ATMs help bank branches balance customer service with technology
Many community banks have found ways to improve existing branches, and ATMs often play a central role in these strategies. Customers value convenience, and these community institutions also have many advantages over online-only financial services. By focusing on the inherent advantages that a brick-and-mortar bank offers, a bank can effectively retain a solid customer base.
"Balancing customer service with technology has a positive impact on retention at brick-and-mortar banks."
According to American Banker, many small banking institutions have found ways to rethink their branch strategies with digital makeovers. These banks have products like video teller machines and other time-saving measures. This makes the entire branch more convenient and relevant to customer needs, and it improves the ability to efficiently serve clientele. Banks can take it a step further by upgrading their ATMs with the latest and most secure software, such as Windows 7. Additionally, banks that install EMV-ready ATMs will be able to communicate to their patrons that they value safety and security. Given the recent data breaches that have occurred throughout the U.S., customers place a high value on enhanced security measures.
Video tellers such as the ones American Banker described represent just one of the new technologies that have recently become affordable to smaller banks. Other companies have put a greater focus on providing self-service amenities at their branches. An ATM has the ability to enhance these services by allowing people to run their own simple banking errands - even after business hours.
Investopedia recently discussed how smaller banks have an advantage over online institutions because they know the local community better. Balancing this advantage with a close attention to technology will have a positive impact on long-term customer retention.