Technology has revolutionised almost every aspect of our lives, and the appetite for innovation shows no signs of abating. From smart homes to self-driving cars, the banking sector has also been subject to this wave of technological advancement.
But how are banks reacting? What do they have planned?
The latest 2016 edition of the research “ATM and Financial Self Service Software” conducted by the ATM Marketplace provides us with an insight. A sample of 434 financial entities from around the world has shown that 29 per cent of the banks have already planned and budgeted to replace ATM software currently in use by 2017, 27 per cent have already changed and 19 per cent are planning to do so in the future.
Vincenzo Fiore, Auriga CEO, commented: “ATM software receives this kind of attention because it is the basis of so many innovative projects on the ATM channel as well as considered at the center of banks’ omnichannel retail delivery strategies. Banks face unprecedented competition to attract and retain customers, and traditional marketing strategies can no longer be relied upon.”
“Banks are therefore looking at new and more innovative ways to retain consumers and offer them a more personalized experience through an increased integration of all channels used by consumers, with a particular focus on mobile banking and on mobile-ATM integration services which they are planning to increase.”
He said, “Multivendor software is a must for banks wanting to implement innovative projects in an omnichannel, such as the cardless fast withdrawal with mobile pre-staging or geolocation features to not only find the nearest ATM, but whether it is in operation and which functions it offers, according to customer’s needs.”
The survey data confirm this trend: as a matter of fact, 51 per cent of banks already provide for the use of near field communication (NFC) technology on ATMs, allowing customers to withdraw cash through their smartphones. Other banks are already planning on introducing other method aimed at improving customers’ experiences. For example, 39 per cent of respondents plan to introduce faster withdrawals, such as through lining the transaction up on a mobile app before reaching the ATM and then using a QR code to complete it.
The full report is available here: 2016 ATM and Self-Service Software Trends.