“Banking on ATMs for better financial services”-Initially there were lots of hue and cry on this particular agenda. Can banks offer their customer internet type services at ATM machines? I mean whether the vision will become a reality or not? Let us see what analysts, financial giants and news reporters are saying about that. How the service is feasible and applicable in real life benefits?
There were number of king size banks like bank of America, Wells Fargo literally figuring out the possibilities. In fact information group analysts had their own observation and predictions too.
According to most of the suggestions and observational figures, the surge is favoring use of Internet ATMs.
What’s the reason behind it?
Internet enabled ATM applications has come up with multi-facet benefits. With growing World supporting e-commerce solutions, financial institutions were in quest of better service platform. The demand originated in high version as bankers felt reaching every customer from a close distance and track their portfolios and financial profiles.
Banks are trying to avoid long queues. Internet banking can not surpass the craze of direct visits to the banks. Hence alternative option for the bank customers could be visiting ATM centers nearer to their place. This is a suitable application banks can apply and it conforms to the market standards as well.
The functionalities of the applications of such online banking facilities are very crucial. In fact the idea is to place these internet kiosks in different prominent public places. It could be specific activities, for example paying electricity bill or buying movie tickets etc. Banks can collect the customer leads from these internet kiosks.
To run the application in an efficient way there are certain steps to be taken by the banks. Since the Kiosks are sophisticated tools, banks need to resolve some serious issues like prolonged queues and make online experience better.
Yes, cost can be a prohibitive factor for installing such legacy ATMs. But in the long run, the benefits are manifold both from customer’s and Banker’s point of view.