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What ATMs mean for omnichannel banks today

ATMs are a force to be reckoned with. They provide financial security for banks as well as an outlet for new technology. With technology advancing so greatly, there is a greater need for better customer service. In recent years, there has been a call for deeply changing the relationship between a financial institution and its consumers. However, this interaction has to happen on a branch level and is only possible if all related locations take action. In 2016 and beyond, branch transformation will be necessary, and the ATM is ready to play a central role in this process.

Unichannel to omnichannel 

Over the past 50 years, banks have changed from a singular channel meant only for deposits and loans to omnichannel networks including mobile and online banking. Even the ATM itself was a novel idea at the time. According to Mobile Payments Today, the ATM was developed as a means of collecting money outside of a bank branch and outside of office hours. Today, millions of Americans trust ATMs for cash dispensary and distribution. This created the call centers, a place for customers to call in with their concerns before the transition to online and mobile banking.

As the times have changed, so have customer expectations. Customers used to marvel at the idea of smartphone banking. However, this practice is now commonplace, and consumers are asking for more. Today, banks and credit unions are building their entire business model off of customer experience and ease of movement. Today it is easy to switch from ATM to mobile to branch without a complaint or discrepancy. This is omnichannel banking in its truest form, a process and idea that emphasize a need to change banking structure from the inside out.

Banking transformed

Branch transformation and automation begin with the idea of convenience. This convenience is where an ATM comes in. With just a few clicks of a button, money can be withdrawn anytime and anywhere. This convenience should be partnered with other retailer strategies used for non commercial institutions. In the future, ATMs could be used to schedule appointments at a bank branch for discussing loans or mortgages. As well, a cell phone or tablet can be used to make a withdrawal for pickup at a bank branch. With proper technologies, banks can appeal to a wide array of audiences with enhanced ATM function.

April 12, 2016