Now is a smart time for companies in the financial services industry to update their ATM technology to capitalize on the growing trend of offering more convenient, self-service options. One of the ways banks have responded to growing competition from institutions that offer robust online services is to expand the accessibility of their unique in-branch offerings.
In some cases, this means partnering with businesses such as grocery stores to open satellite locations. According to Richmond Biz Sense, a website covering news in Richmond, Va., a bank based in nearby Glen Allen is interested in reaching a wider audience by establishing a limited-service branch in a Kroger grocery store in the greater Richmond area. John Presley, CEO of First Capital Bankcorp, told the publication that the supermarket, which is located in western suburb Midlothian, would help the company target a previously untapped customer base. The timeline also corresponds with Kroger's plans to invest more than $1 million in a comprehensive remodeling effort. The website reported that First Capital would likely receive 400 square feet of the new store for its in-person and automated financial services.
Other banks around the nation have partnered with third-party organizations in unique ways. A recent article from the National Association of Convenience Stores revealed that Missouri Lottery is piloting an effort to introduce the sale of lottery tickets as an option at a select number of ATMs in the St. Louis area. Industry experts anticipate the program to have a positive impact on in-store traffic at convenience stores and supermarkets that are participating in the experiment.
Upgrading ATM technology is an important step in any bank's efforts to increase foot traffic and attract more customers, as users expect these self-service machines to be fast, reliable and secure.
March 20, 2014