Future of retail cash management system
ATM is the seemingly simple idea of allowing customers 24-hour, self-service access to cash has been a global success story. At a present, there are around three million ATMs worldwide, and a further one million are expected by 2020. There are several ways in which innovation is keeping ATMs relevant, that you should know. Let us know one by one…
- Innovative technology
Technology plays an incredible role to increase the ATM (retail cash management system) functionality, ease of use and security for customers and ATM deployers alike. For instance, card-less ATMs allow pre-staged withdrawals via wearables, contactless, mobile, or ‘cash by code’ as described below. Without a card entry slot, the machines look different but are potentially more secure as skimming is impossible.
ATMs drive-up means customers can withdraw or deposit cash without getting out of their car. This advances convenience and security, especially for businesses wanting to bank takings at night. Likewise, biometric authentication, such as palm and finger vein scanning, enhances both security and ease of use.
- Is it risky?
Well, ATM (retail cash management solutions) is a totally secure medium for the transaction as it is backed by multiple levels of security solutions — both for software and hardware. But yes you need to be conscious and attentive while making any transaction.
- Novel services
Smart safe cash management means ATMs are more than just a cash machine. There are multiple services that ATMs provide, such as multi-currency and Bitcoin disbursements, cash and cheque deposits, bill payment and the purchase of everything from mobile airtime to cinema tickets.
Pre-staged money transfers or withdrawals at ATMs are now also possible. Users simply log on to their mobile banking app and select the amount they wish to withdraw. They receive a code, which they enter at participating ATMs, or can pass to a friend or family member.
- Response received
Being a unique solution that allows customers to execute over 80 percent of banking transactions 24X7 at the ATM, the interactive teller and armored vehicle transport have been getting a very good response.
When you make any transaction through your ATM then it immediate response by sending a message to your registered number. Though, it also helps you to stay safe from thefts. As if you find any transaction that you have not made then you can take action immediately and improve the chances to get back your money
- New ways to engage customers
Self-ordering kiosk systems (ATMs) are the ultimate self-service channel, allowing financial institutions to make direct contact with customers as they are engaged with their finances. Interactive teller ATMs and Video banking in bank lobbies extend service and opening hours, boost customer satisfaction and sales conversion at a fair cost.
- What does it offer?
It offers you to connect to a live, centralized teller for a personalized two-way video/audio interaction. The innovated technology allows the teller to remotely drive the self-service ATM machines transaction for the customer in real-time; the solution supports regular banking transactions but also lets customers discuss additional issues.
It does not just offer the video conferencing feature, it also offers services like cash deposit, fund transfer, utility bill payments, enquiring for investment products, scheduling appointments. In addition, customers can perform secure transactions without using a traditional ATM card by simply scanning their identity cards.
Almost all self-service ATM machines offers 24/7 service to its customers. Even it helps customers to transact well beyond banking hours and in areas that are not served by branches. There plenty of benefits of having ATM and these benefits are gradually increasing. That’s why the future of ATM is seemed very bright.