Are you reaping the full benefits of your ATM data?
ATMs have come a long way over the years: From cash recycling to business deposits, teller functionality to cardless transactions, ATMs are as do-it-all-for-you as ever before.
As a result of this technological maturation, ATMs have slowly become an invaluable tool to aggregate customer data. More than just an on-demand cash dispenser, ATMs excel at providing banks and credit unions with real time, localized financial trend data – giving FI professionals insight into their customers' habits, thereby allowing them to reshape their services and offerings to match the way their customers spend and save money.
"71% of installed ATMs have application monitoring."
Nearly two-thirds of ATMs have electronic journal retrieval
The advanced capabilities of modern ATMs, combined with sophisticated algorithms designed to identify trends, make customer learning possible. In a recent trends study conducted by ATM Marketplace, 71 percent of installed ATMs have application monitoring. Seventy percent have remote action functionality and 65 percent include electronic journal retrieval. These features help banking professionals identify what their customers most want when they stop by lobby or drive-thru ATMs.
Insight into ATM use can have a significant impact on operations and services. After all, most ATMs – 59 percent, according to the ATM Marketplace report – contain notes in more than one unit, some ranging from $1 to $100. By looking at use data, you can not only identify patterns around withdrawals and deposits, but also gather insights into cash usage and determine whether additional financial services may be needed for a customer. Noticing an uptick in large deposits? Consider developing a savings account product with a more attractive interest rate and rolling it out to customers. Seeing long stretches of ATM inactivity for certain customers? Turn your attention towards retention efforts like lower fees and more regular customer engagement.
Surveillance can guard against the unforeseen
You never know what can happen to an ATM at any given time, so surveillance systems are essential. For instance, in November, a Houston-area ATM started spitting out $100 bills when customers requested $10, KHOU-TV reported. As you might imagine, this caused a bit of a scene as word quickly spread of what was clearly a flaw in the system. The issue has since been resolved and customers were able to keep what was incorrectly dispensed. Regardless, had cameras been built in, as is the case with many advanced ATMs, this situation may have been avoided.
Time stamp technology provides insight as well. Down to the second, advanced ATMs keep tabs on when people swing by the closest ATMs to deposit, withdraw or participate in any number of other financial services. But there may be certain periods of the day when foot traffic climbs or a particularly service is requested. You can use this data to determine how you manage your bank branch. For example, perhaps additional $20 bills are needed at 4 p.m. or video conferencing is sought mid-morning, necessitating additional bandwidth or human resources to address connection issues.
BranchServ has the forward-facing ATM technology that can help you hone your customer satisfaction bona fides. From baseline ATM models to the more advanced MX8800 and 7800i, our capabilities can provide insight on how to put your best branch forward today, tomorrow and well into the future.