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ATM availability brings customers back, survey finds
July 13, 2008
CHARLOTTE, N.C. — Level Four Americas LLC, supplier of open standards-based ATM software, has released results collected during a recent consumer survey, which found that 45 percent of U.S. consumers would be likely to switch banks if their bank's network of ATMs was often unreliable. The survey was conducted by Harris Interactive
According to the survey, 28 percent of U.S. consumers would be "very likely" to switch banks if they experienced recurrent ATM unavailability. Those results complement a survey conducted by Level Four last year in the U.K., which found that 38 percent of consumers would consider moving to another bank, depending on the extent of the bank's network of faulty ATMs.
The survey findings underscore the need for banks to improve the reliability of their ATM networks, Level Four says. As key customer touchpoints, ATMs are of critical importance. In addition to consistently maintaining ATM networks, banks today also must ensure that their ATM networks are thoroughly tested prior to deployment, and employ modern monitoring techniques to minimize ATM downtime and preserve customer loyalty.
"Consumers today demand a high level of service at every banking channel," said Steven Lund, president of Level Four Americas LLC. "With 45 percent of consumers ranking ATM reliability as a determining factor in their decision to switch banks, savvy financial institutions will focus on improving customer retention. Monitoring and testing solutions can improve ATM-network uptime and reduce consumer frustration that leads to lost revenue."
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