For the majority of financial institutions, moving to enterprise is all about adding new transaction sets to the ATM. This includes bill payment, transacting on non-card accounts, consuming digital transactions and services that have previously only been available at the branch or mobile channels if no valuable media was involved.
Digital integration and shared services mean migrating transactions away from branch counters and a reliance on staff; this is about digital adoption. For many FIs, this is their biggest challenge. And it’s not because of consumer unwillingness to change; it’s the systems holding them back—they can’t make transactions available for self-service if only the branch system is able process them!
Some of our early adopters of enterprise banking solutions are able to offer more than 70 transactions on the ATM. But perhaps most important, only four or five are now being processed through the switch; the rest are being offered and processed via core or digital systems.
Again, this gives FIs the agility to do more, faster, while removing reliance on the switch, which opens the ATM up to facilitate an even greater number of transactions.
So that addresses the challenges of the institution...but what about the consumer?
Related: Free your ATM network from the shackles of the switch for multivendor ATMs.
Digital in isolation will only get you so far. Let’s look at bill pay. Digital is fine if the whole transaction is digital, but what about when the consumer wants to pay with cash? Only ATM self-service can straddle this divide, enabling both the consumer making the physical payment with cash, as well as the digital processing of the transaction. Being able to use the ATM to fulfil this multimedia type of transaction is a win-win for all. It takes away the need for a staffed branch counter but also unlocks the option for consumers to choose when, where and how they want to transact.
What about those consumers who aren’t at ease with mobile or online channels? They may not have the luxury of the technology required to access digital banking, or perhaps are simply more at ease with the ATM format due to access, security or familiarity. For instance, for a growing elderly consumer group who grew up with ATMs but aren’t conversant with smartphones or tablets, the ATM maybe their only ‘digital channel.’
Finally, another important priority for your profile is focused on bringing efficiencies to the ATM channel and across the entire banking ecosystem. With the infrastructure in place for digital ATM transaction processing, these services can now be shared with other digital channels such as branch, mobile and online, with only the cash element being handled separately. This enables the bank to create a digital service once and have it consumed across multiple channels including the ATM.