Staying the Same Can Mean Getting Passed By
There are many businesses that have traditionally required minimal innovation to be successful. Companies in these industries rely on manufacturers and regulators to drive innovation – the latter with a bit of grumbling. Banks, credit unions, gas stations, service contractors and ATMs are just a few of the industries that have required minimal operational changes…until the digital age took hold.
Now, regular changes in consumer and criminal behavior are creating a wave of updates that target the payment industry. Security upgrades have been the first to take place but technology is quickly changing and facilitating changes in consumer preferences. Bill payment, cardless transactions, mobile payments, pre-staged transactions and charitable donations at the ATM are just a few of the innovations consumers are coming to expect.
“We’ve always done it this way.”
Implementing new technology can be difficult and costly. However, refusing to make changes can cripple your business as the competition adopts the latest innovations – potentially affecting your locations and ATM users.
Fortunately innovations in the ATM industry, while moving quicker than ever before, are still slow enough to allow preparation time for operators looking to stay up-to-date. ATM owners have the time to evaluate their options, speak to their manufacturers, determine their implementation strategy and appropriately budget for the upgrades they feel are needed to meet consumer demands.
None of these tasks can be accomplished however, if operators hold to the “we’ve always done it this way” mentality. As has been proven time and again, change happens and sticking to the “old ways” as an industry evolves is a recipe for being left behind.
ATM operators can keep current on what is coming down the pipeline by paying attention to the latest surveys and trends. Industry associations such as ATMIA and NAC provide regular updates and information on bench-marking and legislation as well as provide educational programs. Being open to new ideas and regularly communicating with manufacturers and other vendors will provide insights into the latest operations, hardware, software and functionality as well as provide further insight into costs. Finally, maintaining an ongoing dialogue with location partners to further determine consumer needs will help operators determine when and if to upgrade to new technologies.
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