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ATMs enable omnichannel banking experiences

ATM machine.

Omnichannel banking has become the new norm in our society, and ATMs are an integral part of this experience. In fact, research from Bain revealed customers conducted more than 50 percent of their banking interactions through digital channels in 18 of 22 countries surveyed. The omnichannel baking experience involves multiple touch points, which include:

  • Online banking from a desktop computer.
  • Digital banking through a mobile device.
  • Traditional banking through a teller or ATMs at a physical branch.
  • Banking through ATMs at various retail locations including convenience stores, gas stations and grocery stores.
  • Banking through phone.

Banks that adapt to omnichannel technologies and features have a greater chance of maintaining loyalty in the face of growing competition. Additionally, financial institutions that create seamless experiences for customers despite the channel they choose will be seen as a more valuable asset to those consumers' lives.

ATMs play an important role

Of course, omnichannel banking is enabled by technology. This means banking applications for mobile devices, advanced features for online transactions and modern ATMs throughout the city and in brick-and-mortar locations. As Mobile Payments Today pointed out, research from Gallup showed 79 percent of mobile banking users have also visited a physical branch in the last six months, and 84 percent have visited ATMs. Moreover, Bain's data showed more than half of consumers use both digital and physical channels such as branches and call centers throughout the banking process.

Despite the convenience of banking apps and features like online bill pay, exclusively digital or remote experiences simply do not work. Far too often, brands across a variety of industries mistake the trend toward digital technology for an invitation to discontinue in-person services or options.

Moreover, ATMs directly impact the seamless experiences modern financial institutions aim to create. For example, some banks allow customers depositing checks through the ATM to request to receive a digital receipt through text.

The most important thing to consider is whether bankers are at the ATM machine, speaking to a teller or paying a bill online, they should be able to easily navigate from one channel to the next. By investing in ATMs in the branch or strategically placing them in retail environments, financial institutions take a valuable step toward remaining relevant in an increasingly digital world.

February 26, 2016