Nothing is accelerating quite like digital—consumers are using digital technologies more every day, whether it’s Zoom calls, shopping online, buying a car or streaming Netflix. The success of these fast, intuitive and modern experiences is changing how people think about their financial institution, and what kind of access and experiences they expect from them. And that, in turn, is reshaping every banking channel, but especially self-service.
As people become more confident with technology and social distancing ebbs and flows around the world, the role of self-service banking is only going to increase. What’s different now is that the ATM isn’t a static, siloed experience. Today it’s serving as an entry point into a whole world of digital experiences, with many consumers expecting the same taps, swipes, personalization and instant connection to other services as they get on their personal mobile devices.
But that’s not all. Future innovation will be all about digital, and the self-service ATM channel needs to be able to easily adapt. That’s why the ATMIA’s Next Generation Architecture is so essential to financial institutions and independent ATM deployers: with it, they can offer that seamless bridge to digital services and enable a consistent experience across all touchpoints.
Moving away from a siloed infrastructure to an API led, digital platform means financial institutions can future-proof their self-service ATM channel. But how does next-gen software create the ATM of the future? Here are five ways:
#1. Connectivity – Next-gen ATM software that’s aligned to the ATMIA framework enables new services or external service providers to easily connect to the ATM channel or the core banking system, so they can easily offer the richer experiences customers want. Plus, it delivers the ability for multiple engagement modes, including traditional ATM, remote two-way video assistance and access to digital services.
#2. Simplicity – Having single application software and management spanning the entire ATM fleet (regardless of ATM and ITM functionality) makes it simple to deploy rapid changes, updates and integrations across a whole network. Reducing the number of vendors to manage, development time and costs means financial institutions can focus their resources on other priorities.
#3. User experience – It’s easier to attract and engage users with easy-to-use technology they’re familiar with, such as a tablet-like touchscreen interface providing the intuitive smartphone-like experience consumers are accustomed to. Next-gen software makes this possible.
#4. Personalization – Next-gen ATMs can add to the consumer experience by making it personal and relevant; they can also help banks cross-sell and upsell easily with customizable, targeted marketing and advertising.
#5. Innovation – Perhaps most important, next-gen ATM software delivers a digital-first approach that brings ATMs out of their legacy silo, connecting to the enterprise, offering technology advancements like contactless transactions and delivering a flexible platform that makes it easy to add future innovations.
With experience being a top priority for consumers, and financial institutions pushing more transactions to self-service, next-generation ATM software will continue to gain traction and shape the future of self-service. For many financial institutions, it will inform their transformation strategies as next-gen becomes the standard, helping deliver an important advantage in a fiercely competitive market.