A customer doesn’t think twice about what it takes to provide an ATM, but financial leaders have traditionally spent far too much time managing those logistics.
In addition to the upfront capital required to purchase and maintain the ATMs, financial institutions must:
- Ensure machines are stocked with appropriate levels of cash at all times and are in compliance with the latest regulations (example: January 2020 Microsoft upgrade)
- Maintain security and basic operation of their fleet and fulfill the requirements of daily operations
- Update and troubleshoot software (example: ADA updates in 2012; noncompliance resulted in lawsuits)
- As budgets shrink and pressure to rapidly digitize the banking experience increases, financial leaders have found themselves reevaluating their approach to the ATM channel.
“At the onset of the pandemic, financial institutions really had to pour their energy and effort into digital transformation, but there’s simply not enough budget or personnel to properly address an ATM fleet along with everything else a financial institution is responsible for,” said Richard Fortune, a senior partner at NCR Professional Services. “So, where do they divide and conquer?”
This is where ATM as a Service comes in.