While the concept of depositing cash or checks at the ATM is not new, many community banks and credit unions are revisiting its impact on efficiency, profitability and the customer experience as they work toward achieving their branch transformation goals. To successfully deploy automated deposit, it’s important to understand how current processes may change, as well as prepare employees and consumers for this new and convenient technology.
Cummins Allison, the leading innovator and provider of check, currency and coin handling solutions, as well as ATMs, outlines an integrated approach that financial institutions (FIs) can follow to effectively roll out automated ATM deposits to both employees and consumers.
The Benefits of Automated Deposit Add Up
Recent figures indicate that automated deposit costs 90% less than a deposit done at a branch.1 To be exact, it costs $0.65 to handle a deposit in a branch versus just $0.08 per transaction at an ATM; cost savings that can significantly impact overall branch profitability.1 Additionally, efficiency and service gains can be made by reducing the time tellers spend handling manual transactions and providing customers with an opportunity to make deposits when and how they want.
Prepare Your Employees
Employee readiness is a critical requirement of a successful automated deposit strategy. This includes a thorough understanding of how the technology will impact current processes and operations, as well as training on how the technology works.
When branch staff is trained on the ease of making cash and check deposits, it encourages them to embrace the new technology. Hands-on training also enables employees to become familiar with key features and functionality and empowers them to communicate deposit automation steps to others. If possible, have staff practice with transactions on their own accounts, as they can better assist customers when they are comfortable using deposit automation technology themselves.
Ensure that staff can explain the benefits of deposit automation, including:
- Greater convenience for customers
- Greater efficiency than visiting a teller for simple transactions
- Earlier availability of funds in a savings or checking account
Educate Your Customers or Members
Once employees have a firm grasp of how automated deposit works, it’s time to develop a marketing plan to educate consumers. A multifaceted campaign should explain what the technology is, how it works, share when it will be available and encourage consumers to use it.
Materials that help create awareness and interest include banner displays, social media, email, brochures, direct mail, print and digital advertising and step-by-step guides or demo videos. FIs can also use existing communication channels – such as tellers and branch personnel, in-branch monitors, website and mobile banking apps – to promote automated deposit availability.
And, when resources allow, an automated deposit concierge role can be assigned. FIs can dedicate one staff member per branch or rotate staff members to stand near the ATM and provide hands-on support to those customers who are unsure as to what steps must be performed during the transaction.
Awareness, Education & Promotion Equal Adoption
There is always a learning curve when implementing a new technology. Communicating with consumers should result in change, but depending on branch demographics, some consumers may require greater incentives or education to change their behavior.
In these cases, additional promotional activities can help migrate consumers to automated deposit:
- Host a grand opening. Demonstrate the technology during a “grand opening” at the branch. Both consumers and personnel can get engaged while raising awareness. The event may attract new customers/members while offering the opportunity to strengthen existing relationships. Giveaways, contests, coupons and drawings can further increase awareness during a grand opening event.
- Offer promotions. As an incentive for consumers to try the new technology, some FIs offer additional credits for every deposit made at the ATM during a specified time frame. The credit can even take the form of a small check sent in the mail that can only be deposited at the new ATM.
Automated deposit can transform the consumer banking experience and help FIs meet branch transformation goals – but it will take time and effort to get there. To help educate your employees and consumers about the benefits of adopting automated deposit technology, visit: www.cumminsallison.com/onboarding.
1topstocksforum.com, “Bank of America’s Most Profitable Business Segment May Surprise You,” February, 2017
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local professionals in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit cumminsallison.com.