Credit union managers can prepare their organizations for the future by updating their ATMs to include the latest financial services industry technology. Americans have fully embraced the concept of online banking in the last few years, but that doesn't necessarily mean local establishments won't continue to benefit from offering in-person conveniences that can be accessed 24 hours a day.
Developments in online and mobile solutions have actually encouraged the managers of brick-and-mortar institutions to increase their standards for providing fast and reliable in-person service. In most cases, these goals are achieved with self-service kiosks and ATMs as opposed to assistance from actual tellers, according to a recent article in BAI Banking Strategies. This means now is an ideal time to upgrade credit union ATMs so local financial institutions can take the steps necessary to improve the in-branch experience for members.
Avoid future security issues by investing in new technology
Aside from preparing for future banking industry trends, credit unions also face security risks by ignoring the need to improve existing ATM technology. CNN Money recently reported that 95 percent of ATMs throughout the U.S. currently run on Microsoft Windows XP despite the fact that the software company has announced it will discontinue support for the outdated product on April 8. Even though many credit unions may be perfectly satisfied with their existing machines, the fact that Microsoft will no longer create security updates for Windows XP may make member financial information more susceptible to data breaches or other cybersecurity issues.
Rather than falling prey to dramatic industry changes, business owners in the financial services industry can stay ahead of approaching trends and continue offering high-quality services by updating existing credit union ATMs with more reliable technology.
March 18, 2014