you were to buy a fleet of ATMs and deploy them, who knows how long they would last without any of the steps above? ATM lifecycle management is a holistic view of how to care for your fleet, from the very beginning to the very end. Proper lifecycle management will extend the lives of your ATMs, ensuring you gain the maximum value from your equipment. If you’d like to see how Tellerex can help you manage your ATMs, read about our solutions here. Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • ITM vs ATM: What’s the Difference?

    Currently, the spread of the coronavirus pandemic and the need for social distancing is fundamentally changing banking practices. Numerous banks and credit unions have altered or closed their branches to reduce the chance of transmission. Consequently, the topic of ITMs and ATMs is seeing a surge of interest as institutions emphasize remote service channels. Many reports have suggested that social distancing measures may be necessary for more than a year—enough time to test and administer a vaccine. At Tellerex, we want to see your institution continue to support and serve its customers during this time, and we will do whatever we can to help. We hope this blog helps you understand and weigh your options going forward. Read on to learn more about the differences between ITMs and ATMs—and which one might be better for your needs. ATM vs ITM Basics Automated Teller Machines, or ATMs, have been around since the 1960s. It took a few decades before they saw broad market adoption, but now they’re ubiquitous. Currently, there are millions of ATMs deployed worldwide. Recently, Interactive Teller Machines (ITMs) have also hit the market. They’re like ATMs, but they feature expanded functions and face-to-face chat capabilities with tellers. ATMs provide both basic cash-dispensing services as well as advanced functions, including: Check depositing Account information access Fund transfers Marketing of relevant products These are valuable services—especially as banks and credit unions move to branchless banking—but they don’t offer the same level of service that in-branch interactions have. Tellers and bankers often guide customers through more complex transactions such as loan applications and payments, opening accounts, or canceling payments or services. Although some ATMs may support more complex transactions, most ATMs are less feature-rich. In some cases, this may be an issue. Where ATMs Might Fall Short Many of the banking features on ATMs can be more easily accomplished online or on a phone. Plus, mobile and online banking let you do way more, such as open new accounts, apply for loans, and ask for support. Some apps even allow for live online chat with an account representative. That means that the key differentiator for ATMs is that they deal with cash. Location-wise, they can’t beat a computer or smartphone. But if you need cash, then no online or mobile banking app can help. Unfortunately, that means that ATMs are otherwise less convenient for many banking services. That’s where ITMs come in. Introducing ITMs ITMs add a video terminal to the usual ATM architecture. The screen allows users to speak with a teller. That may not seem like much, but it does enable a few functions that ATMs and smartphones can’t offer. First, ID verification is a little easier through an ITM. If your credit card gets lost or stolen, the teller can verify the user’s identity with a driver’s license or other ID. Also, ITMs can dispense different amounts of cash. Whereas ATMs tend to deal only with large bills, ITMs can offer bills of any denomination. They can also dispense change. Most importantly though, ITMs provide the conveniences of an actual teller. That opens up a lot of potential banking services that you couldn’t otherwise get from an ATM. And, although you might be able to get those same services online or through a mobile app, having a teller there as a guide can be very helpful. More importantly, access to a teller through an ITM ensures that customers can get the full in-branch experience. That includes discussing loan and credit options and applications, requesting payment deferrals, and accessing other critical services that may be difficult to navigate on a touchscreen. ATM vs ITM Conclusions ITMs offer expanded services, guidance, and a friendly smile, which can be really nice. However, they require a lot more work from the financial institution. Between ensuring convenient hours and getting scale, ITMs certainly have their work cut out for them. Nevertheless, ITMs offer a compelling alternative to in-branch banking. ATMs also feature stiff competition from online banking, mobile banking, and the push for cashless payments. However, they are less complicated and require less effort from financial institutions. More importantly, they are a proven, dependable, and cost-effective option for expanding service channels outside of the branch. ATMs certainly still have a place in the future. ITMs might, but their necessity depends more on what your institution needs. Does it need a robust alternative to an open or nearby branch? If yes, then ITMs are worth consideration. Additional Reading Tellerex is committed to leveraging our knowledge and experience to reduce ATM expenses, increase reliability, and accelerate a contribution to your company’s bottom line. To date, we’ve helped save clients over $5M in ATM-related expenses and operating cost reductions. Tellerex can help your financial institution transition with several ATM-related issues. First, we can provide high-quality refurbished models in a matter of weeks. Second, we can simplify supply chain logistics to maximize speed and reduce costs. Finally, we can help you with fleet and ATM upgrades through our ATM lifecycle management solutions. Please contact us to learn more. Subscribe to our blog for insights, information, and news in the ATM industry. Or follow the links below to see what’s new. How Might ATMs Engage Users in the Future? The Role ATMs Play in Branch Automation Transformation

