Why Full-Function / Multi-Function ATMs Matter Post COVID-19
During times of uncertainty, behaviors start to change. Old habits break, new ways of working are introduced, people adapt and manage to achieve results in new ways due to the changes happening around them. This is no different for banking habits.
Over the lockdown period, it was advisable to avoid human interaction as much as possible. This was recommended in all areas of our daily lives, including dealing with day-to-day finances. As a result, full-function or “multi-function” ATMs have become an attractive go-to solution in which to carry out most daily banking actions.
What are multi-function ATMs and why now?
Multi-function ATMs offer a whole range of services for which you would normally need to rely on a branch teller. These services include cash dispensing, check depositing, intelligent cash and check deposit, cash recycling and interactive/assisted services. With these devices able to support 24-hour access to the services normally provided only at a bank or credit union branch, an on-street multi-function device makes the everyday service more accessible.
During the recent lockdown period, the logic around these multi-function machines has become invaluable, and in some cases, people’s business and personal lifelines. Removing the need to make the journey to a main branch ensures travel and parking is reduced, as is the cost and time spent doing it. No extended wait times due to social distancing, no issues around branch revised opening times or access to tellers – it is true to say, multi-function devices provide the end-user with a much more customer friendly service.
For the banks and stores who own or manage the ATMs, there are also many advantages. Some devices allow for a better in-store / in-branch rotation of cash, reducing the need for expensive cash handling services. Machines can remain operational longer and limit downtime should funds get depleted quickly and experience delays in replenishment. These devices also allow branch staff to dedicate more time with customers to explore the upselling of other products and services, again improving the customer experience.
Why are these devices so important now?
Imagine this scenario, where the only place you can get cash, is from an ATM which only dispenses cash, and the only place to deposit cash, is in a bank. In this scenario, the bank could be many miles from where the business or home is. This binary approach to service delivery is driving societies to adopt a more cashless business model by default, not choice. Various news channels would back that message of “the world wants cashless” – but is that model a true reflection?
Now imagine a scenario where many of the services mentioned above, like cash deposit, as well as withdrawals, plus additional service functions, could be performed through an ATM nearby – suddenly you have a revived local community where small business banking can be done more locally and choice in how people transact is fulfilled more efficiently. Most economists would concur that a revived local economy not only contributes to the area financially but gives individuals choice and improved availability to crucial services.
Why multi-function devices matter even more post COVID-19?
We have all learned to keep our distance during the outbreak of the Coronavirus. To change how we live and interact – and learning to interact differently. This habit will need to continue for a considerable time until evidence shows it is safe to do so and any new ‘waves’ countered.
Multi-function ATM devices contribute to and support these changes in a direct and positive way. Providing choice, functionality and access to services can only be a good thing. Even in major cities and large towns, on-street multi-function devices can offer a connection of tangible, physical services between bank and customer, even in an increasingly digital landscape. Just as the car didn’t replace the (overcrowded) commuter trains, nor will contactless replace the sharing and use of cash, will the world be lesser because of it.
Cennox is a technical solutions and consultancy organization, with clients across multiple industries. The go-to partner for the world’s largest and leading brands who are seeking solutions for their complex projects, Cennox supports a diverse client base to realize their strategic multi-vendor hardware procurement, installation and ongoing maintenance. Cennox thrives in being able to deploy an established and respected array of in-house services which include a fully nationwide technical field team, comprehensive turnkey security solutions and a signage division equipped to deliver the art of the possible. The trusted providers of branch and store transformation projects – we take your need to change, visualize, plan and drive.