#ATM / Are ATMs The ‘Mini-Branch’ Of The Future?

The ATM isn’t living up to its full potential… The days of the ATM serving as just a quick cash dispensary are numbered… But … doing it right means abandoning the out-of-date view of ATMs as mere cash dispensers, and instead embracing the latest advances in their capabilities.

To build the right ATM experience, FIs need to understand when consumers come into a branch because they want to, rather than just because they don’t have another choice… consumers want to enter the branch when they have a slightly more complex question that requires a human to answer. They have a question about their mortgage, for example, or might be seeking advice about consolidating their loans or building their retirement savings. For anything else, customers are happy to use self-service if they can…

That can allow a bank’s staff to offer the kind of tailored service and guidance that consumers actually want from their physical branches – a business-critical area that FIs should be focusing on… “… financial institutions [should] begin to see that the ATM can actually be repurposed into a mini-branch … all by itself” … ATMs are “a really critical digital alternative and important to the omnichannel delivery strategy.”