  • The Main Difference Between a New and Refurbished ATM

    Last week, we wrote about some of the main differences between new and refurbished ATMs. We compared functionality, lifespan, and value. In so many ways, the main difference between a new and a refurbished ATM is the price. And that’s what we’re talking about today. Except for this time, we’re focusing solely on price. After all, price is the key differentiator between refurbished and new ATMs. And we’re going to get more illustrative, too. The Value Proposition of Refurbished ATMs The primary line of thought goes something like this: New ATMs can access the latest hardware, software, features, and functions. Some of those things may not have hit the refurbished market yet. Consequently, new ATMs might be more Windows 10-ready, more likely to support cash recycling, and even sport a video terminal. They’ll also be more expensive. Far more expensive. And they won’t hold their value well at all. Once you unbox and install an ATM, you might see its value depreciate by 75% within the first year alone. As you can imagine, ATM technology is not among the fastest-moving technology. A two-year-old top-of-the-line ATM will be nearly as capable as a current one. But it will cost far, far less. And, so long as the refurbishment is done responsibly, it will continue working just as well as a new ATM. So, isn't it worth considering if you can buy an ATM that works just as well as a new one yet spend a fraction of the sticker cost? Refurbished ATMs in Car Terms Those of us in older generations are familiar with the new vs. used car debate. A new car might boast a few more horsepowers or achieve an extra mile or two per gallon. It will undoubtedly come with a manufacturer’s warranty and the knowledge that you’re the first owner. And for that luxury, it will command a hefty price tag. The second you drive it off the lot, it will begin rapid depreciation. Cars are a necessity for most of us, but they’re a terrible investment. Many people prefer to buy pre-owned cars. Even when a car is only a couple of years old, its price is significantly lower than it once was. Nevertheless, it works as well as new and will last for decades if properly maintained. Plus, good private sellers and dealers will ensure that all parts are in good working order before selling. Refurbished ATMs, like certified pre-owned cars, will be essentially like new. The main difference? The lower total cost of ownership (TCO) and sticker shock. Refurbished ATMs in Smartphone Terms For younger generations, buying new or certified pre-owned cars might still be a few years later. Still, some products cost far less when refurbished than when they’re new. For example, smartphones fit that bill. Refurbished smartphones are cleaned, wiped, and formatted like new. Often, the batteries get replaced, breathing years of new life into the phone. One- and two-year-old refurbished phones will cost a few hundred dollars. Not only that, but refurbished phones are less likely to lock buyers into contracts. With new flagship models now firmly north of the $1,000 mark, refurbished phones make sense for anyone without an excess of cash. (Or with an excess of good sense.) Refurbished ATMs, like refurbished phones, will be essentially like new. The main difference? Lower TCO and sticker shock. Yes, it’s that predictable. Final Thoughts Unfortunately, buying refurbished items isn’t very fancy. You might not impress people with all the latest bells and whistles. But then, most people won’t even notice—they want something convenient that works. The main difference between a new and a refurbished ATM is the price. There’s no other way to say it. Subscribe to our blog to learn more about ATM lifecycle management, or follow the links below to see what else we’ve written about recently. Related Articles: Comparing the Functionality, Lifespan, and Value of New vs Refurbished ATMs Just How Trustworthy Are Refurbished ATM Machines? Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • Defining Your Data Destruction Processes – Is it Worth It?

