MARCH 3, 2016, MT. PROSPECT, IL – Technology is changing the way consumers interact with their financial institutions (FIs), and how FIs operate. In fact, in its Global Banking Outlook Report, consulting firm EY states that technology will not only reshape the experience of banking customers, but will actually revolutionize banks' internal processes, making them more efficient and more productive.1 Community banks have an opportunity to leverage technology to streamline and improve their deposit automation strategy – and the ATM channel is a component to achieving these efficiencies.
Cummins Allison, the leading innovator and provider of coin, currency and check processing technology as well as ATMs, explains how integrating the ATM channel into the deposit automation strategies of community banks can greatly improve efficiency and productivity.
Increased Efficiency. Decreased Costs.
Investing in automated deposit functionality at the ATM can significantly reduce the time branch personnel spend handling manual transactions. This allows banks to migrate deposit processing away from the teller line, enabling improved customer service and increasing sales opportunities. Automated deposit at the ATM can also reduce ATM deposit processing costs by an impressive 65 percent, according to CEB TowerGroup research. However, just 20 percent of the ATMs in the United States offer automated deposit; this compared to more 45 percent of ATMs in the Asia Pacific region where branch transformation is driving ATM deployment2.
Improved Customer Experience. Strengthened Relationships.
The customer experience is greatly enhanced when ATM transactions are simplified. Automated deposit eliminates cumbersome deposit slips and envelopes and allows for multiple checks or bills to be easily deposited into a single slot. It also allows customers to make deposits at the ATM with confidence that their deposits will post that day.
What's more, if the check amount displayed on the ATM cannot be read, the customer can easily make corrections. Alternatively, they can choose to have the check immediately returned or cancel the entire transaction and have all checks returned. All of this combined can result in improved customer experiences, which leads to greater loyalty and retention, and a strong case for deposit automation ROI.
Stand out Amongst Competition. Appeal to New Customers.
Community banks that deploy automated deposit at the ATM have a competitive advantage in today's marketplace. They are able to attract and retain millennials, which currently represent 25% of the U.S. population3. Beyond that, though, millennials are not only completing transactions for themselves, but in many cases, on behalf of their parents - so appealing to them is of great importance for community banks.
Choose the Right Vendor. Service and Support Matter.
Vendor selection is critical to success. It is important to review service records as part of the selection process. While many vendors sell ATMs, not all of them offer exceptional service and support. So choose a vendor with a proven record of excellent service, including prompt issue resolution and minimal down time. An ATM that is not quickly and properly serviced can negatively impact customer experience and by extension, the bank's ability to make money.
Making the investment in automated deposit now can pay dividends for your deposit automation strategy, and your bank, well into the future. To learn more about Cummins Allison's ATM offerings visit them at booth #1015 at the ICBA Community Banking National Convention, March 6-10 in New Orleans, LA or visit www.cumminsallison.com/atm.
1ey.com, Global Banking Outlook 2015: Transforming Banking for the Next Generation, 2015
2RBR, Global ATM Market and Forecasts to 2020 report, 2016
3cuna.org, Three Disruptive Forces Shaping the Future of Banking, June 2, 2015
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visitwww.cumminsallison.com.