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• W283029510 abstract "Automatic teller machines [ATMs) have met with mixed success since their introduction in the early 1970s. Some 165,000 are now installed in the United States, handling 900 million transactions a month. Yet few of them earn their keep. An average-sized bank might spend $20 to $25 million a year on a network of 1,000 ATMs - a net cost of $20,000 to $25,000 for each one after revenue from fees charged to banks and customers has been deducted [ILLUSTRATION FOR EXHIBIT 1 OMITTED]. This sum has, on the whole, proved to be an extra expense, since ATMs have not produced the personnel savings or branch closures that were expected. On the contrary, the total number of transactions has continued to rise, while the number of branches has increased over the past decade by a compound annual growth rate of 2 percent. Alarmingly for the banks, the economics of ATMs could deteriorate still further as cash payments are replaced by point-of-sale debit (with and without cash-back), smart cards, and credit cards. A fall in the volume of cash withdrawals would mean a fall in ATM revenue. There is, nevertheless, scope to raise the profitability of ATM networks. Experience shows that by reducing operating costs, improving pricing, and broadening the functions of ATMs to stimulate customer demand, banks with large networks can boost the incremental profit from each machine by $15,000 to $35,000. Fine-tuning the network Operating costs A network's operating costs can be cut by 10 to 20 percent, or $4,000 to $8,000 per ATM, if close attention is paid to the following: Function. The more complex an ATM is, the more it costs a bank. Function should therefore be tailored to the needs of each machine's customer base, avoiding unnecessary complexity. This often means having a mix of machines in the network, offering different levels of function. Machines installed at airports, for example, do not need deposit and bill payment features or touch-screen technology; simple cash dispensers will suffice, since withdrawals represent the overwhelming majority of transactions that take place there. Armored-car logistics. Many banks have scope to reduce the cost of loading ATMs and collecting deposits. Often, the two activities are performed separately and according to a fixed schedule. But it is more efficient to consolidate the two tasks, and have armored cars visit each ATM only when needed. In addition, stocking an ATM with bills of large denominations helps reduce the frequency with which it needs to be loaded, because customers withdraw fewer bills. Preventative maintenance. Banks tend to forget that a broken ATM immediately affects the bottom line. It is therefore worth investing in preventative maintenance programs to help maximize revenue. Servicing. Banks should employ dedicated ATM servicing units in order to release more expensive branch personnel for sales activities. Premise costs. Banks routinely pay rent to locate their ATMs off site and reach other banks' customers. They can reduce this operating cost by entering profit-sharing partnerships with premise owners. If an ATM in a convenience store is likely to attract extra customers, for example, the store owner might be prepared to waive the rent until the ATM breaks even, and thereafter share the profits. Redeployment. Banks should consider reducing the number of ATMs in locations where capacity exceeds demand, perhaps moving them to locations with higher traffic and therefore more profit potential. Pricing ATM charges vary widely according to the type of transaction and the network owner [ILLUSTRATION FOR EXHIBIT 2 OMITTED]. Eight of the ten largest US banks now charge non-customers for the use of their ATMs - an attractive source of revenue that has encouraged many non-banking organizations to enter the ATM business. The possibilities do not stop there. By recognizing that there is scope to grade charges according to the location, the product, and even the time of day, banks can quickly generate an extra $5,000 to $10,000 annual revenue per machine. …" @default.
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• W283029510 date "1998-01-01" @default.
• W283029510 modified "2023-09-23" @default.
• W283029510 title "Cashing in on Your ATM Network" @default.
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