4 ways to make your ATM business more like Amazon
In today's fast-paced markets, Amazon seems to have all the answers — from attracting customers to making sure they continue to come back.
For ATM businesses the pain points are twofold — attracting and retaining businesses for ATM placement and attracting end users to regularly use the machines once placed.
As ever, the key is customer service and support. And there, Amazon continues to provide examples from which we can learn.
Here are four tips borrowed from the Amazon business model that can make your ATM business stand out:
1. Online presence
Today's consumers are digitally connected and expect the same from businesses with which they interact. An updated, mobile friendly website can be a big step in the right direction for potential customers to learn about your business and the products and services you offer.
When it comes to driving transactions, providing or participating in an ATM locator app is a good idea, as well. If you do not have access to an embeddable ATM locator, you can register your individual sites with search engines such as Google to help consumers find your machines.
2. Exceptional service
Amazon focuses on being customer-centric. Their goal is to make buying and selling goods on their portal easy and accompany this service with robust customer support, including a detailed FAQ, customer forum and associate assistance all available on-site.
ATM industry businesses can also benefit from creating a customer-centric culture. Providing updated information to your customers — for instance, common error codes, how-to instructions and helpful videos — is one way to make sure you're being proactive with customer support.
Responsive phone and email support, and even a online chat option can be a big plus for both employees and customers.
3. Know your customer
Amazon uses predictive analytics and constant customer feedback analysis to determine which products to offer, from whom and at what price.
ATM businesses can use transaction volumes, withdrawal sizes and financial institution information to help them determine how best to serve the interests of their business partners and consumers.
This includes evaluating whether more or fewer machines are needed, ascertaining optimal cash load and note denominations, and deciding which networks or financial institutions to partner with for surcharge-free access.
4. Eliminate obstacles and issues
Amazon recently partnered with selected retailers to offer a way for customers to pay for their Amazon orders with cash.
The company works hard to make using its services easy, and it starts by determining where the customer has issues and addressing them head-on.
ATM operators should likewise think proactively about all aspects of their business and seek to understand where customers are running into difficulties.
Should customer support hours be longer? Would better online tools make communication simpler? Should your locations have an easier way to request service and machine upkeep or to ask other questions? Would digital advertising options be beneficial to customers and consumers?
The best way to find out is to open lines of communication with partners, perform surveys and monitor customer service conversations to identify and address potential issues.
Amazon continues to provide a high-level example of catering to customers. By studying their business methods, ATM companies can pinpoint the practices that have led to Amazon's success — and model them in their own business. In a fast-paced digital world, this is the key to promoting a dialogue with customers and staying top-of-mind.