MT. PROSPECT, Ill.--(BUSINESS WIRE)--Reports of the death of the bank branch are decidedly premature – branch banking is not going away any time soon. The fact remains that Financial Institutions (FIs) that have a visible network of branch locations tend to instill more confidence and credibility than those that don’t. However, because of the rise of high-tech banking, faster and more convenient transactions for customers at the branch are becoming all the more critical.
Today’s FIs must use every channel available to provide convenient customer service, and the ATM channel remains one of the most important ways FIs interact with their customers in the branch. Cummins Allison, the leading innovator and provider of check, currency and coin handling solutions, as well as ATMs, outlines the vital role that reliable, high performance ATMs play in the transformation of branch banking.
Transitioning to High-tech Branch Banking
What will the branch of tomorrow look like? In many cases, there will be fewer tellers, or no tellers at all. Instead, there will be more self-service equipment providing multiple services, with ATMs continuing to provide round-the-clock automated banking services for added customer convenience.
One of the prime catalysts in this transformation of branch banking is a new generation of ATMs that makes this transition to high-tech branch banking easier, more customer-friendly and more profitable. FIs are increasingly focused on ATM capabilities to help in branch transformation.¹ To that end, ATM investment continues to grow; there were 2.75 million ATMs in 2013 and this is forecasted to grow to over 3.22 million by 2016.²
As institutions replace aging ATMs or expand their current ATM fleets, many plan to explore installing ATMs with new high-tech capabilities, such as video conferencing, remote teller assistance, automated deposit and more.
Optimizing Customer Satisfaction with Reliable ATM Technology
In today’s marketplace, branch transformation must take into account behavior of technology-savvy customers as well as more ‘traditional’ clients in order to provide excellent customer service to all. It’s clear that an essential part of the new paradigm in branch banking is providing multi-purpose ATMs that increase the satisfaction of the institution’s entire customer base, from Baby Boomers to Millennials.
Additionally, as more customers look to ATMs to perform more of their banking and financial activities, machines that are slow or out of service can reduce customer satisfaction and risk losing business. To ensure reliability, FIs are increasingly turning to suppliers with local repair, parts and maintenance presence, with timely response that brings machines back to working order in a matter of hours, not days.
To learn more about how ATMs will be fundamental to the success of branch transformation, visit www.cumminsallison.com/atm.
1 Cummins Allison, “Industry Survey: The Changing Face of the ATM Market”
² ATMIA and Value Partners
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.