Staying the same can mean getting passed by
Many industries historically have required minimal innovation to be successful. Companies in these industries rely on manufacturers and regulators to drive innovation — the latter with a bit of grumbling.
Banks, credit unions, gas stations, service contractors and ATMs are just a few of the industries that have required only slight operational changes … until the digital age took hold.
Now, continual changes in consumer and criminal behavior are creating a wave of updates that target the payment industry.
Security upgrades have been the first to take place, but technology is quickly changing and facilitating changes in consumer preferences, as well.
Bill payment, cardless transactions, mobile payments, prestaged transactions and charitable donations at the ATM are just a few of the innovations consumers are coming to expect.
'We've always done it this way'
Implementing new technology can be difficult and costly. However, refusing to make changes can cripple your business as the competition adopts the latest innovations — potentially affecting your locations and ATM users.
Fortunately innovations in the ATM industry, while moving more quickly than ever before, are still progressing slowly enough to allow preparation time for operators looking to stay up to date.
ATM owners have the time to evaluate their options, speak to their manufacturers, determine their implementation strategy and appropriately budget for the upgrades they feel are needed to meet consumer demands.
However, none of these tasks can be accomplished if an operator holds to the "we've always done it this way" mentality.
As has been proven time and again, change moves ahead and sticking to old ways while your industry evolves is a recipe for being left behind.
ATM operators can stay current on what is coming down the pipeline by keeping up with the latest surveys and trends. ATM industry associations provide regular updates and information on benchmarking and legislation, and also offer educational programs.
Seeking out new ideas and regularly communicating with manufacturers and other vendors will provide intelligences on the latest trends in operations, hardware, software and functionality. Importantly it will also provide insight into costs.
And finally, maintaining an ongoing dialogue with location partners to understand consumer needs will help operators determine if and when to upgrade to new technologies.
Companies: ATM Industry Association (ATMIA)