Wells Fargo Web-Enables Its Entire ATM Network
Wells Fargo & Company has simplified its multi-channel delivery by web-enabling all its 6,200 ATMs for full integration with its bank branch, call center, online banking and back-end systems. The bank, which claims to be the first US financial institution to Internet-enable its entire ATM system, has also equipped its branches with standalone ATMs at which customers can activate accounts, review transactions and pay bills. Wells Fargo integrated its ATM system after finding that 51 per cent of its checking accounts were accessed online, and that ATMs facilitated as many transactions as at bank branches.Banks have not prioritized multi-channel integration until now due to the challenges of adapting a batch-processing environment to a real-time, customer-focused service. Wells FargoÆs move to a web platform may however set a precedent as other banks see the benefits of being able to manage, update and add new ATM services from a central point. ATMs are the key to banksÆ revitalization strategies, according to a recent Mercator Advisory Group report and must be a central part of banksÆ deposit automation plans to avoid duplication of effort over two platforms, namely the teller platform and the ATM platform.
The traditional on-premise bank ATM market will continue to grow as US banks refresh existing services and Mercator Advisory Group expects future ATM designs to offer more specialized services. Multi-channel systems will also be central to banksÆ new, customer-centric focus and customer involvement in transactions will increase as banks promote self-service deposits and bill payments. Teller automation, self-service machines and ATMs require new IT and straight-through processing solutions and a revised approach to risk management, but the tools are available to banks that investigate their options. Related Links:
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