Why Financial Institutions Should Consider Outsourcing Your ATM Program to the Experts
Updated: Aug 27
Published in Recently Heard | May 26, 2021
ATMs have become so common today that consumers take them for granted. However, the cost of owning and operating ATMs is not something negligible. Operating a fleet of ATMs is not only a complex but also a costly endeavor.
ATMs might seem like hassle-free entities to consumers, but they require frequent attention. While most financial institutions either employ their own staff the tasks of replenishing cash, fixing broken parts, maintenance like clearing paper jams, upgrading software and hardware, processing transactions and managing all the aspects of the operations, some choose to outsource it to a variety of different vendors.
Can Financial Institutions Handle it All on Their Own?
Meeting the needs of customers in the environment we are living in today is not an easy feat. And, this is true not only for businesses but also for banks and credit unions.
While a decade ago ATMs were limited to just providing cash, ATMs have evolved and now do a variety of different types of transactions from taking deposits to cash recycling, to performing routine transactions via video that would normally require a visit to a branch. However, a financial institution's core compatibility is not dealing with ATMs and most are not equipped to handle all the necessary tasks that are required to efficiently and cost effectively operate an ATM fleet
Thus, they have a choice to make. Financial institutions can either do it all on their own, which is not an easy thing to manage, or outsource their ATMs to specialty companies which are well-versed and experienced in managing all the aspects of ATM management.
Why Outsource your ATM Program to the Experts Makes Sense?
There are many reasons why outsourcing is the right choice. Here are xxx:
1. Improved Service
When it comes to ATMs, service, availability and convenience are key. With specialty ATM managed service providers, these experts are able to help banks and credit unions fully engage their account holders through adding more cost effective functions and solutions offering enhanced user experience. Consumers today look for convenience and prefer businesses that offer them all the tools they want at the same place. With ATM outsourcing, your account holders will be able to access a wide variety of services at the ATM including deposit automation, text receipts and mobile integration.
2. Enhance Brand Awareness & Offer More Services
There are so many creative innovations available to instill new life into your ATMs. These innovations offer a host of opportunities to change the role ATMs play in customer interactions. These include:
Product Marketing: Financial institutions can use ATMs to effectively market your products during the time the transaction. According to research, account holders have to wait about 200 trillion seconds when the “Please Wait” message is displayed at the ATM. This time can be strategically used to enhance your brand and market products and services.
Check Imaging: Account holders prefer ATMs that offer convenience in the form of deposit automation. When you outsource your ATM fleet, you will be able to offer users this convenience - differentiating your institution from the one down the street that may only offer cash dispensing.
3. Streamlined Operations Leading to Reduced Costs
Having a network of ATMs is not cheap. They're costly investments to be made in the form of hardware and the software, not to mention regular maintenance. Operations also require a lot of time, effort, knowledge and money. ATMs are not a profit center for institutions - they are a cost.
By outsourcing the ATMs to a company that specializes in technology and knows ATMs inside and out, an institution can save money. The money saved can be used elsewhere to enhance and grow your institution. Outsourcing also reduces stress on staff and allows them to concentrate on more important things. All this comes with the peace of mind of knowing that account holders will have a better user experience.
If you are looking for ways to manage costs, improve service, enhance brand awareness and offer additional functionality, outsourcing your ATM network may be your smartest move.