Customer experience is the key to success in today’s fast moving world where there are multiple competitors for everything. Social media has provided a platform for everyone to stay connected around the clock and facilitates sharing experiences and opinions about everything under the sun.
People do not want to waste time standing in long queues at brick and mortar banks, they want everything to be fast – a quick visit to the closest ATM is just about how much time they want to spend at banking. A smooth customer experience at any of these customer portals will directly translate to positive reviews that might be shared by social media or word of mouth. But, should something go wrong, it is human nature to remember it for a long time and share your experience with everyone.
The banking sector has known the value of a positive customer experience for a long time and has often invested time and money in enhancing customer satisfaction. There are many customer facing points in most banks – ATM and call center being the most popular. Experiences vary and people do not hesitate to share their views on how services can be improved across banking branches. Unfortunately for banks, customer feedback cannot be taken lightly. Customers with clout need to spend just a few minutes on their preferred social channel to set off customer churn.
As profitability becomes a growing challenge, financial institutions and independent ATM deployers (IADs) are trying to reduce operating costs and increase efficiencies. Ensuring optimization of their ATM cash management provides them opportunities to increase savings.
For IADs, dispensing cash at their ATMs is their core business operation. The ability to keep costs low by accurately foreseeing their cash demand is important. Tying up more cash than is required in their ATMs prevents IADs from investing in growing their business. By enabling automated technology for forecasting and ordering, ATM deployers will reap the benefits of decreased cash-in-transit and interest costs, enhanced security and satisfied ATM customers.
The cost of not having adequate cash at an ATM in terms of expensive emergency cash replenishments, lost transaction revenue and potential damage in reputation makes it vital to deploy ATM cash management services.
Keeping overheads low is important to most small business owners, selecting trustworthy third parties to take over more risky, trivial or tedious tasks proves beneficial. It is important to understand the costs and asses the benefits when considering if outsourcing will benefit your bottom line.
There are multiple reasons why transitioning to ATM cash management services will help an IAD.
More cash in hand: IADs using their own cash to stock their ATMs are tying up business capital which could be allocated more profitably elsewhere. This limits their growth potential. By using a vault cash provider, they will be able to gain liquid capital and expand faster.
Help maintain optimal cash levels: if an ATM runs out of cash, the ability to make a profit from that machine ends. An ATM cash management service will ensure minimal downtime by stocking your machines and run forecasting tools to ensure that each machine remains operable until the next cash refill. Forecasting reduces expensive trips to replenish ATMs and ensures a positive customer experience always by ensuring ATMs are stocked properly.
Armored carriers: using an outsourced armored car service will help to ensure a safe and reliable cash delivery. Many armored car companies share data to help improve forecasting.
Claims management: studying and verifying every ATM claim can be very time consuming for small business owners. Outsourcing this task can create time to focus for longer on core activities.
Choose the best possible ATM cash management service to enhance customer experience, curb potential customer churn and forecast accurately.