The impact and benefits of a service provider on a bank's daily operations, reputation, and customer experience are crucial for the longevity of a financial institution. Banks not only have to evaluate how their payment and transaction automation equipment will be supported but also by whom. This important operational decision can be overwhelming, especially when multiple types of equipment from multiple original equipment manufacturers (OEMs) are within the four walls of a branch.
As organizations become more and more reliant on technology and technological devices to run their operations, the need for field service organizations is growing exponentially. The field service management market is expected to grow significantly with a compound annual growth rate (CAGR) of 13.3% from 2023 to 2030 due to the booming number of end-user technology-dependent industries.
Let’s explore the value and benefits that service provider lifecycle services can have on bank operations:
Service providers that offer a comprehensive, full-lifecycle support model—from consultation to deployment to maintenance—deliver unique and significant value. By adopting an integrated, single-source service strategy, banks can streamline their operations by consolidating multiple service vendors into one, simplifying the management and service of a diverse equipment ecosystem. As a result, banks can ensure optimal device uptime, enhance customer satisfaction, strengthen brand loyalty, and achieve growth in their bottom line.
Source: Burroughs, Inc.
A service provider’s proactive approach to uptime management is essential for delivering high-quality service and reliability. By utilizing a combination of integrated digital-first remote tools, cloud-based software, efficient onsite maintenance, and a replacement and refurbishment program, all devices within the branch ecosystem can operate at peak performance. Regular maintenance and timely interventions help prevent unexpected failures and delays, ensuring a seamless banking experience for customers.
A provider’s ability to continuously and proactively monitor devices allows for faults and potential issues to be addressed before they escalate into operational headaches. A partner skilled in remote resolution and triage support can act swiftly without needing onsite visits, further reducing downtime and maintaining high service availability.
Keeping devices secure is a top priority. The management and deployment of security patches to protect against vulnerabilities and ensure compliance are non-negotiable. A service provider with the necessary certifications and industry accreditations can minimize the risk of security breaches, greatly contributing to maintaining customer trust.
A partner with strong, trusted supplier relationships can assist banks in sourcing the best equipment to meet their specific needs. This includes evaluating and selecting ATMs, teller cash recyclers (TCRs), currency counters, and other branch devices that align with the bank’s operational goals and budget.
As technology evolves, so do the needs for banking equipment. Software and hardware upgrade services, including security retrofits and OEM-recommended upgrades, are essential for keeping devices up to date with the latest features and capabilities. A service provider lacking the technical expertise across multiple device types can leave banks struggling to offer the cutting-edge services and devices their customers expect.
When it’s time to retire equipment, it’s important to have a service partner who can manage the decommissioning process efficiently and securely. This includes data wiping, environmentally responsible disposal, and ensuring compliance with regulatory requirements. A partner with a dedicated team of program and project management professionals to guide bank personnel through key decisions and milestones is invaluable for delivering a seamless banking experience.
Incorporating a single-source service provider experienced in multi-vendor, multi-device service, and support can significantly enhance bank operations and overall customer experience.
With Burroughs on your side, you will benefit from an expert team with the ability to provide the comprehensive lifecycle services that your bank needs to operate efficiently, reliably, and securely.
Whether you are onboarding new equipment, implementing software upgrades, or need replacement or refurbished equipment, we're here to give you the peace of mind you need to adapt to the evolving market while continuing to deliver an exceptional banking experience.
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