Mining Your ATM Transaction Data – Article in Bank Innovation

bank innovation logoATM transaction data is a goldmine.

If you’re an ATM channel manager, there are massive nuggets of business intelligence you can access from ATM transaction data, such as your most popular locations, times of peak usage, cash levels, and the ATMs responsible for your most profitable transactions. If you’re responsible for ATM availability, rich deposits of troubleshooting intelligence can be collected from switch response codes, network and application performance data—intelligence that can alert you to failing ATMs, and more importantly, provide the reasons why they are failing.

That said, getting to all this rich ATM transaction data can be difficult and costly. When banks merge, they also merge their multiple software systems and ATMs from different manufacturers. Many credit unions and community banks rely on third-party ATM service providers. With growing ATM fleets and more services offered at each machine, financial institutions are finding that the valuable intelligence that they’d hope to access from their ATM network transactions are buried deep within IT environments or the offsite data centers of third-party service providers.

Fortunately, just as mining technology has allowed for more effective gold extraction, so has software developed to help financial institutions access and analyze their disparate ATM “Big Data” in real time and in one location.

Read the full article in Bank Innovation.