Any financial institution, retail store, or other location that offers the use of ATMs should be aware of the benefits of proper ATM services like monitoring and management. However, some individuals find that the solutions currently available aren’t working the way they should. There are also many businesses that aren’t aware of what monitoring systems can offer to them.
Recently, a survey of over 100 financial institutions worldwide shows some of the top capabilities that banks want solutions for, including everything from predictive maintenance to downtime, failed transactions, and the option to view a full fleet all at one time. This comes from companies as diverse as Kiwibank in New Zealand to BBVA Compass in the United States, Servizi Bancari Associati in Italy, and First National Bank in South Africa.
Important Information from the Survey
Based on the results of the survey, 76% of the institutions currently have a monitoring solution in place that offers terminal monitoring features, including the ability to indicate potential or ongoing problems and collect data when status changes occur. If you do not have one in place for your new or used ATM, this might show you how crucial it can be.
Almost as many businesses, 71%, said that they have the means to monitor technical issues related to ATM hardware components in addition to their ability to monitor transactions for problems. This is good news until you consider that only 31% of respondents noted having a solution that includes proactive monitoring. This refers to automated incident processing, resolution flow, and self-healing capabilities.
Another one out of five respondents said they weren’t sure if these features were available or not. This goes to show that business owners need to be proactive about learning their options in terms of ATM services. Sure, you may know how to do an ATM replenishment, but making sure you have the proper monitoring services is crucial.
About one in four of those who responded noted that they have predictive maintenance features with their monitoring solutions, while half indicated they did not, and one out of five wasn’t sure if they did or did not have this capability.
About half of the businesses said they have a dashboard that included a bird’s eye view of all their ATMs across a fleet, while 15% weren’t sure if this was available. Meanwhile, 11% indicated their monitoring solution features an autonomous configuration of new KPIs (key performance indicators) without the supplier providing input. One in three weren’t sure if they had this available.
Improvements in ATM Services and Monitoring Solutions
While there seems to be some confusion over what monitoring solutions offer, half of the respondents said that having a monitoring solution had created a noticeable improvement to their ATM availability levels in comparison to before the solution was deployed. Everyone else wasn’t sure of what level of improvement was provided, which isn’t surprising when you consider that many weren’t sure what features their monitoring service offered to begin with.
However, those who are up to date on tracking and measuring performance said there were definite improvements. As an example, 14% noted that their operational costs were reduced by 26-50%, and another 24% had reduced operational costs of up to 25%.
That isn’t the only improvement that these major financial institutions have described after implementing monitoring services. One out of five companies said their field engineers’ activities on-site had been reduced by up to 25% because of better service availability. Another 17% said that their field engineers’ visits were reduced by 26-50%.
However, as you might expect, many of the companies (62%) were not sure what reduction there had been since ATM monitoring was put in place.
The Bottom Line
Maybe ATM monitoring solutions aren’t perfect, but they do offer a lot of help in certain situations. When an ATM breaks down or stops working for some reason, it can lead to loss of time and money. It can also cause damage to a company’s reputation. Customers expect to find an ATM and use it in seconds, so finding one that is out of action can be frustrating to them.
Reactive maintenance is the most common choice, but this can be a problem since it relies on only fixing a problem after it occurs. The longer the ATM is not working correctly, the more business you lose out on. It can eventually lead to even loyal customers choosing to visit another location out of necessity.
If you have a new or used ATM and you rely on the revenue from it, ATM monitoring solutions are an essential thing to have in place. Having potential problems dealt with before they lose you money will help you be more successful and ensure the reputation of your company isn’t damaged.
Consumers expect ATMs to perform – every time, all the time.
While MOBILEMONEY ATMs are extremely reliable, they still require full-time monitoring. All MOBILEMONEY ATMs are managed and monitored twenty-four hours a day, seven days a week, 365 days a year. This includes weekly cash replenishment, on-site maintenance, local technical support and off-site electronic monitoring of the ATM network.
MOBILEMONEY provides real-time ATM monitoring and control through its management software, MOBILEMONITORING. This proprietary software has been developed and fine-tuned to trace every ATM transaction, cash delivery, and service call within one company-wide interface. When an ATM goes out of service, MOBILEMONITORING immediately sends an email and text message to our local technicians for on-site service. Problem ATMs are promptly identified for immediate resolution. An open search field permits a query for any keyword, card number, date, time, or withdrawal amount to quickly locate the detailed information we are looking for.
MOBILEMONEY embraces ATM convenience and customer satisfaction as primary goals of our business. Our staff is trained to manage each and every ATM, listen to customer concerns, and empowered to respond in a positive manner. If an outstanding issue exists, we take the time to resolve the problem, modify our product and services, and implement positive change.