Retail Banking Using Technology to Improve the Customer Experience

By Stephen Joseph

Stephen Joseph serves as the business development manager for the banking and finance segment at Axis Communications, Inc. In this role, he leverages more than 35 years of industry experience to drive Axis’ educational efforts with banking and finance integrator partners and end-customers.

Stephen Joseph Axis Communications

Branch Transformation” has been a trending topic for quite some time and it’s not only aimed at reaching a younger technology-savvy demographic, providing operational efficiencies, and increasing revenue, it’s ultimately aimed at improving the overall customer experience. Automated Teller Machines (ATM’s) and Interactive Teller Machines (ITM’s) are playing a huge role in driving this new focus on the customer experience. With that in mind, Convergint’s partner, Axis Communications, decided to take a closer look at how security and safety can also play a role in improving the overall customer experience for financial institutions.

2017 marked 50 years since the introduction of the ATM. Since their invention a half-century ago, ATMs have become firmly established as part of everyday life, providing not only access to cash, but an entire range of banking and financial services.

It is clear, therefore, that the ATM will continue to be of ever-increasing importance to the overall relationship between a financial institution and its customers, and an essential part of a positive customer experience. This was highlighted in the ATM Benchmarking Study 2016 from Accenture and ATMIA: “The ATM channel is still maintaining its central role as a core banking touchpoint with the consumer and has become an integral part of the banking omni-channel experience.”

Sadly, however, wherever there is cash and access to banking systems, those with criminal intent are not far away. Whether it is a physical attack on the ATM itself in an effort to steal the money contained within, or criminals using stolen cards and details to access cash directly from a customer’s bank account, crimes involving ATMs are on the rise. But for users of ATMs, the most obvious type of crime is being threatened or even attacked by petty criminals aiming to steal the money just withdrawn.

It is this aspect of ATM security that our research has explored. Addressing six countries across the globe — the United States, the United Kingdom, France, Italy, China and Colombia — Axis Communications surveyed more than 6,000 consumers regarding their perspectives on ATM safety and what might make them feel safer when using an ATM. Our report, Global Consumer Perspectives on ATM Safety, examines the survey’s findings and highlights the solutions that will ensure customer confidence in using ATMs and ultimately help the overall customer experience

How often do you make cash withdrawals from an ATM?

44%

At least once a week

21%

Once every fortnight

18%

Once a month

17%

Less than once a month

ATMs are still regarded as an important mechanism for accessing banking services, such as obtaining a customer’s money. But when three-quarters of people are worried about making cash withdrawals from ATMs, it is clear that banks, retailers and other providers of ATMs are failing to implement measures that will build customer confidence.

Have you during the last year been scared that you would be robbed after making a cash withdrawal?

15%

Yes, several times

45%

Yes, occasionally

40%

No, never

An integrated set of security and safety measures is clearly the most effective solution. Improved lighting has some benefits, and signage can help at a superficial level. However, video surveillance both around and embedded in the ATM is most likely to make customers feel safer in using the ATM without negatively impacting their perceptions of privacy and will also act as a more effective deterrent to potential criminals. Should criminal activity take place  — video surveillance can enable an immediate response, potentially stopping the crime taking place, or at the very least aiding in any subsequent investigation.

Do you think video surveillance could prevent acts of crime in connection with ATMs?

Bar graph showing whether ATM crime can prevent surveillance

Security and safety measures build customer confidence which, ultimately leads to a better overall customer experience. If the goal is to have a positive impact to your retail banking business, investing in security and safety technology can pay dividends now and in the future.

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October 1, 2018|
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