Would ATM as a Service work for me?
Published October 13, 2020
Is outsourcing management of your ATM channel right for you? There are 5 questions to help you find out.
As financial institutions look for ways to streamline and better support their back-office operations, outsourcing the management of their ATM channel can be the right way to help. That’s because running your ATM channel takes a lot of time and effort. From keeping up with compliance, maintenance and customer disputes, to supporting your customer’s needs for cash withdrawals and account information, a significant amount of time and resources go into managing it all. But what if there was a way to help you with the burden of it? With ATM as a Service you can partner with industry experts to leverage their expertise, resources and R&D investments to help make management simpler.
But is it right for you? Here are five questions to ask yourself. Are you:
1. Looking to simplify day-to-day operations with reduced demands to your human capital?
2. Wanting to reduce capital spend and achieve greater cost control and predictable expenditure?
3. Hoping to achieve a better ATM customer experience without heavily impacting your costs?
4. Needing to be more agile to adapt to changing consumer and technology requirements?
5. Trying to achieve regularly scheduled security updates so your customers can safely transact at the ATM?
If you answered yes to any of these questions, then ATM as a Service could help you achieve your objectives.
How can ATM as a Service truly benefit your FI?
The primary benefit you’ll receive with ATM as a Service is streamlined operations enabling you to improve efficiency and reduce the burden of managing the complexities of the ATM channel.
With ATM as a Service you receive a strategic partner that will manage the day-to-day services needed to efficiently run your ATM channel, while you benefit from having only one point of contact to help get it all done. That way you free up resources that can be re-allocated to other strategic projects within your FI, such as digital transformation. So, ATM availability, self-service innovation, and channel modernization and digitization would no longer be your direct concern. With access to industry experts, customer engineers, developers, along with managed services trained professionals, it’s like hiring a whole new department of highly specialized resources to help remove the burden of ATM channel operations.
And with an expert that has constant eyes on your ATM channel, you gain ongoing monitoring and remote support to detect and solve any outages or other issues before they impact your customers. So, you can improve the availability of your ATM while customers also benefit from having access to their cash at their own convenience. And you reduce the risk of your customers finding an ATM not working when they need it, which improves consumer satisfaction, experience and loyalty.
You’ll also gain innovation and the latest technologies and that can mean a lot to your customers. Today, consumers adopt new technologies faster than ever before and they expect the brands they use to be early adopters, too. But, finding ways to keep up with all of the trending technologies can be challenging, costly and requires greater agility for FIs that have traditionally-siloed systems.
So, with ATM as a Service you’ll gain access to a whole new pool of intelligence and industry expertise to add to your existing team. This additional resource delivers market insights and knowledge gained across a wide client base that you can tap into to help inform and drive your own strategy. Whether you want to improve middle office transformation to facilitate digital integration, upgrade your ATM channel to deliver savings and efficiencies in cash management or integrate the latest consumer technology advancement into your mix, ATM as a Service can help.
Of course, you’ll need to think about the costs of outsourcing the management of your ATM channel. When you consider how ATM as a Service helps you make other improvements, you may find that the cost of outsourcing is offset by how it enables your business. In addition, you can navigate costs with different options for payment. Whether it’s predictable monthly fees for a certain amount of time or turning a CAPEX cost into OPEX, ATM as a Service enables FIs to achieve their strategic objectives within an agreed upon and planned payment structure.
If ATM as a Service benefits sound like they would be the right fit for what you’re looking for then schedule a consultation with our ATM as a Service team today.
