ATM Machines to offer basic banking services in next 5yrs

Cash machines to offer basic banking services in next five years

Announcement comes as online banking leads to increasing ATM closures

Bank customers will be able to walk up to a high street cash machine and apply for a loan or have a video chat with a mortgage adviser under a bold five-year vision set out by the world’s largest maker of ATMs.

Matt Phillips, the UK boss of Diebold Nixdorf, told the PA news agency the firm is already in talks with banks about launching self-serve ATMs that will be able to carry out a raft of basic banking services.

He said Britons will see these ATMs hit the high streets “absolutely” within five years as banks increasingly take the axe to their branch networks and push towards online banking.

It comes amid fears over access to cash across the UK as the removal of fee-free ATMs and branches are said to be creating “cash deserts” in many small communities.

From ID checks for loan applications to customer service video chats, the ATM of the future is set to help bridge the gap left by the closure of many full-service bank branches, according to Mr Phillips. He said while losing a bank branch is an “emotive topic” for many communities, self-serve ATMs will help give vital access to cash and complement banking services, rather than replace them.“We do see the evolution of the ATM bridging that … customer experience,” he said.

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16 Stats to Fuel Your 2020 Queue Management Approach

16 Stats to Fuel Your 2020 Queue Management Approach

Looking to improve your customer experience and business results in 2020? Don’t overlook your queues. A surprising amount of business can be won and lost in the place where customers stand waiting. When you consider the fact that customer satisfaction (and therefore loyalty and sales) are influenced by the time spent waiting, it pays to pay attention. Here we present 16 queue management stats to help fuel your efforts to improve your queues and your business in 2016:

  1. US businesses lose an estimated $83 billion in sales annually due to poor customer experiences.
  2. Companies rated high in customer service are 12 times more profitable than competitors.
  3. After five minutes, a customer’s perceived wait time is 2x the actual wait time.
  4. Half of customers will purposely avoid a brand in the future if they had to wait longer than 5 minutes.
  5. Customers are likely to abandon a queue after only 2 or 3 minutes if it’s not moving fast enough.
  6. 48% of customers have avoided a retailer because of someone else’s negative experience.
  7. A majority (80-90 percent) of customers would change to another retailer just to experience shorter checkout queues.
  8. 65 percent of Americans are not able to make time for themselves at least once a day.
  9. 70% of companies that deliver best in class customer experience use customer feedback – versus industry average of 50%, and 29% for laggards.
  10. Customer frustration leads to 13% telling 15 or more people if they’re unhappy. Conversely, 72% of consumers will share a positive experience with 6 or more people.
  11. 67% of consumers site bad experiences as reason for churn.
  12. Only 1 out of 26 unhappy customers complain. The rest churn.
  13. 91% of unhappy customers who are non-complainers simply leave.
  14. It is 6-7 times more expensive for companies to attract new customers than to keep existing customers.
  15. 66% of consumers who switched brands did so because of poor service.
  16. 85% of customer churn due to poor service was preventable.
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Banking workers taking reskilling in digital banking

The pandemic has forced bankers to reskill themselves and to cope with the requirements of digital consumers.

Banking and financial services industry professionals will need to look beyond traditional roles. The transformation that is happening in the BFSI space is rapid, necessitating the need for engaging professionals with tech-management skills, says Robin Bhowmik, Chief Business Officer, Manipal Global Academy of BFSI (MGA-BFSI).

The academy, which has always focused on training BFSI professionals, registered a surge in demand for reskilling in the last six months. Bhowmik said that the academy reskilled 16,000 professionals (in 6 months), which was equal to the annual turnout.

Earlier, the demand used to be for induction training; it is now shifting to advanced programmes, in line with the digital transformation that is happening in the BFSI sector.

“As most banking applications are built on Open Source, the industry has started to feel the pinch, the imperative need for upskilling its people on tech-management. The shift is drastic and visible. Big Data has evolved, and banks are trying to use Artificial Intelligence (AI) and Machine Learning (ML) to leverage their digital footprint.

“The lockdown has fuelled the rate of adoption of contactless payments; the crisis has forced bankers and insurance professionals to reskill themselves, to understand and cope with the requirements of the digital consumer,” the CBO of MGA said.

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