Getting ATM investment right first time

By : Bryan Peddie

February 14, 2017 01:00 PM

Today's consumers are changing. Nowadays, people do not just request but expect seamless interactions across devices and channels, and companies that fail to meet these high standards will struggle.


For banks, this means they need to transform established ways of interacting in order to meet these expectations, or risk losing customers for good. And one key issue is that while consumer behavior has changed, many of the ATMs deployed around the world are still used mainly for cash transactions and basic account enquiries.


Keeping up with a changing world

Technology has advanced dramatically since the advent of the ATM and this channel has to keep up with the rest of the world. For instance, providing personalized product offerings and transaction types at ATMs, while giving customers the familiar experience of consumer technology used in their daily lives, can transform a customer who views dealing with their bank as a necessary chore, into one who feels a greater sense of loyalty to a brand that knows them.


Banks have to invest in technology that not only meets customer demands today, but is adaptable enough to stay relevant as consumers become more technologically literate and demanding. Furthermore, shareholders expect banks to invest in technology that will enhance the consumer experience and customer loyalty, while contributing to operational performance and revenue.


Investing for the future

By getting ATM investment right first time, financial institutions can reduce the cost of improving or upgrading their ATM estate for years to come. This means choosing technology that allows them to adjust the configuration of the machine depending on the needs of the location. Solutions that can transform an ATM from a self-service terminal to an assisted service terminal without the need for additional spending, while allowing interaction with other consumer devices and channels, will also set up banks well for the future.


The importance of keeping up with the latest trends and customer expectations was underlined in a report from the Cisco Internet Business Solutions Group. The authors wrote: "Banks operate in a challenging world of rapid technological change, technology-savvy customers, and increasing expectations. In this environment, banking through disparate and insufficiently coordinated channels is quickly becoming obsolete. To prosper and gain a competitive advantage, banks must begin moving to omnichannel banking while customer readiness around the world is strong."


The right ATM technology enables banks to transform their ATM estate and ensure they are able to consistently satisfy customer expectations today and in the future. Being able to easily upgrade devices to take into account emerging trends and shifts in consumer expectations, such as incorporating interactive teller or interactive banker device, can also help boost branch efficiency and increase revenue over time as consumer behavior evolves. This flexibility ensures that financial institutions can quickly react to whatever the future may hold for the industry and stand out from their slower-moving competitors.

Bryan Peddie

Solutions Marketing Manager, NCR Financial Services

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Bryan is an ATM Hardware Solution Marketing Manager and is based at NCR's R&D Centre in Dundee, Scotland. Bryan has a specific interest in technology trends and how the role of the ATM and payments are evolving