Make a New Year’s Resolution to Save Money by Outsourcing Your ATM Fleet
Financial institutions require ATMs in easily accessible, convenient locations to retain and attract account holders. With changes in technology, increasing compliance requirements and security risks not to mention the upcoming migration to Windows 10, it may be financially and operationally overwhelming for banks and credit unions to manage and maintain their aging ATM fleets. Rather than continue to struggle with upgrading as well as with updating and managing terminals, ATM outsourcing may be a fiscally-sound, time-saving alternative for 2019.
Based on recent cardholder trends, it is likely that your financial institution is focused on developing mobile, online and other electronic banking tools. Resources to manage ATMs and develop new technology your account holders want are probably limited. ATM outsourcing can reduce your overall operating costs and eliminate regulatory compliance challenges for your ATM fleet, as well as improve customer service and reduce stress on your limited resources.
Why ATM Outsourcing?
Reduced Operating Costs
When financial institutions outsource their terminals with an ATM partner, they benefit from reduced operating costs and unlike with traditional managed services they only have one vendor to manage. The ATM outsourcing partner should be able to consolidate all services and fees required to operate an ATM into a single monthly payment, freeing up a substantial amount of capital.
Eliminate Compliance Challenges
One of the greatest benefits of ATM outsourcing is an institution’s ability to drastically reduce or eliminate its responsibility for maintaining compliance in ATM-related matters. All regulatory responsibility such as upgrading or replacing terminals, installation of software patches, as well as security and fraud protection are addressed by the outsourcing provider.
Improved Customer Service
A financial institution’s primary goal is to stimulate growth and increase revenue by providing loans and other financial services to account holders. Although the locations and capabilities of your ATMs play a critical role in retaining and attracting account holders, by outsourcing your ATM fleet you can free up staff to ensure optimal customer service and satisfaction.
If reducing operating costs, eliminating ATM compliance headaches, and freeing up capital and human resources to focus on more customer-centric services without sacrificing ATM uptime and reliability sounds good, then make outsourcing your ATM fleet your New Year’s resolution.
To find out how ATM outsourcing can benefit your financial institution, contact Star Financial today!