KAL CEO Aravinda Korala recently presented his vision for the ATM industry’s future to the Australia ATM Round Table entitled ‘Innovation in the self-service channel’.
Mr Korala outlined the unique contribution the ATM industry can make to global growth. The increased use of self-service to deliver secure financial transactions enables virtually everyone to access the global financial system. Banks are increasingly relying on self-service systems to reduce transaction costs and improve access to banking services. However, the industry still has a long way to go to deliver full financial inclusion for the world’s 7 billion people.
So what needs to happen in ATM innovation for the industry to achieve this?
ATM innovation: Assisted self-service
In general ATMs do not support a large number of different types of transactions. One reason is that many transactions are somewhat more complex to automate and are not easily delivered via traditional self-service technologies. Until now self-service has been most appropriate for transactions that are done fairly regularly, with customers wary of doing more complex transactions themselves fearing that they might make costly mistakes.
However, when a customer can be assisted by a remote teller, then the ‘difficult’ becomes ‘easy’. ATMs can provide this type of support using remote assistance removing the cost of on-site human customer service and enabling expert advice for specific transactions. The combination of lower costs, supporting more transaction types and providing remote-assistance is a very powerful step toward delivering financial inclusion globally.
Also discussed in the presentation:
- The latest trends in ATM and self-service innovation
o Great low-cost hardware and feature-rich software
o Innovation in operating systems, contactless cards, and security
- New hardware such as KAL’s RTM - the low cost ATM (at 10% of TCO of a normal ATM) with the same transaction set as an ATM plus video conferencing and assisted-teller transactions
- Omni-channel innovation
- The business case for ATM innovation
- Is the demand for cash holding up
You can access the full video of the presentation here.