    A critical part of securing your customer data and intellectual property is the timely elimination of records and data you no longer need. Here's the scoop on everything your organization should consider. For those responsible for erasure, degaussing, or shredding services, understanding ATM data destruction processes is imperative for manufacturers, service providers, VARS, and financial institutions. "It is crucial for any company requesting data destruction as part of their life cycle asset management to prioritize value over price.” Brian Lechlitner Chief Operating Officer, Tellerex While third-party partners may have deep insight into your business and processes, only those within your organization can address the crucial questions surrounding your data destruction processes. These questions may include; Are we comfortable with data-handling personnel on-premises who may not be vetted, bonded, or completed background checks? What is our willingness to accept potential public relations risks and brand damage if there is a data breach? What are the current and emerging standards of security we must abide by within our industry? Who will stand with us if there's a problem? Is there end-to-end accountability in our data destruction process? Do we need an auditable certification of destruction for our records? Are there benefits to a single third-party partner leveraging consistent processes, regardless of where the destruction process occurs? What's more important; cost or secure protection? Do we know what we're doing? The First Step If evaluating and quantifying risk is the most important topic - and it should be - when reviewing your data destruction processes, your next, most crucial step should be to calculate the potential cost of a data breach. If either of these points is on the line, protecting data is a nominal cost, and having a data destruction industry expert in your corner is crucial. Tellerex provides the highest standard available for data destruction in the banking industry. Our full-time, in-house experts undergo rigorous technical training, and our processes are subjected to thorough and unannounced third-party audits to ensure compliance, ensuring we follow every aspect of our certified process, which includes: Defined processes and accountability Chain of custody plans Certification of destruction Secure handling of equipment and data by drug-tested, bonded, uniformed employees Why Should You Care? Working with a specialized data destruction partner provides a robust standard for security, processes, employment, and a chain of custody process developed and refined by thousands of projects. With data destruction partners fulfilling these standards, you can remain confident that hard drives are destroyed, and data won't resurface months later, compromising your customers' security and trust in you. Our commitment to this process ensures our client partners have the benefit of: Maintaining compliance with all data protection regulations (by location, by industry, by company policy) Satisfying the due diligence and data protection requirements necessary during the vendor selection process Meeting EU General Data Protection Regulation requirements Maintaining protection and coverage for insurance and liability purposes Expertise specific to your industry - this isn't a side job for our team members It means you'll have a partner who cares more about securing your data than you. It means everything. Let's face it... Anyone in this business with a hammer may assert they can destroy a hard drive. And a quick online search highlights plenty of overnight pop-up companies who claim they're in the data destruction business. However, by asking the right questions, you'll quickly learn that very few have the end-to-end processes and expertise to ensure data destruction and mitigate the associated risks. If you want a partner who can withstand the highest scrutiny of documents, processes, employees, and customers' demands, your data destruction must be performed by Tellerex. Reach out and connect with us today about industry standards or your data destruction challenges. About Tellerex Tellerex empowers our industry-leading clients to optimize their usage of natural resources, create greater value, safeguard the environment, and secure critical data. Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • Should Your Financial Institution Bring in ITMs?

