Even as life appears to be returning to some semblance of pre-COVID normality, we continue to see suggestions from various sources that the end of the road is near for both cash and the ATM channel:
Despite these continued rumblings, many still believe that the ATM is and will remain a vital delivery channel for a growing range of products and services. In fact, the ATM will play an increasingly important role as a part of a Digital Experience Platform for many financial services companies.
In this blog, we take a look at why the ATM is coming under increasing pressure in the modern world, what customers now expect from ATMs and why all of this means financial organizations need more efficient, accurate, and productive ATM testing technologies.
The ATM channel is under increased pressure in the modern world
The reality is that the ATM channel is under continuous pressure in the modern world, as many people are taking out less cash and using other payment alternatives to make purchases. We also see ongoing “digital transformation” efforts allocating more budget money to “sexier” areas of investment, such as mobile and cryptocurrencies.
As the ATM channel becomes increasingly threatened, quality, efficiency, and perfect execution on every single consumer transaction become even more important. By improving their ATM testing, ATM deployers can make continuous improvements to their ATM fleet that enhance the customer experience, while at the same time, saving money and becoming increasingly more competitive within the industry.
Why ATMS must now do more than just dispense cash
With the ATM channel now under more pressure than ever before, it’s important that ATMs do more than ever before, i.e. more than merely dispense cash. Expanding ATM functionality is critically important as many markets experience an increasing number of branch closures.
ATM technology has certainly evolved since the first devices were deployed more than 50 years ago. New generations of machines can interoperate with mobile phones and contactless cards, process QR codes, recycle cash, and act as interactive teller machines (ITMs), giving consumers 24x7 access to a wide array of enhanced functionality.
However, to integrate the ATM channel within the enterprise and deliver these new services to the marketplace effectively, ATM deployers must improve their ATM testing capabilities.
Why this all means more efficient ATM testing is important
As it becomes increasingly necessary to do more with less, financial organizations need to leverage technology to replace the manual and time-consuming processes historically associated with ATM testing.
In order to enhance the overall consumer experience, while at the same time reducing costs, and improving profitably, ATM deployers must move away from slow, costly, and error-prone manual testing processes and move toward more modern technologies, like virtualization and APIs.
ATM virtualization helps developers and QA resources remotely test ATM functionality using exact, virtual copies of their ATM systems allowing them to move away from manual testing by standing in front of ATMs in a physical lab, while automation allows organizations to significantly speed up the testing process while expanding test coverage and improving both accuracy and quality.
Want to learn more? Get in touch with Paragon Application Systems today. We’ve designed a range of ATM testing solutions to provide financial organizations with a more robust, flexible, and accessible platform so that they can improve their ATM testing capabilities.