As banks get smarter with integrated technologies, the need for smarter ATMs rises. According to research from Bain, 50 percent of banking interactions are digital in 18 of the 22 countries surveyed. Omnichannel banking works in various ways from multiple touch points. These touch points include:
Banks that adopt omnichannel techniques have a higher chance of maintaining loyal customers.
ATMs are still used and favored by consumers today. According to CreditCards.com, 17 percent of American consumers consider ATMs as their preferred banking method. This market segment must be catered to by introducing omnichannel banking. Here are some of the other reasons ATMs are necessary as an omnichannel banking device.
ATMs are frequently used in partnership with another banking method. For example, an individual might use their mobile phone to check their bank account balance before using a machine. Consumers may also approach a teller to purchase checks and then go to an ATM to withdraw cash. This is far different than the banking of yesteryear, which frequently involved going to a teller and withdrawing money from them directly.
While older consumers may prefer to use an ATM as a standalone device, new consumers are looking for stronger experiences from banking. According to Accenture, 89 percent of millennials prefer to have real-time information available on a product or service. This is why having a mobile website or application for a bank is important as a partnership to an ATM. A millennial consumer will be more likely to withdraw from an ATM if they can check their account balance directly from the phone.
Phone technology isn't the only type that is advancing in the omnichannel network. EMV-chip card acceptance is also become a priority for bankers. All credit unions and banks are required to have EMV-chip compliant machines by October 2016. If banks want to be part of the omnichannel revolution, they must make sure to purchase and invest in ATMs that are technology compatible with new technology.
May 13, 2016