    Interactive Teller Machines, or ITMs, are like ATMs on steroids. In the ITM vs. ATM battle, ITMs win the fight on functionality. Yet they have their drawbacks, too. So, should your financial institution bring in ITMs? As ATM professionals, we’d like to help you answer that question. We’ve got our opinion, but it’s important to consider your customers, members, and institutional goals. What Are Your Institutional Goals? This is the big question. Any other question is just moot or academic. You must decide if your financial institution wants to provide the ITM service experience. Providing a solid ATM network is common sense and should be an institutional goal. You want to extend the reach of your financial institution as far as possible. You need to keep things convenient for your customers and members. If they can’t get (or deposit) cash outside of business hours, that’s a problem. The ITM experience offers that same convenience in a narrower window of time. Instead of operating 24/7, ITMs operate during staffed hours, when video tellers can assist customers with their various banking needs. Video tellers and voice chat offer broader, more personal service opportunities than traditional ATMs. However, accommodating before- or after-hours visits requires additional off-hours staffing, which drives up both the cost and complexity. ITMs may be worth it if you provide more opportunities for users to chat with your tellers face-to-face. But if all your customers want to do is withdraw or deposit cash quickly and conveniently, then there’s no reason to invest more money into machines—or the tellers who show up on their screens. However, some institutional goals would warrant the inclusion of ITMs. For example, if you plan to: Expand your teller presence Create more opportunities for branch-like interactions Move toward an online-first model with fewer branches (ITMs and call centers would handle the majority of in-branch needs) If your institutional goals would benefit from expanded, interactive service, then ITMs are undoubtedly worth considering. On the other hand, if your institutional goals don’t include more face-to-face time between tellers and customers, then ITMs may not be for you. ITM vs. ATM Machine Count If you decide to bring ITMs into your ecosystem, you have a few more questions ahead of you. Answering these questions will help you determine how many to bring in, where, and what you want to accomplish with them. First, you should know your budget. ITMs will cost more than ATMs and will also cost more to maintain. That’s because there are more moving parts, which means more can go wrong. Not only that, but ITMs have to be staffed. Every minute an ITM doesn’t have an associated teller is a minute where the ITM is just a complicated ATM. So, what does your budget allow? Second, you should know where you need ITMs. For example, you probably won’t need one right outside your branch. If people want to speak with a teller, they can head into the building. Locate areas where you have many customers but few (or no) convenient branches. Third, what do you want to accomplish with ITMs? Is this a branding decision? A chance to increase awareness of new products, services, rates, or opportunities? Is it to build more robust engagement and loyalty with your base? Once these questions are answered, you might have a good idea about how many ITMs you’ll want to deploy. Here’s the thing: you don’t need to replace all your ATMs with ITMs. That’s an expensive proposition, and it will only end in tears. Additional Considerations Regarding ATMs vs. ITMs, you must consider a few more issues. Basically, who is going to use them? Many people still prefer in-person interactions. While ITMs provide some semblance of face-to-face conversations, they’re ultimately digital. People who want to speak with a teller may prefer going into a branch rather than driving through a digital kiosk. Many people dislike personal interactions. Considering how many Millennials and Gen Zers prefer texting to talking on the phone, one might question how comfortable younger generations will be with a more intrusive, face-to-face interaction with their ATM. Similarly, many people in older generations may not feel comfortable with ITM technology. They probably still get paper statements and avoid using mobile or online banking. Adoption rates among older generations may stay low. Consider who you’re trying to reach with ITMs. How does that fit in with your institutional goals? Does that change the answers to any of your questions above? Further Reading Ultimately, the decision to use ATM vs. ITM machines comes down to your needs. So long as you answer the essential questions faithfully, you’ll probably make the right choice. Regardless of whether you bring in ITMs or skip them altogether, you’ll need help managing the health of your fleet. ATM lifecycle management partners can help you strategize, store, ship, deploy, maintain, remarket, or dispose of your machines. If you’d like to learn more about ATM lifecycle management, subscribe to our blog! Or follow the links below to see what else we’ve written lately. ITM vs ATM: What’s the Difference? What is ATM Lifecycle Management? Want to stay informed about the latest developments from Tellerex? Learn more about lifecycle management and environmental, social, and governance (ESG) topics. Subscribe below!

