Four Things You Need to Know About ATM and Branch Equipment Management and Maintenance04.08.2019
Many financial institutions spend too much time and money juggling numerous vendors to keep their equipment, including ATMs, up and running. (Just ask Bank of America, which pays $1 billion a year just to shuffle cash around in armored trucks!) While it may seem like that’s just the way the business goes, the truth is there are better ways for community banks and credit unions to manage their branch equipment so they can maximize savings and focus their time on more important things.
When it comes to ATM and other branch equipment management and maintenance, you need to know four important things:
1. You have options.
There are many trustworthy companies out there whose sole purpose is to help financial institutions like yours stay on top of equipment maintenance with minimal involvement of your staff. And whether you need full management and maintenance of all your branch equipment, or you just want to focus on consolidating your ATM vendors, a perfect match awaits.
Option 1: Total branch equipment management and maintenance.
Take a moment to think about every piece of machinery used by your institution. You probably have one or more ATM machines; a drive-up lane with a service window and a tube transport system; security items like an alarm system, vault, access card readers and security cameras; a teller cash dispenser; check scanners, coin sorters and other money equipment; and plenty of office machinery like printers, copiers and digital signage. Whew!
Now imagine how much more efficient it would be to manage all of these separate pieces of equipment and submit service requests through one easy-to-use system. With a total equipment management and maintenance company, you can have just such a setup.
This type of provider replaces individual contracts with a total management program, rolling over equipment onto the system as individual contracts expire.
Option 2: Complete ATM management and maintenance.
Perhaps your institution doesn’t need all of its equipment managed by a third party, but your staff is constantly getting pulled away from their duties with ATM maintenance issues. Keeping up with hardware and software updates, armored car services, cash management, equipment upgrades or replacements, and security and compliance issues of ATMs can often feel like a full-time job.
Some companies offer complete ATM management, using their focused expertise and network of providers to take this responsibility completely off your staff’s shoulders. They own and operate your institution’s ATMs, providing a valuable asset for your account holders without you having to worry about making large upfront capital expenditures. Companies like these take care of transaction processing, asset management, communications, promo screens, monitoring and maintenance, and make sure the ATMs remain Regulation E compliant.
2. You can save time by streamlining your processes.
By choosing one of the aforementioned types of vendors, you’ll clearly be streamlining your vendors and processes. The resulting time savings will be apparent right away, as your talented staff are freed up to do what you hired them to do — instead of being quasi equipment managers.
Not having to shift their focus to submit service requests through multiple reporting channels and monitor all aspects of ATM and other machine performance, your staff can finally get back to the work necessary to move your institution forward.
3. You may find additional savings.
On top of precious time savings by outsourcing equipment maintenance and management, you could also actually save money along the way.
A turnkey provider, for example, can use its 100% focus on equipment maintenance and its strong relationship with local vendors to secure significant savings for many financial institutions. Likewise, an ATM-specific management company can utilize its operational efficiencies and economies of scale to pass on savings to small- and medium-sized institutions like yours.
4. You don’t have to go it alone.
If it seems like a daunting task to implement one of the options available for branch equipment or ATM equipment maintenance at your institution, rest assured it’s not a difficult process. If you’re not sure where to start, consider JMFA Contract Optimizer as a way for getting the best deal.
Kelly Flynn is a national sales director for John M. Floyd & Associates, a consulting firm that helps credit unions improve their performance and profitability.