With the growth of card and mobile payments, along with a push towards more sophisticated ATMs, gone are the days where one would simply bank at the branch down the street. In fact, according to S&P Global Marketing Intelligence, falling branch traffic and cost reduction initiatives resulted in 1,946 US branch closures in 2018. With the closure of many neighborhood branches, ATMs remain a key physical component to the end customer experience.
With ATMs acting as a main customer touchpoint, Financial Institutions (FIs) are investing in sophisticated ATMs in an effort to provide an enhanced self-service experience. By automating more transactions that are typically handled by costly branch tellers and customer service representatives, FIs can better serve rural locations and lower the cost-to-serve.
When looking at providing an enhanced customer experience at the ATM while maintaining a profitable delivery channel, it is important to understand how the channel is performing, in real-time. By monitoring the customer experience every step along the way, you can learn from and immediately adapt to any operational performance issues, lack of device or switch activity, fraud or security issues and much more. To do that, you need data.
In the past, access to data was limited to what your banking system provided. If you wanted more data, you had to wait for the next upgrade – which we know is problematic as customers won’t wait around for a systems upgrade. Simply put, if customers are dissatisfied with the experience provided, they will go where the service is better. However, through advanced technology solutions, there are now faster ways to get the data you need without any changes to your existing banking systems:
- Real-Time, always-on packet sniffing and protocol decoding technology listens for data on your company network and pulls financial transaction payload and timing details directly off the wire
- Machine data mining technology pulls electronic journals and other performance data directly from ATMs, as well as performance statistics and application error logs from transaction switches and core banking systems
- Machine learning technology distills collected real-time data into actionable business intelligence
- Open data access and data forwarding technology easily shares or integrates rich customer transaction data and intelligence within any third party application system or business process that needs it
Real-time transaction-level monitoring solutions combine these technological advancements with intelligent analytics and visualization options that are affordable and easy to use. These platforms, including INETCO’s, can tell you exactly how any self-service channel – including ATM – is performing in real-time and provide the necessary intelligence you need to stay ahead of your competitors.
Most state-of-the-art transaction-level monitoring platforms are easy to use and quick to deploy. INETCO’s cloud-based data services require no direct integration with your existing banking system and require minimal IT involvement. Simply configure port mirroring on any Ethernet switch and route the data to the monitoring servers set up within the Cloud. Through the magic of INETCO’s Cloud-based solution, you no longer need to install hardware on-site – you can now accessible all the data you need via a web browser.
INETCO’s real-time transaction-level monitoring and analytics Cloud solution is easy to use and can be configured to report and alert on a variety of conditions including ATM availability, ATM queue lengths, cash dispensing projections, ATM screen transitions and timings, customer interaction delays and ATM dispensing and depositing failures – all while staying in GDPR compliance.
Combined with a robust menu of data collection and data integration options, INETCO makes customer transaction intelligence easily accessible for a wide range of teams and systems, including channel management, analytics, IT performance, cash management, or fraud management platforms. With fast and effective data collection and connectivity, operations teams and business leaders can utilize rich transaction data to make more informed decisions, and identify new ways to lower the cost to serve, improve customer engagement, and reduce the risk of fraud.
If you would like to learn more about how INETCO’s real-time transaction-level monitoring and analytics solutions can help collect and share the right intelligence, at the right time, download our Data Access Options whitepaper or reach out to us at firstname.lastname@example.org.