Published on Oct 08, 2021
The Importance of ATM Monitoring and Management Systems : Real time ATM monitoring and transaction analytics allows managers and tech teams to look deeper into network availability issues, security and failed customer interactions. With many banks and financial institutions closing their physical doors and reducing staff levels to save costs, ATMs are becoming a vital part of the way customers transact.
Even with the global shift to mobile and online banking, and predictions of an eventually cashless society, ATMs are still seen as an essential service. The convenience of an ATM allows consumers to perform quick self service transactions like depositing and withdrawing cash, bill payment and transfers between accounts.
In financial terms, an ATM is one of the most important touch points in the customer experience journey. When the system is inaccessible, or the ATM is unavailable due to cash depletion, customers are forced to go to another location. This creates customer dissatisfaction and frustration, which inevitably leads to loss of revenue.
An ATM today is more resilient in design, architecture and servicing requirements, but with complexity of design, comes the increased likelihood of problems. Once, availability status was the only metric to be considered in ATM management and monitoring. Now that an ATM is more technologically advanced, 'unavailability' becomes far more broadly defined than the machine running out of cash, or being updated. Problems are more likely to to extend to a particular service, ATM network communications system, or card bin range rather than the machine itself. This highlights the need for real time ATM monitoring and transaction analytics so that managers and operations teams can gain deep and detailed insights into failure issues.
• Customers can withdraw and deposit cash, but can't deposit checks
• Specific promotional marketing screens are not appearing
• Transactions from a specific card bin range consistently failing
• Transactions extremely slow during peak periods
• Failure to dispense cash
• Worn out or malfunctioning card reader
• Branch appointment booking application not working
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The problem of failed customer transactions has forced banks to drill deeper, and look at ATM performance from a customer perspective.
Real time ATM monitoring and transaction analytics allows managers and tech teams to look deeper into network availability issues, security and failed customer interactions. It provides answers to why incidents are happening, analyzes frequency of incidents, creates alert and resolves issues more quickly. And most importantly, ATM monitoring and management tools reveal predictive solutions to prevent these problems in the future.
Another feature of real time ATM management software is that it enhances ATM security and helps build an invaluable base of customer experience and interaction data. This plays a vital role in developing successful customer service strategies.
Once, ATM monitoring solutions typically revealed only basic information about the ATM mechanical sensors, for example the total cash available, ATM network accessibility, cash or paper jams. To see the benefits of today's ATM management and transaction monitoring solutions, financial institutions need to review their legacy solutions. This will give a clear picture of their systems, what benefits are being delivered, and what needs replacing.
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Real time ATM monitoring and analysis reveals complete end to end visibility into ATM systems health status, cash and consumable levels. With defined rules in place, ATM monitoring will generate alerts, warnings and data analysis for proactive incident management. Some of the main benefits include:
• Preventing ATM and POS fraud before it occurs
• Providing real time 24/7 insights into threats affecting the ATM service
• Helping to proactively monitor and identify problems, troubleshoot and create alerts
• Reducing ATM downtime and managing costs
• Increasing ATM profitability
• Monitoring ATM hardware and software performance, providing data in real time
• Benchmarking ATM service performance
• Performing continuous real time audits on ATM security controls
• Providing visibility into ATM applications QoS
At any given moment an ATM fleet can enable up to thousands of customer interactions. By analyzing these interactions, banks can mine powerful data to optimize ATM activity and performance in real time.
