This document is the second in a 3-part series looking at Branch Automation Ecosystems.
Part 2: What are the Options for Your Branch Automation Ecosystem?
With an accompanying full glossary of terms here
This document presents a working example for Financial Institutions (FIs) to illustrate some of the options that are available to them when designing their own Branch Automation Ecosystem, sometimes called an ITM Strategy.
Mix & Match for optimum results
The goal of any Branch Automation Ecosystem is to ensure the best possible short and long-term solution. In some instances, this may include a Mix & Match Approach of Hardware designed to best suit the specific pain points of each individual branch.
It’s the software that determines a machine’s function
Machines can host any software; it is the combination of devices and installed software that determines the purpose of a machine; ATM, ITM, ASK, VTM, even SFM. That means that the machine can facilitate different functionalities pending the software installed on it.
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A Working Example for reference - ‘An FI has 3 different branch types’
Branch A: is in a community with many small businesses locally
Branch B: is located within or beside a shopping mall
Branch C: is in a suburban location
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Branch A - May be best served by only automating cash deposits for commercial clients.
Branch B - All transactions should be automated as much as possible and customer experience is the most important factor.
Branch C - Transactions in the lobby should be automated as much as possible with over-the-shoulder assistance when required, and equally transactions in the drive-through should also be
available with remote support when required.
Therefore an ideal configuration of the Branch Automation Ecosystem for this FI could be as
follows:
Branch A: a High Capacity Cash Deposit Machine for commercial clients
Branch B: High-End Kiosk with Full Assisted Self-Service Software
Branch C: Drive-through Machines outside the branch as well as High-End Kiosks inside the lobby providing Full-Service with a particular emphasis on over-the-shoulder assistance
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3:3:1
In this example, we had three different branches, three different machine types, and one Hardware Agnostic Software Solution that is best suited to provide the optimum customer experience. To maintain a uniform customer experience, simply ensure that the software running on all machines is the same.
Multi Hardware Vendors for an effective Branch Automation Ecosystem
In certain cases, the best hardware for each branch type may be provided by different hardware
providers. What is certain is that different hardware solutions will have different costs associated with them i.e. a High Capacity Deposit Machine would be cheaper than a High-End ITM Machine. For the customer, the experience should be seamless.
Hardware Agnostic Software ensures a seamless experience for the customer
An FI is in a better position to design an effective Branch Automation Ecosystem by choosing the
most appropriate hardware for each branch type regardless of whether these machines are coming from one or more hardware vendors.
Helpful Reminders
When deciding which Hardware Agnostic Software Solution will best automate transactions in the branch, all of the functionality of a branch should be considered.
For example, the following functionality is part of any branch solution, so should be part of any Branch Automation Ecosystem
Triggering of CTR when a customer transacts above a certain daily limit.
Balancing of machines at the end of the day
Branch staff transaction authorisation limits
How best to automate transactions and cash handling tasks without losing referrals and sales that come from regular interactions on daily transactions.