5 things banks should look for in an electronic journal management solution

April 05, 2018 12:00 PM

Keeping track of activity throughout a bank's ATM network is vital in delivering an effective service to customers. However, these efforts are frequently held back by manual systems to report daily activities. In many cases, there are numerous disparate systems responsible for monitoring devices, which are only manually updated at the end of every day, or may even require a technician visit to access certain details.


This makes running a network slow, inefficient and costly. There are electronic journal (EJ) management solutions available, but financial institutions (FIs) need to know which is the right one to choose.   EJ management can greatly improve the operation of an ATM network, providing FIs with all the information needed, exactly when its needed - which will help make troubleshooting more efficient and, in turn, lead to happier end customers.


So, what makes a strong EJ management solution stand out? Here are five key must-have features for any ATM operator looking to take advantage of this technology.


1. Real-time data across the network


One of the key differentiators of a robust EJ management solution is real-time remote access to EJ data anywhere within a globally dispersed ATM network. This means, instead of having to wait for files to be collated at the end of the day, ATM operators can quickly view any issues remotely with live EJ streaming, as soon as they occur. As well as making operations much more streamlined, this also plays a vital role in boosting customer satisfaction, as any disputes will be able to be resolved much faster.


2. Clear view into availability


Offering a complete, clear view of every ATM’s activity on the network is also an essential feature in an EJ solution. Transactions, cash-related events and critical hardware and software events must all be recorded and made available for review. Real-time remote access simplifies troubleshooting and provides instant information on the status of an ATM allowing banks to operate efficiently, keeping costs to a minimum and providing customers with the level of service they expect.


3. Find specific transactions through metadata search


With real-time data coming in from multiple ATMs across the network, it is vital that banks can search through their EJ records quickly to identify specific transactions to speed up dispute resolution. Therefore, EJ solutions must be able to analyze a wide range of metadata in real-time to help employees pick out individual transactions based on time, location, activity or any other factor without the need to manually sort through databases.


4. Centralized, organized storage


With banks facing complex and strict regulations for the storage and security of their ATM activity records, being able to rely on a single, centralized system to meet their requirements is hugely beneficial. As well as saving time and reducing costs, this ensures that banks only have to worry about one set of retention policies and means they can easily keep a full audit of who is accessing the database.


5. Automated, daily archiving


Finally, being able to automate what are often tedious, manual processes such as archiving transaction logs should be another key aspect of any EJ management solution. With the amount of data ATMs are able to capture on the rise, this can quickly become unwieldy as networks scale up. Being able to automate archiving processes, with customized cut-off dates, eliminates the need for manual EJ retrieval and cut over processes and reduces costly site visits.