Visi Money
TLDR: This article discusses three strategies that financial institutions can implement to deliver a strong self-service banking experience to their customers. The strategies include embracing a shared utility model for self-service banking, using an ATM as a Service model, and incorporating greater automation in the branch. These strategies aim to improve efficiency, reduce costs, and meet customers’ rising expectations for convenient, digital-first banking experiences.
One strategy is to embrace a shared utility model for self-service banking, which involves partnering with trusted retailers to offer convenient self-service options to customers. By leveraging existing retail locations, financial institutions can reduce their reliance on extensive branch and ATM infrastructure while still providing widespread access to banking services.
Another strategy is to use an ATM as a Service model, which involves outsourcing the management of ATM operations to a third-party provider. This can help banks boost efficiency by reallocating resources and employee time to more strategic initiatives. It also offers a more predictable cost structure, stronger security and compliance support, and greater availability.
The third strategy is to incorporate greater automation in the branch, such as using Interactive Teller Machines (ITMs) for self-service transactions. ITMs can efficiently handle a wide variety of tasks, from cash withdrawals to account openings, and can help banks improve efficiency and deliver consistent customer experiences across all touchpoints.
Overall, these strategies aim to help financial institutions make the most of their physical footprints without sacrificing meaningful interactions and the human touch. By embracing self-service banking trends and leveraging innovative technologies, banks can provide exceptional experiences while simultaneously operating more efficiently.
