3 Ways ATM Outsourcing Solves Post-Pandemic Problems for Banks and Credit Unions

It is undeniable that the world has changed considerably over the past two years. Even now, there are still travel restrictions, fluctuating health requirements, and other ongoing disruptions to our daily lives. But the changes do not only affect people as individuals, they have also had a significant effect on financial institutions and the relationship they have with consumers and their employees.

Fortunately for banks and credit unions, ATM outsourcing is an inescapable solution to many of the problems that these changes have brought to the financial institution arena. Here are three ways ATM outsourcing can help your institution overcome the challenges you face today.

The staff problem

More than three-quarters (80%) of community banks and credit unions openly stated their greatest concern right now it’s staffing. The problem is not a big surprise. In June 2021, almost four million people left their jobs. There are many reasons for the mass exodus, including health issues, a lack of childcare, and higher expectations of a job in the modern world.

A staff shortage directly affects branch operations, call center functionality, and general customer and member service. Longer queues and extended wait times, whether in person, online chat, or over the phone, are simply bad for business.

But studies have shown that consumers have come to highly dependent on ATM. More than half of consumers used an ATM or drive-thru to withdraw money in 2020. And Millennials and Gen Z adults not only trust ATMs to make deposits, but they also visit these convenient machines often more than seven times a month.

So how does this help solve staffing dilemmas? By combining better self-service technologies such as interactive automated teller machines (ITMs), video automated teller machines (VTMs), deposit automation and offsite ATMs, institutions can reduce the pressure on tellers . Instead, banks and credit unions can house smaller in-branch staff to answer bigger questions and provide bigger services. By offering up to 90% of services through an ITM or VTM, institutions can then focus their staffing efforts on creating support for online chat and phone conversations.

A reliable ATM outsourcing partner can help a financial institution determine its ITM, VTM and ATM needs ─ now and in the future and generate a comprehensive plan that facilitates the transition to a more self-service format.

too much capital

The cost of maintaining good staff isn’t the only thing that has gone up. The price of goods and services has continued to rise. Everything from standard office supplies to expensive equipment, like computers, printers and ATMs, have seen steadily rising costs. And, with a growing reliance on self-service, how can financial institutions avoid incurring additional capital expenditures?

ATM outsourcing can not only provide a wide range of new self-service equipment with more features, but it can also take current machines off the books. Some outsourcing opportunities will include the outright purchase of existing machinery. Instead of keeping these large dollar values ​​on accounting spreadsheets, financial institutions can cut costs by consolidating all of their operating costs into one monthly payment for a comprehensive service package that includes reliable day-to-day operations, robust machinery , software upgrades and security patches, and all hardware compliance mandates.

Self-service where needed

Consumers report visiting ATMs about three times a month to deposit money. The average consumer visits an ATM at least four times a month to make a withdrawal. And now, with more people working from home and statistics showing that up to 77% of employers will use a hybrid working model In the future, ATM outsourcing can help improve and expand access to ATMs for bank and credit union account holders in a way that is both convenient and cost-effective.

Whether it’s full-function machines, offsite locations, or branch transformations, ATM outsourcing helps provide the banking options consumers are looking for. And it offers the solution to the growing needs of retail banks and credit unions in this changing financial environment.