Financial Institutions are continually exploring ways to optimize operations and improve cardholder service. One area that continues to show results is the outsourcing of ATMs. While providing ATMs for cardholder access is incredibly important for financial institutions, owning and operating the ATMs is not. All the indicators from cost to service response, to vertical expertise point to outsourcing your ATM fleet.
ATM operation involves many expenses, including hardware and maintenance, cash replenishment, and regulatory compliance. Many expenses for parts and site visits can fall out of scope, increasing your costs and causing overages in the budget. By outsourcing, these costs can be reduced through the economies of scale that a major ATM operator offers. And costs can be capped, eliminating out of scope charges and unbudgeted expenses.
Outsourcing ATMs can enhance the cardholder experience. Specialized ATM service providers focus their operational efforts solely on their clients ATM fleets. Additionally, they are more adept at ensuring ATM uptime and reliability, which are critical for maintaining cardholder service.
The ATM landscape has evolved with ITM technology. While similar to ATMs, ITMs create an enhanced cardholder experience via expanded transaction options through direct integration to the core processor and through video interaction with financial institution staff. ITMs add an additional layer of complexity requiring expertise that most financial institutions do not have on staff.
Outsourcing ATMs allows financial institutions to concentrate staff on their primary objectives rather than diverting attention to ATM management. This strategic shift can lead to improved operational efficiency and cardholder satisfaction. When the burden of managing ATMs is lifted, resources can be reallocated to areas that drive growth and enhance competitive advantage.
Outsourcing your ATMs is not merely a financial decision; it’s a strategic move that can enhance operational efficiency and cardholder satisfaction. By leveraging the expertise of specialized providers like Dolphin Debit, financial institutions can access advanced technology like ITMs, ensure compliance, and focus on their core competencies. Reach out to your association representative to setup an exploratory conversation.