  • ATM Data Risk: Unmasking Hidden Threats and Ensuring Security

    In today's digital age, data breaches in the ATM industry can spell disaster. While many attribute these breaches to user errors or weak security protocols, there lurks a less-discussed but equally menacing threat: lax ATM lifecycle processes. The Overlooked Danger of the ATM Lifecycle Financial institutions, from banks to credit unions, as well as ATM suppliers and service providers, sometimes underestimate the importance of securing the various stages of the ATM lifecycle. The risk amplifies, especially during the hardware's end-of-life phase. The Pitfall of Hardware End-of-Life It's not uncommon for outdated ATM machines to be sold, donated, or discarded without proper data erasure. A simple file deletion or hard drive reformat is far from sufficient. Savvy criminals can retrieve old data, exposing institutions to significant ATM data risks. Unmasking the Real Costs In 2021, the average data breach cost reached a staggering USD 4.24 million, marking a 10% hike from 2019 figures. The time between detecting and containing such a breach, known as the data breach lifecycle, averaged 287 days the same year. Almost a full year of potential operational disruption! Top 5 Strategies to Fortify Your ATM Lifecycle Against Data Risks Anticipate Failures: Design your ATM lifecycle like a vehicle's crumple zones—prepare for the worst and practice your response plan. Patch Vulnerabilities: Have plans ready for known security holes. Ethical Data Disposal: As data becomes obsolete, ensure its responsible and thorough elimination. Prioritize Security Training: Continuously educate your team about evolving risks and the significance of data security. Set the Bar High for Partners: Collaborate with vendors and partners who match or exceed your security standards. Need Expert Guidance? Navigating ATM data risks can be daunting. If you're looking to bulletproof your ATM lifecycle against potential threats, Tellerex is here to help. Our seasoned team can craft a bespoke program tailored to your institution's unique needs.

  • 3 Steps to Comply with New ESG Regulatory Requirements

    As reported in Global Banking & Finance Review, the rise of collective social consciousness and ESG regulatory requirements, coupled with the desire to minimize the environmental impact of industry manufacturing practices, have resulted in environmental, social, and governance (ESG) factors rising to the top of corporate agendas. Supported by changes to regulations, noted in the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions, there is a major shift toward standardized ESG disclosures for public companies. This poses a challenge for many companies as the information used to support ESG activity is rarely saved in one location. In most cases, documents are currently captured across various departments and managed by different teams. Historically, a chief sustainability officer (CSO) would manage this objective – but the challenge now lies at the door of the chief financial officer (CFO), who must collect information from various departments and combine these new metrics into an annual financial report. “To meet our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, the SEC has a lot of regulatory work ahead of us,” said SEC Chair Gary Gensler. “I look forward to collaborating with my fellow commissioners and the dedicated staff to propose and finalize rules that will strengthen our markets, increase transparency, and safeguard investors.” This is where creating an ESG ecosystem within the organization will help simplify the collection processes for the CFO and streamline future reporting. Creating the ecosystem can appear to be a daunting task at first, as it may be the first time that the organization has had to report in this way. But it is critical that this reporting is done well and accurately, as ESG performance can be a key differentiator for a company – especially when seeking investment. Here are three steps to help companies get there. Step 1. Establish standards and metrics for what to report on Metrics and standards can be based on sustainability issues already known to affect the financial condition or operating performance of a company. It’s important to pull this data into one place – consolidated and combined – to establish a baseline. Then look around the market at competitors, to see if there is anything missing. Step 2. Collect and categorize necessary data Using automation can speed up these processes and relieve bottlenecks, but it’s critical to ensure that the data is properly prepared first. Frameworks to create categorization will allow unstructured data to be tagged, captured, and managed centrally, and will become lifesavers. Terms related to ESG can be made machine-readable, stored, analyzed, and reported. When deployed, this system will enable an organization to be ready for auditor scrutiny that will undoubtedly be required for ESG disclosures in the future. Step 3. Set up a strong ESG reporting structure This includes allocating a final destination for the report. Understanding where the metrics will end up will dictate the underlying processes and help reduce unnecessary steps. For example, will it live on the company website or in financial filings? Moving forward with these steps in place, a CFO will be in a better position to see how ESG metrics are settling with investors and be able to initiate conversations to create necessary change internally. It’s worth investing the time and money to ensure that the right processes are in place as organizations will be under increasing pressure to demonstrate their ESG performance in the near future. By creating an established ESG ecosystem, a CFO will be armed with the most relevant information needed to satisfy reporting requirements – for regulation, stakeholders, and shareholders alike.

