There needs to be a major change of mindset within many banks about the greater role that ATMs can play in improving customer experience and services. The current position tends to be too rigidly fixed on offering a limited set of services and reducing operating cost.
ATMs have grown in functionality, but few FIs have fully embraced the technology, perhaps because they need a little help navigating a new and potentially tumultuous financial services landscape.
When it comes to fighting U.S. card fraud, EMV is living up to all its promises.
In the retail banking industry today, standing still might be one of the biggest risks an FI can take. This is particularly true in areas like the ATM channel, which is so established and familiar that some FIs might not even consider how much potential it has for innovation.
At the BCX Summit last fall, Meredith Deen of FMSI presented three branch models that allow staff to deliver banking products and services to the customer in the way that's most comfortable for both.
With four major digital initiatives to introduce in just two weeks, BMO marketing execs were confronted with the question, 'How do we bring this all together and reinvent ourselves in a way that breaks through the clutter ... and doesn't overwhelm our staff?'
Today's consumers want a seamless experience across their banking touch points. They may begin filling out a mortgage application form online, add the finishing touches to the document on their tablet while commuting to work and then pop into a local branch to iron out any problems.
Anticipating what the future will bring is a big challenge for all businesses, particularly those operating in dynamic, rapidly evolving industries like financial services technology. If you manage to get it right, you will be in an excellent position to prepare your company - and your customers - for what's around the corner.
In a fast-paced 15-minute presentation, NCR's Andy Aceto explains that the first task in branch transformation is to define the problem. And the solution, he says, 'is not about technology.'
One of the most common and interesting debates in the financial services industry right now is whether it's really possible that, one day, we might live in a cashless society. Can the global economy and financial system function without cash, and would we want it to?
One area that has lagged in innovation is financial services. Though money is inherently a conservative market, many predicted some time ago that providers would innovate quickly or be replaced.
The ATM remains an extremely important element of the modern retail banking industry - both in terms of how customers access and manage their accounts and how banks deliver their services.
According to Gallop, 80 percent of new bank accounts are still opened in a branch instead of online or over the phone.
WeChat grew from a social network into an impressive m-commerce ecosystem because they offered a combination of economic incentives, such as no or lower funds transfer fees, and several unique features that appeal to the locals.
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As financial institutions around the world start to replace aging ATM networks with more modern, feature-rich devices, those that get a head start and implement the services consumers expect will be well placed for years to come.