Do you do all your ATM management in-house? Is that the most practical option? The skills and software needed to do it well are different from those required for most of what banks and other financial institutions do, so there are many advantages to outsourcing. Although it obviously has a price tag attached, it can save you money by streamlining your ATM operations and cutting cash-related overheads, as well as freeing up your in-house team to do what they do best.
Make better use of your staff
If you have good staff made up of people with impressive financial skills, do you really want them to spend half their time on processing and repetitive data analysis tasks? The chances are that it isn’t giving you value for money and that their talents could be better utilized elsewhere. What’s more, repetitive tasks are bad for staff morale, especially where well-educated people are concerned. Moving them into other types of work is likely to improve your productivity and increase their loyalty, at the same time as giving you a better opportunity to compare their achievements and decide who is worth promoting.
Access better quality data
The new generation of ATM management software generates much better data than traditional methods of record-keeping, enabling you to look at the areas that really interest you in greater depth and thereby improving your decision-making. It’s just what you need if you have been struggling to maintain your edge in today’s highly competitive financial marketplace. You can use it to track customer behavior patterns over time, analyzing anomalies to give you a richer perspective. You can also focus in detail on particular localities and learn more about how individual machines are being utilized.
Speed up your operations
The data generated in this way is not only of higher quality – it’s also available almostinstantaneously. A skilled user of this software can tell you immediately what’s happening in a given area, enabling you to respond in real-time. If these operations are being carried out outside your main premises, you can arrange for phone alerts to advise you about particular types of situations as they develop.That will avoid having to spend all of your time staring at a monitor, and you can be confident that no crisis will escape your attention. Naturally, that has a strong positive effect on customer satisfaction. It means that they can be sure of getting the cash they need from you when they need it – one of the single most important factors in ensuring their loyalty. If one ATM in an area is known to run out from time to time while another doesn’t, people will go further to visit the latter one.
Reduce the cash you need in the system
With expert cash forecasting carried out on your behalf and easy metrics to help you observe patterns of ATM use over time, you can streamline cash deliveries much more effectively. That will ensure that individual machines face a reduced risk of running out while reducing the float in machines that are used less often or are neglected by customers at particular times, such as weekdays. That means you’ll need less cash in the system overall. Instead of keeping as much money in cash form, you’ll be able to use more of it for your investment operations or use it directly in improving or expanding your business. This is one of the most immediate ways in which outsourcing pays for itself – and increases your profits on top of that, strengthening your business model overall.
It’s easy to do
Any significant change to the way you do business can be daunting. The good news is that a combination of new software and increasingly fast internet connectivity means that you can make this particular move with very little trouble. Even though ATM management operations will no longer be taking place on your premises, you’ll be able to observe how they’re proceeding at a moment’s notice, and you’ll never feel out of touch. Other aspects of how you run your business will carry on as usual, except that you won’t be wasting resources on the kind of routine data analysis that’s better done elsewhere.
Today’s businesses are growing more and more flexible about outsourcing. Banks and financial institutions need to keep up with the curve. It’s a model that lets everyone focus on what they do best.