Have you made these five transformational tweaks to your self-service channel strategy?
Over the past 50+ years, the self-service channel has become a central part of most people’s banking experiences, and an essential touchpoint with their financial institution of choice.
As the world around it has changed dramatically over the last half century, so has the ATM: consumers are now able to perform a wide variety of transactions at self-service terminals – not just “cash and dash” transactions.
The self-service channel has evolved into a pivotal point of connection between financial institutions (FIs) and consumers. The need to maintain services while social distancing during COVID-19 accelerated that trend, and likewise, the desire to improve efficiency and optimise revenue generation has encouraged FIs to explore new opportunities in the channel.
ATMs “in the branch” and “as the branch”
Multifunctional ATMs can perform almost every transaction that is currently conducted with a teller. Depending on where and how they are installed, banking services can be made available 24/7, unrelated to branch hours. Even non-cash transactions like onboarding and opening an account can be migrated to the self-service channel. This allows FIs to transform their branches, concentrating their in-person services at a central hub while fulfilling their customers’ daily needs through the self-service channel.
Although digital and automated transactions are growing, it doesn’t mean that FIs can’t provide unique experiences at these channels while maximising opportunities to generate leads, cross-sell and reinforce cross-channel richness. In fact, personalised transactions are more vital than ever and can have a profound impact on net promoter score (NPS) and loyalty. Tailored interactions allow transactions to be more relevant to the consumer.
- Empower them to choose settings such as denomination selection, paper or e-receipt, or fast cash amount.
- Connect physical and digital experiences: if you can recognise that the consumer who just inserted their card into the ATM has purchased a home in the last five years, you can offer customised marketing screens with refinancing options.
Optimise the relationship with your SMB customers
Small and medium businesses (SMBs) account for a large portion of global business, and a large part of that business is still conducted in cash. But many SMBs feel their bank does not appreciate their business. In fact, an overwhelming majority state their needs are not being met: They’re spending too much time in line at the teller, they face long delays between depositing and gaining access to their funds, and their reliance on banking hours forces SMBs to use precious time on routine tasks (find out more about the SMB Opportunity).
- This could be avoided by migrating cash deposits – both notes and coins – to the self-service channel. With 24/7 access to an ATM with full deposit capabilities, SMB owners can deposit their earnings faster, more easily and more flexibly. And with more cash coming into your ATMs, cash recycling technology can enable a closed-cash loop that saves you money by lowering the number of CIT stops necessary.
Fast and simple: QR codes at the ATM
By utilising microservices and API technology, we can build specialty functions within a standard app framework and integrate it into your digital banking application, without interrupting the consumer experience.
- Your customers can scan a dynamic QR code on the ATM screen and confirm their transaction on their app, so they have a fully touchless experience at the ATM.
- Plus, you can enable your customers to pre-stage transactions or allow family members and friends in a pinch to withdraw money from their account once.
The shift to digital preferences opens the door for additional authentication methods to be readily adopted by consumers. Biometrics, contactless, mobile or virtual PIN entry all simulate current mobile authentication measures that create easier and faster onboarding. This not only provides a hassle-free experience whereby a card or PIN is no longer needed; it also allows for a more touchless and secure transaction.
Is your ATM fleet ready for the challenges that await?
The fact that the ATM has remained relevant for so long proves how well this technology has adapted to its environment. The world of finance is evolving. To remain relevant to your customers, a modern ATM fleet equipped with innovative new features and industry-leading cash recycling technology is essential.
DN Series™ is built for MORE – and isn’t that what your customers expect?
By Jodi Neiding, vice president, Americas Banking Portfolio, Diebold Nixdorf
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