Within today’s self-service channels, ATM Availability takes on a whole new meaning. Customer centricity and profitability are redefining the scope of this key performance indicator (KPI), requiring banks and financial institutions (FIs) to explore new technology, processes, and people to measure it.
In a poll from last week’s INETCO and Fiserv webinar, participants were asked which factors they consider when measuring ATM Availability – from Device Uptime to Lost Opportunities & Incident Management to Profitability Impact & Revenue. It should be of no surprise that 67% of respondents identified ATM Uptime and Downtime (Hardware) as their defined Availability KPI to date. While focusing on measuring Availability in terms of ATM uptime/downtime is not going away anytime soon, we are starting to see a shift towards also measuring ATM availability in terms of transaction completion and the impact this has on the end-to-end customer experience (29%).
The re-invention of ATM Availability has been spurred by factors such as advancing technologies, increased competition, changing customer habits and expectations, and a focus on customer-centric banking priorities. As forward thinking FIs are embracing the concept of customer centricity, we are starting to see ATM availability defined by not only what the channel operations team see, but also what the customer is experiencing.
Simply put, we have come a long way from ATM Availability being defined by self-service device performance. If you are still defining Availability as uptime/downtime, there is a good chance you are failing the customer, missing opportunities for revenue growth and most likely having a negative impact on profitability. As the scope of ATM Availability continues to evolve, so does the people, data, and solutions required to measure this key performance metric. It’s time to start identifying what needs to change to make ATM Availability a part of your operational efficiency, customer experience, and revenue generation plans.
A recently released whitepaper by INETCO and Fiserv titled, Reinventing ATM Availability: How customer centricty and channel profitability have redefined the oldest KPI in ATM history, examines how ATM Availability has evolved and what it means to keep up.
This short read is meant to help banks and FIs explore:
- How ATM Availability has evolved throughout history
- Emerging data and solution requirements
- Recommendations for reinventing your ATM availability.
To learn more about how to reinvent your ATM Availability strategies, watch the companion webinar. If you have any questions, you can always reach out to us directly at marketingteam@inetco.com.
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