ATMs have become so common today that consumers have begun to take them for granted. However, the cost of owning and operating these ATMs is not negligible. It is not only a complex endeavor, but also an expensive one. ATMs may seem like seamless entities, but they require frequent attention and this is where financial institutions come in. Financial institutions employ their own workers or outsource the task of replenishing cash, repairing broken parts, clearing paper jams, updating software and hardware, processing transactions, and managing all aspects of the business.
Can one company handle it all on its own?
Meeting customer needs in the disrupted environment we live in today is no easy task. And this is true not only for businesses but also for virtually all credit unions and banks. A few years ago, the idea of ATMs was limited to just providing cash to customers. This was the only value proposition these machines offered. However, it has become a much more diverse industry today. A company, whose main support does not deal with these ATMs, will not be able to handle all the necessary things, from cash management to repairing the broken parts of the machines, etc. Therefore, you have a choice to make. They may try to do it all on their own, which is not an easy thing to do and manage, or outsource the task to specialized companies who are well-versed and experienced in managing all aspects of ATM placement and management.
Why outsource your ATM program to the experts?
If you’re still not sure why outsourcing your ATM program to specialized companies is the right choice, here are the reasons that might help you make your decision.
1. Improved customer service and therefore improved customer retention
When it comes to ATMs, the basic demands most businesses have are service, availability, and convenience. With specialized ATM managed service providers, businesses can fully engage their customers by adding more cost-effective features and solutions that deliver a better customer experience. Today’s customers are looking for convenience and prefer businesses that offer all the convenience they want in one location. With ATM outsourcing companies, your customers will be able to have access to the following:
• Deposits without envelope
• Personalization of transactions
• Mobile integrations
• Email and SMS receipts, etc.
All of these services are provided only by specialized companies, as companies generally do not have the time or knowledge when it comes to improving the customer experience.
2. Enhanced opportunity to generate new income and improve your business
There are so many creative technological innovations that you can use to breathe new life into your ATMs. These innovations offer a host of opportunities for your business that can change the role these ATMs play in customer interactions. These include:
Product Merchandising: Businesses can use ATMs to effectively market their company’s products during the time the customer’s transaction is in progress or waiting for pages to load. According to research, customers have to wait about 200 trillion seconds for the “Please Wait” message to appear while using ATMs. This time can be used strategically to improve your business and market your products.
Check Imaging – Today’s customers prefer ATMs that offer convenience in the form of deposit automation. With a company specialized in ATM services, you will be able to offer your customers this convenience that will make it your preferred option among other businesses. This can result in better customer retention and reduced expenses.
3. Streamlined operations leading to reduced costs
Having an ATM at your business location is not cheap to run. There are expensive investments to make in hardware and software. Managing operational activities also requires a lot of time, effort, knowledge, and money. If you are looking to operate an ATM in your business profitably, streamlining operations is necessary as it leads to reduced costs. The money you can save this way can be used elsewhere to improve and grow your business. If you’re looking for ways to help streamline your business operations while reducing costs, outsourced ATM managed services are the way to go. This way, you’ll not only be able to give your staff time to focus on the more important things associated with running the business, but you’ll also be able to turn the cost of labor and capital into a fixed fee. All of this comes with the peace of mind that the ATM will continue to work the way you want it all the time and you won’t have any glitches.
The last word
If you are looking for ways to maintain compliance and manage the costs associated with installing an ATM at your business location, obtaining the services of an ATM service company is the best option. You will be able to implement the latest most innovative technologies through experts who have been working in the field for years. Plus, your ATM will be up and running all the time, with no hassles to worry about as the ATM service company will take care of everything.
When choosing an ATM placement service to install an ATM at your business location, you need to make sure that the company is reputable and has rave reviews from their past clients.