A new report from Aite Group, LLC examines how the ATM channel is expected to evolve through 2010. Based on interviews with bank ATM channel executives at 23 of the top 80 U.S. banks by number of checking accounts, the report prescribes recommendations for banks and vendors participating in the U.S. ATM market.
Today, as banks embrace the potential to add additional features and functionalities to ATMs, they realize that they must first update their underlying technology. In five years, 91% of ATM executives indicate it will be important or extremely important to their bank’s strategy to create a differentiated ATM experience through customer personalization. If the foundation is not yet built, banks will not be able to provide the level of personalization their peers are currently starting to implement.
“Many banks are currently using outdated ATM technology, and see themselves as lagging behind the competition when it comes to service at the ATM channel,” says Kate Monahan, analyst with Aite Group and author of this report. “Until updates are made, service will continue to suffer at the ATM channel and areas of opportunity for personalization at the ATM, such as marketing to customers on a one-to-one basis, will not be possible.”
D.C.