ATMIA just released their Windows 10 Readiness Position paper. It will surely be just one of many “must read” articles, papers and surveys added to the reading list of industry professionals this year. One might think that with a 50-year-old technology such as the ATM, there would be nothing much new under the sun, but those “in the business” know differently. Just like most every year since this piece of technology debuted, 2017 is shaping up to challenge ATM staffs, budgets and resources. So, what’s on your ATM schedule for the remainder of the year? These are a few of the major items we have heard our customers talk about.
Although the majority of FI’s are reporting EMV compliance, ISO and retail devices are lagging far behind. VISA EMV mandates will go into effect later this year, while some are still working on MasterCard from last fall. Those who are already compliant are busy refining their processes and procedures. As Yogi Berra so famously said, "It ain't over till it's over." When it comes to measures designed to thwart fraud, we all realize it may never be over.
It seems like almost weekly there are announcements about the uptake of cardless transactions, video banking and omni-channel initiatives. Most of these innovations are a response to the consumers’ never ending thirst for technology that will add convenience to their lives. What’s more, technology juggernauts such as Amazon are catching the eye of many with convenience that hinges on anticipating a customer’s needs and wants. For this reason, in the financial services industry, the race is heating up to offer convenient new services and tailored content that can satisfy consumers while increasing revenue and reducing costs. This is the new hunt for the Holy Grail in the latest chapters of the digital revolution.
Oh yeah, then don’t forget the ordinary, day-to-day stuff. Software, hardware, operating systems, applications, networks and drivers must be constantly patched, updated, upgraded and repaired. It may just be a computer, but these far less sexy relatives of the cyborg generation being talked about as a coming-soon feature in our world remain the engines of a global economy responsible for moving trillions of dollars a day.
This one fits within all the above, but it’s important enough to have its own section. Digital and physical threats are constant. The risk is too great to not be vigilant and do whatever is required to keep your customers confident and your brand safe. Is biometrics on your horizon? How about behaviometrics? There are numerous solutions hitting the market, but the hackers and fraudsters are never far behind. This topic alone keeps many in business occupied full-time round the clock.
The Next Big Thing
It could be a technology breakthrough or a simple strategic change in direction by management. Gone are the planning horizons that stretch across years. We are a week into the second quarter and we can’t even think about what we might be asked to support by year’s end. One thing we do know, the next big thing is already a gleam in someone’s eye. Of course, with a well-trained staff and the right tools you’ll be well positioned to take on anything that comes your way.
That reminds me, my realtor asked me to stop by the nearest ATM to close on our new house and while we’re there, I need to open a new savings account. Wonder if it can dispense the gift card being offered to new accounts? And so it begins ...
Spencer Lewis is a veteran of the payment business having worked with financial services providers for over 28 years. He has spoken at numerous industry conferences on a range of topics. Currently he works with financial services organizations to help them implement automated, continuous, cloud-based testing platforms and solutions. Connect with him at www.LinkedIn.com/in/spencermlewis