More or less one-third of people in the United States visit an Automated Teller Machine at least once a week. Even after five decades, these devices continue to be a relevant self-service platform between banks or credit unions and their members looking to deposit, withdraw money, or just check the balance of their accounts.
According to studies, while members value the convenience Automated Teller Machines locations or surcharge-free access can provide, the technology is always evolving, and people want more from their ATM experience. At the same time, an imperative industry mandate was passed in 2020 that significantly affected the industry.
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Credit unions and banks that have not upgraded their devices to the Windows 10 OS (operating system) will no longer access security updates, non-security hotfixes, security patches, online technical content updates, and paid or free support options supported by Windows or Microsoft.
The Windows 10 operating system is not just about PCI compliance and security. These upgrades are designed to help equip devices to support features that members expect, as well as to respond to application- and video-based platforms in the future.
How did credit unions leverage the operating system update to help enhance the user experience?
For a lot of credit unions and banks, upgrading to Windows 10 was an excellent opportunity to transform the feel and look of their Automated Teller Machines. As their terminal driving partner, financial institutions supported these organizations with resources, personalized features, and guidance that they sorely needed. Experts describe how the personalization of certain features offered by organizations like financial services helps deliver better to credit union members.
What is PCI compliance? Click https://www.investopedia.com/terms/p/pci-compliance.asp to find out more.
Delivering better features that people want
When it comes to user experience, usually, it is the little enhancements and features that people appreciate. According to a 2018 survey, users indicated that having tons of flexibility around withdrawal (with options such as choosing denominations, as well as increased withdrawal limits) was imperative to their Automated Teller Machine experience.
Other popular and important features, especially among traveling users, including being able to set their language preferences and the ability to withdraw money in different currencies. According to experts, bundling some personalization features offered by financial services into their operating system upgrade was highly impactful for their users.
Most credit unions added financial services’ bill-mix option solutions. It will give their users the ability to choose bill denominations on withdrawals; something analytics tell financial institutions that members appreciate their services. ATM owners regularly fill up their five-dollar and ten-dollar cassette bills. In the near future, the owners plan to take advantage of screen personalization that will display users’ names, recall pre-loaded preferences, as well as behave as the member has used it in the past.
Protecting Automated Teller Machines against frauds
Security is another very important area that needs focus as you replace your ATM fleet or upgrade them. According to studies, at least 50% of individuals in the country reported an increase in machine fraud incidents, as well as security breaches of the last couple of years.
Enhancements such as access to card-less cash can help prevent physical machine fraud attempts like skimming while configuring the device to return users’ cards before dispensing cash can help prevent bank card theft. When it comes to hidden security threats that users cannot see on the device, Fair Isaac Corporation found that the number of terms of merchant devices and Automated Teller Machines rose by at least 8% in the past years as fraudulent individuals are increasingly looking for vulnerabilities in the security that comes with outdated or old operating systems.
Higher operating systems like Windows 10 will equip the devices to support advanced fraudulent mitigation techs like biometric scanning, better encryption, and multi-factor authentication. The migration to EMV chip-infused cards were necessary, and now banking institutions and credit unions are taking fraud prevention to the next level, using Windows security features. The best advice from experts is to involve information and physical security teams in the process as regularly and as early as possible.
Upgrading Automated Teller Machines
Upgrading these things with the latest features and enhancements users want can be the gateway to a better user loyalty and engagement, and financial institutions are always willing to help. Make sure to do some thorough research to ensure that every upgrade is beneficial to both businesses and ATM users.
