Enhanced infrastructure links intelligent ATMs to your service array
In the rapidly evolving world of banking, financial institutions are leveraging middleware technology to streamline operations, improve efficiency, and enhance the customer experience. This innovative approach is revolutionising self-service banking, making it faster, more reliable, and personalised.
America First Credit Union, a leading credit union, is at the forefront of this transformation. They are working on implementing an omnichannel approach to support self-service banking, which includes upgrading ATMs with cash-in-transit technology, reducing costs and minimising ATM out-of-service instances. To further improve the experience, they are adding a video component to ATMs, allowing members to interact with specialists in real-time.
Renasant Bank, with 185 banking centers across multiple states, is also adopting this technology. They have partnered with NCR Atleos to leverage a single platform for delivering various customer requests, from contactless card tap to traditional branch functions. This partnership will enable Renasant to provide a seamless, secure transaction experience, while extending their footprint with the recent acquisition of The First Bank, adding another 110 branches and extending their reach into Louisiana.
The focus on security and anti-fraud protections is paramount in these implementations. Middleware technology offers built-in support for compliance requirements, helping banking institutions meet regulatory standards efficiently while safeguarding customer data. Multi-factor authentication, such as PIN or other means, plays a crucial role in the technology, ensuring validation stays in place regardless of the form factor used.
The aim of this technology is to make funds availability faster and clear larger ATM amount limits, which are in demand from small- and medium-sized businesses (SMBs) customers. The technology also seeks to supplement a 24/7 ATM with video services, providing both an ATM and traditional drive-up experience with enhanced technology.
A recent survey by ProSight Banking Outlook indicates that branch demand isn't going away overnight, and members and customers often find themselves frustrated when a digital banking experience leaves them stranded. The middleware approach addresses this issue by bridging various banking channels and systems, delivering a consistent and smooth self-service experience for customers while reducing operational complexity for banks.
Moreover, middleware solutions offer operational efficiency and business continuity through intelligent automation and proactive monitoring. This ensures uninterrupted financial transactions and reduces risks. The technology also enables faster digital rollouts and scalability, allowing financial institutions to quickly launch new digital services and adapt to evolving customer behaviours cost-effectively.
In summary, middleware technology acts as the backbone for seamless integration, automation, and data-driven insights, which collectively streamline banking operations and empower customers with faster, more reliable, and personalised self-service banking options. This modern infrastructure not only improves operational efficiency for financial institutions but also significantly elevates the user experience and satisfaction for their customers.
Steven Nogalo, general manager of North America for Atleos, argues that banks must increasingly think like fintech competition to increase customer loyalty and carve out a significant competitive advantage. The argument favours investment that melds the best of branch service, ATM convenience, and expanding omnichannel technology, while being adaptable to M&A, a changing consumer, and the flexible needs of a bank or credit union.
As financial institutions continue to evolve and adapt to meet the needs of their customers, middleware technology will undoubtedly play a crucial role in shaping the future of self-service banking.
[1] Temenos (2021). Temenos T24 Transact. [Online] Available at: https://www.temenos.com/products/temenos-t24-transact [2] NCR (2021). NCR SelfServ ATMs. [Online] Available at: https://www.ncr.com/banking/products/self-service-banking/atms/ [3] Atleos (2021). Atleos Cloud Platform. [Online] Available at: https://www.atleos.com/products/atleos-cloud-platform/ [4] NCR (2021). NCR SelfServ ITMs. [Online] Available at: https://www.ncr.com/banking/products/self-service-banking/itms/ [5] Temenos (2021). Temenos Infinity. [Online] Available at: https://www.temenos.com/products/temenos-infinity
- The use of middleware technology in banking boosts efficiency and customer satisfaction, as seen in America First Credit Union's omnichannel approach, which employs cash-in-transit technology and video components at ATMs for seamless, real-time interactions.
- Renasant Bank, with its wide network of branches, is leveraging technology from NCR Atleos to provide a single platform for various customer requests, helping them offer a secure and seamless transaction experience across digital and traditional banking channels.
- Security and anti-fraud protections are essential in these technological advancements, with middleware technology offering compliance support and multi-factor authentication features to safeguard customer data effectively.
- The implementation of middleware technology aims to expedite funds availability, increase ATM cash limits, and provide a supplementary 24/7 ATM service with video support, catering to the needs of small- and medium-sized businesses (SMBs) while bridging various banking channels for a consistent and smooth self-service experience.
