ATMs help community banks think big
Today, the most innovative, customer experience-focused banks are winning, and community banks can keep up with the pace with powerful ATMs. As L.T. Tom Hall, president and CEO of Resurgent Performance, told American Banker, smaller financial institutions can either make big changes or accept failure.
"Too many community banks are self-sabotaging by doing what I call 'majoring in the minors,'" he told American Banker. "They are focusing on non-value-adding activities and time-wasting tasks instead of directing their attention to the more important big picture: innovating in a rapidly changing banking environment. Thinking small is absolutely a death trap to community banks."
There are many ways banks can begin to think big, from focusing on the culture among their staff to offering advanced trainings and conducting research related to the customer experience. Hall insists that while community banks absolutely struggle with balancing their finances and keeping up with larger banks and those operating in the financial technology industry, these financial institutions must prioritize investments in practices and technologies that will contribute to their long-term stability.
ATMs take community banks to the next level
One of the key priorities community banks must focus on is investing in ATMs that go beyond the traditional cash machine. Modern bank customers value convenience, which is often why they choose larger financial institutions over smaller community banks.
Research conducted by Chadwick Martin Bailey underscored this fact. According to the research firm's data, large branch customers value convenience when choosing who to bank with. As a result, CMB noted many smaller institutions have attempted to close this convenience gap and keep up with the competition by investing in a large network of ATMs.
Powerful ATMs help banks of all sizes add value to the customer experience. Not only do they extend branch accessibility, this technology helps facilitate relationships between brick-and-mortar banks and consumers' digital tendencies toward banking. Furthermore, ATMs help community banks save money on inefficiencies in the teller line and free up time for staff to focus on more important tasks, like signing new customers or selling additional services.
By investing in ATMs that feature multiple services including bill pay, cash and check deposit and balance summaries, community banks can highlight their tendencies toward innovation and stay relevant among their consumers.