By : Colin Gordon
June 01, 2017 08:00 AM
Self-service banking was first introduced 50 years ago, with the launch of the very first ATM at a Barclays branch in Enfield, North London. The channel has undergone many changes since then, keeping up to speed with the changing needs and expectations of consumers in the modern world. The ATM has evolved so much that it is still as relevant today as it was 50 years ago.
Never has it been more clear that banks must continue to invest in innovation if they want to stay ahead of market trends and deliver the best possible customer experience. One example of the sort of progress taking place in the self-service channel at the moment is NCR's recent launch of the SelfServ 80 series. This family of ATMs opens up new, rewarding experiences for the customer and various operational and promotional benefits for the bank.
Here are just a few advantages financial institutions could gain from deploying innovative solutions like these across a self-service network of ATMs.
With digital banking enabling people to manage their money anytime, anywhere, and banks always looking for ways to enhance efficiency and lower costs, there is a growing need for the concept of the branch to be flexible.
Ron Delnevo, executive director for Europe at the ATM Industry Association, recently stressed that, while branch numbers are on the decline and many banks are finding it hard to justify the cost of a large branch network, customers still want the reassurance of personal, face-to-face service from their bank.
He pointed out that inventive use of ATMs can provide a solution to this challenge, adding: "We're going to see a significant increase in innovation at ATMs."
The SelfServ 80 series is a fantastic example of this as it can help financial institutions to improve
Efficiency in cash management
Getting cash management right is a big priority for many banks. Ensuring you have the optimum distribution of cash across your branch and self-service networks will help your business to be more efficient and deliver the best possible availability to customers.
Pioneering ATMs such as those in the SelfServ 80 family offer a wealth of transactions to consumers and can help financial institutions reinvent self-service. These ATM can also help to improve cash management through flexible combinations of dispense, deposit and recycling functions. Efficient cash recycling can be particularly valuable, delivering benefits such as reduced replenishment costs and strong detection of counterfeit currency.
Customer convenience and security
Convenience is a vital concept in the banking industry today. Customers want to be able to complete transactions and manage their money as easily as possible, but they also want to know their cash, cards
In the self-service channel, the sort of technological innovation represented by products like the SelfServ 80 series can open up new routes for banks to strike the right balance with a combination between security and convenience, which are two of the most important themes for financial institutions deploying ATMs
One example of convenience is undertaking a contactless cash withdrawal. Making a contactless withdrawal by card potentially removes the risk of card trapping or skimming because the customer doesn't need to physically enter their card. Contactless withdrawal by smartphone enhances customer convenience by allowing them to take out cash even if they don't have their card with them. It’s also been proven to speed up consumer transaction times, as seen by ANZ Bank
It's clear that reinvention of the self-service channel will be an important theme in the retail banking industry over the next few years and beyond as modernization gathers pace. It will ultimately be the banks that are onboard with these trends and prepared to invest in the latest innovations that will be the first to see the benefits.