THE Director, Sales and Strategy at Inlaks, Mr Tope Dare has said that Automated Teller Machine (ATM) remains a critical kingpin for customer engagement as part of a broader omni-channel and retail-banking strategy.
Dare in a recent webinar presentation titled: ‘What Future for ATMs in Nigeria – Death or Resurgence?’ observed that the bottom of the pyramid (poor Nigerians who do not have a voice at the webinar but deserve due consideration) whose daily living still demands use of cash until mass availability of proven, feasible and affordable alternatives still have needs of cash.
According to him, as long as cash is king, cash is not going to be phased out any time soon, but cash access is evolving to suit the customer’s “anytime, anywhere” needs.
The role of the ATM he added, is evolving for financial institutions and cardholders. He believes that new ATM technologies will make banking easier and more convenient which plays a critical role in keeping consumers connected to their banks in the new digital era.
Dare who oversees the sales, services (technical support), software development and R&D of the Business Unit with a workforce of more than 200 listed what he believes banks can do to improve ATM deployment and profitability.
He said banks should: embrace data driven ATM deployment; upgrade to fintech enabled(NextGen) ATMs; embark on branch transformation to enhance self-serve banking functions; activate modern features on ATMs to deliver frictionless and contactless transactions(NFC, barcode); increase offsite ATM deployment; adopt branch on wheels for remote banking and actively engage CBN on policy to drive rapid adoption of cash deposit ATMs for intra and interbank deposits to reduce cash management costs and logistic issues.
On why more ATMs are needed, the technology expert said there are still long queues at financial institutions with no social distancing in the era of COVID-19. He also observed that it is taking longer period to achieve financial inclusion goals, stressing that there is slower growth of financial services industry.
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