Magazine article Independent Banker

Radical Retail Change

Magazine article Independent Banker

Radical Retail Change

Article excerpt

The rise of electronic transaction channels has transformed the banking industry, making smaller, less expensive branches a reality. They have also sparked new opportunity for ATMs as a highvalue service channel. Today's advanced technology provides new ways to deliver a secure, enhanced customer experience, lower costs and increased revenues with ATMs.

A recent Cummins Allison survey of banks and credit unions showed just how important ATMs are with 83 percent ranking ATMs as very or extremely important. Yet many financial institutions do not capitalize on their unique benefits.

A well-executed ATM strategy isn't just about meeting customers' demands for services available 24/7 from the location and channel of their choice. It also includes migrating routine branch transactions to ATM stations, which allows tellers to focus on delivering a more personal, high-value interaction with their customers. That's important, because while customers have embraced multichannel access, they also expect higher value from face-to-face interactions at their bank branch, according to research conducted by the management consulting for McKinsey & Co.

Self-service channels such as ATMs also help drive down costs, in this case by moving transactions from the branch teller line to the ATM. A study conducted this year by Financial Management Services Inc., a bank staffing software firm in Atlanta, notes that community banks and credit unions handled an average of just 6,400 teller transactions per month-that's down 45 percent from 1992. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.