By : Bryan Peddie
March 14, 2017 09:00 AM
Retail has long led the way on innovative customer service offerings, and the expectations consumers have of these firms are translating into banking more and more. Today, 'always on' retailing in the form of the internet and 24-hour stores has changed what customers are willing to accept as best practice from businesses.
Consumers want to be able to interact when it's convenient for them and expect services to be available when they are ready to use, products to be available when they are ready to purchase and help to be available when they need it. And this is just as true when it comes to banking.
A 24/7 service
As with shopping, customers now expect cash to be available to them 24 hours a day, every day. An ATM that is not in service or does not contain the right denominations of notes reflects badly on a bank's brand and leads to a poor consumer experience. Therefore, effective demand forecasting, efficient cash management and timely replenishment are crucial.
It's also important to ensure that customers have access to product offers that meet their needs. Targeted advertising reduces the risk of customers having a bad experience by applying for unsuitable products and being turned down. Furthermore, the consumer experience can be enhanced through targeting. For example, people with a poor credit rating can be directed towards bank accounts that will help them build their credit history and become a loyal, profitable customer.
This has to be enabled through the technology deployed by banks, with consumers able to begin the purchase of a new product on their own, but also able to engage with a knowledgeable member of staff when they need them. As a result, banks are having to rethink and reinvent the way they sell and service their customers.
Improving ATM availability
The latest generation of ATMs are better able to meet the evolving needs of banks and their consumers than in the past. For example, more efficient cash dispenser technology can improve the availability and uptime of an ATM by more than 99 percent, while dual-dispense capabilities result in much higher cash capacities, reducing the need for costly and time-consuming replenishments.
Effective cash recycling and mixed media deposit and withdrawal also help make ATMs more efficient and boost the availability of cash.
Today's ATMs are also able to offer more personalized adverts based on the data banks already have on their customers, ensuring that the right promotional messages are getting through to the right consumers.
Despite the growth of new channels like mobile banking, it's clear to anyone who has ever walked along a busy high street that ATMs remain an extremely important part of how consumers engage with banks. Investing in ATM networks and ensuring that these machines can deliver a personalized, efficient experience ensures that banks can make the most of a powerful tool for building brand loyalty and maximizing revenue for years to come.