Are your ATMs keeping pace with your omni-channel strategy?
Omni-channel is a multichannel approach to banking that seeks to provide the customer with a seamless banking experience, whether they are banking online, at an ATM or from a mobile phone
One of the big problems banks face when it comes to keeping their ATM networks up to speed with their other channels is that web and mobile phone applications are being constantly updated. ATMs can’t possibly work in synch with the bank’s mobile and internet applications if they are not updated at the same frequency.
Banks may argue that the cost of software changes means it does not make financial sense for them to update their ATMs as often as mobile applications and online banking. They may even argue there’s no need for their ATMs to match these applications’ update frequency.
Banks are facing increasing competition from Fintechs – and there is no doubt this threat is only going to grow. At the same time, they are also dealing with the impact of regulatory changes such as PSD2 in Europe. This constant state of change means that banks have no choice but to embrace the regularity of ATM updates if they are to provide their customers with the same level of customer experience at all of their delivery channels. After all, the likes of Google, Amazon and eBay are updating their applications daily, perhaps even hourly. So, how can banks ensure their ATMs are keeping pace with the other channels without breaking the bank?
Not so long ago, most banks were not able to make ATM software changes remotely – the bank had to send someone out to the ATM to make updates. Sending out technicians to make software updates is not a cost effective way to keep the ATM software up to date. Consequently, banks tended to avoid making any software updates, perhaps implementing changes as infrequently as once or maybe twice a year. This was even the case for security updates.
Then ATM software companies like KAL developed the technology to enable banks to make software updates remotely, addressing the problem of expensive site visits.
This has encouraged banks to make more regular updates, but the technology from some vendors only supported distributing small changes, for example, modifying ATM screen graphics. Many systems did not offer banks the capability to carry out big changes remotely so significant modifications or updates had to wait to be deployed, meaning that the ATM software functionality fell behind.
KAL’s KTC Management system is specifically designed to allow all changes to be distributed and updated remotely, from the smallest change, all the way to a complete reimaging of the entire ATM software stack. This means when banks use KAL ATM software all software can be remotely updated when needed at no extra cost.
KAL’s clients choose how often they want to update their software. The choice is theirs. New functionality to improve the customer’s ATM experience can be distributed and activated as needed. And, very importantly, updates that maximise their ATMs’ security, such as hotfixes and other security updates plus Windows Services pack updates, can be immediately put into service. Again at no extra cost.
When banks are not able to provide consistent, regular ATM updates they simply aren’t able to provide the level of customer experience their customers expect. ATMs are an essential component of banks’ overall omni-channel strategy and the ATM software must be able to keep pace with the enhancements made to the other bank touchpoints.
Banks need to embrace the right technologies such as that provided by KAL to enable them to maintain a strong competitive position. In addition to competing with their traditional peers, they will be increasingly challenged by the Fintechs and they need to be able to use their ATM fleets as a core component in their omni-channel artillery – a component which the Fintechs simply don’t have.