BrightTalk Webinar: How to Build the Next Generation Self-Service Platform
On Tuesday July 27, Auriga participated in the BrightTalk webinar hosted by Allison Ebbage, with special guests including Mark Aldred, Vice President of International Sales at Auriga, and Robin Setty, Senior Senior Product Manager (Partner Solutions) at ACI Worldwide.
They discussed how this partnership has helped the two companies improve customer service through self-service banking technology, as well as current trends and issues impacting the banking industry.
Financial institutions are looking to retain and grow their customer base and have already embarked on their journey of digitization and cost optimization, as the COVID-19 pandemic has forced them to dramatically accelerate their efforts.
Additionally, retail banking customers facing pandemic realities now expect fully omnichannel on-demand experiences, hyper-personalized services, and 24/7 support.
Innovation in ATMs
The substantial change in customer behavior, such as the reduction in the use of cash, has created financial strains for banks. Their response has been to close bank branches and reduce the number of ATMs available to customers in order to reduce lost profits.
However, social and political pressure to retain ATMs and branches to serve all kinds of communities (urban, rural and remote) adds to the equation. Therefore, the response to this trend must be to redefine the roles of these outlets, instead of eliminating their roles.
Pooling ATMs is one possible solution that meets the demands of customers of financial institutions at an affordable rate. In parts of the world, such as Belgium, four major banks are participating in ATM pooling initiatives to ensure that cash services are sufficiently available and cost effective.
The decline in cash usage worsened further as ATMs were never effectively integrated into the bank’s digital channel strategy.
According to ACI Worldwide and Auriga, this can be solved by implementing a better integrated end-to-end solution that allows banks to define an integrated channel strategy, optimizing and transforming their branches and ATMs. The future of banking includes customer-managed digital channels and self-service can be used as an effective channel strategy.
Improve customer service
ACI and Auriga have teamed up to go beyond the ordinary functions of managing retail payments by evolving into the next generation of ATMs and self-service banking services. Auriga’s software enables ACI to create a future-proof customer engagement platform.
Until recently, providers and banks invested in separate, rather than integrated, infrastructure that treated channels in silos. However, the webinar pointed out that with customers using different channels, they need a smoother banking experience than outdated infrastructure can promise.
To meet customer demands, it’s important to remember that every customer’s experience is not the same. For example, the accelerated adoption of mobile banking services does not imply that all demographic groups are responding equally to this change.
To explain further, while traditional banks may have well-established relationships with their customers, that relationship can still be jeopardized by a strategy that focuses only on the rapid migration to mobile-only banking.
New generation bank
Going forward, even as app-based banks target consumers who prefer mobile banking, to achieve growth they need to invest in a wider range of products and channels as consumers need and demand channels. alternative.
To combat this problem, financial institutions should consider rethinking their ATMs as a new model, as a 24-hour full-service alternative to a traditional branch by incorporating low-cost, highly automated services.
Key points to remember
The webinar described the current trend of branch closings and the reduction of ATMs, caused by a change in customer behavior. Due to this structural change, it has led to a digital age of banking. However, in doing so, banks risk losing customers who do not always prefer such methods.
He also highlighted how banks can look for ways to improve customer service through an integrated channel strategy and optimization of their ATMs. Another key point raised is that banks need to consider ways to adapt their current infrastructure to provide better integration and choice for customers.
The way to make any channel more profitable is to increase automation and availability and reduce costs. Our platforms focus on this. We believe that the strength of traditional banks lies in their relationships with their customers and that this is endangered by a strategy of rapid migration to digital-only banking.
A next-generation ATM infrastructure removes many of the complexities that have hampered ATM management and, more broadly, enables self-service branch office automation and ends the isolation of the ATM channel from other digital channels. In other words, the ATM is becoming a part of the omnichannel customer experience that we expect from any service these days.