Moving more transactional banking tasks to the ATM from the teller is central to the promise this well-established consumer interaction avenue holds for the future of financial service delivery.
As more and more consumers turn to digital or self-service channels to complete everyday tasks and transactions, financial institutions are transforming their branch networks to reshape the customer experience. Bank formats are becoming tailored to meet customer demands at individual locations. As part of this trend, some branches are becoming smaller and smarter, and ATMs are critically important to the branch modernisation process within this connected banking environment.
Digitalization has been underway in the banking segment for some time, and Mercator Advisory Group has been tracking the expanding role the ATM has been increasingly been playing. The provides the extension of the Digital Bank into the physical world, with many Virtual Banks operating with no of minimal physical branches leveraging agreements with Independent ATM Deployers to give them greater material accessibility.
Connected channel integration is the vision for future banking services – offering a seamless experience between channels and allowing consumers to start a transaction on one device and finish it on another. As a million more ATMs are predicted to roll out across the globe, they will service populations that have adopted mobile devices as key part of daily life – therefore it is no surprise that we are seeing trends which combine mobile technology with new ATM services.
The coordination of interactions a consumer has with a financial institution across various channels such as ATM, Online and mobile will be critical to deliver consistency of service and the desired facilitation of services to meet the consumers’ needs. As banking as a platform increasingly becomes the norm for more FIs, the leverage of in-person self-service the ATM delivers will be a critical component.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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