  • Unraveling the Mysteries of ATM Lifecycle Services: Your Ultimate Guide

    Have you ever paused at an ATM and wondered about its journey? From its inception to its eventual retirement, each ATM embarks on a captivating lifecycle, meticulously managed to ensure optimal performance, security, and sustainability. Welcome to the intriguing world of ATM lifecycle services, a cornerstone of ATM management that often goes unnoticed but plays a pivotal role in the banking industry. ATM lifecycle services are crucial to ATM management Demystifying ATM Lifecycle Management ATM lifecycle management is overseeing an ATM's entire lifespan, from procurement and installation to maintenance, upgrades, and, eventually, disposal. But it's not just about maintaining machines; it's about strategic planning, risk mitigation, and maximizing the value of each ATM. It's about understanding the intricate dance between technology, finance, and customer service. Why Lifecycle Management is a Game-Changer in ATM Management Why should banks and financial institutions care about ATM lifecycle management? The answer lies in three key areas: operational efficiency, data security, and environmental responsibility. Operational Efficiency: Maximizing Your ATM Investment ATMs are a significant investment for any financial institution. Proper lifecycle management ensures that this investment is maximized. Regular maintenance and timely upgrades keep ATMs running smoothly, reducing downtime and ensuring that customers can access cash and other services when needed. Data Security: Safeguarding Sensitive Customer Information ATMs are a prime target for fraudsters and cybercriminals. Lifecycle management includes robust data security measures to protect sensitive customer information. Every step is taken to safeguard data from encryption and anti-skimming technologies to secure data destruction when an ATM reaches the end of its life. Environmental Responsibility: Reducing Ewaste Finally, lifecycle management plays a crucial role in managing e-waste. Old and decommissioned ATMs must be disposed of responsibly to prevent harmful materials from ending in landfills. Lifecycle management includes environmentally-friendly disposal and recycling practices, aligning with global efforts to reduce waste. The Lifecycle Stages of an ATM: A Snapshot So, what does the lifecycle of an ATM look like? Here's a snapshot: Procurement: Selecting and purchasing the right ATMs to meet the bank's and its customers' needs. Installation: Installing the ATMs at various locations, with considerations for security, accessibility, and customer convenience. Maintenance and Upgrades: Performing regular maintenance and timely upgrades to keep the ATMs running smoothly and up-to-date. Monitoring and Management: Continuously monitor ATMs for performance and security and promptly address any issues to minimize downtime. Decommissioning and Disposal: Decommissioning and disposing of ATMs in an environmentally-friendly manner when they reach the end of their life. How Tellerex Transforms ATM Lifecycle Management Managing the lifecycle of an ATM can be a complex task, requiring specialized knowledge and resources. That's where Tellerex comes in. As a global ATM and banking asset management leader, Tellerex offers comprehensive lifecycle management services that maximize operational efficiency, ensure data security, and promote environmental responsibility. From procurement and installation to secure data destruction and e-waste management, Tellerex handles every aspect of the process. With their expertise, banks and financial institutions can focus on what they do best: serving their customers. Are You Ready to Revolutionize Your ATM Management? Understanding and managing the lifecycle of your ATMs is crucial for operational efficiency, data security, and environmental sustainability. But you don't have to do it alone. With Tellerex's comprehensive ATM lifecycle services, you can ensure your ATMs are always at their best, serving your customers and protecting your investment. Ready to learn more about how ATM lifecycle management can benefit your organization? Connect with Tellerex today!

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