Companies all around the world are discovering that incorporating eco-friendly business practices are just as good for their bottom line as they are for their image.
Now ATMs Are Becoming More Eco-Friendly
In fact, according to a study performed by MIT’s Sloan School of Business Management and the Boston Consulting Group, up to 37 percent of business organizations reported that they witnessed profits from their “green” efforts last year. Amazingly, the same study, which included input from 2,600 managers and executives representing businesses all around the globe, concluded that eco-friendly opportunities were the main reason behind over 50 percent of the respondents changing their business models.
Similarly, the ATM industry is pioneering new environmentally friendly business technologies which includes paperless billing that helps increase efficiency, profitability, market reach, and brand loyalty. Aside from paperless billing, here are seven eco-friendly innovations happening in the ATM industry:
This saves money for ATM companies and reduces the number of parts heading to landfills at the same time. ATM manufacturers utilizing parts repair have a couple of options:
Advanced Exchange – repaired parts are shipped out right away, and ATM companies send back the failing part for an assessment and partial credit.
Depot Repair – failing parts are shipped to a parts repair service that fixes the part and ships it back. It may take a while to get the part back, but the cost savings is often worth the wait.
Major technological advancements in verification and check imaging and companies like Check 21 have made deposit slips a thing of the past. ATMs around the world are being replaced by advanced machines that have no envelopes in sight. This comes as an especially welcome surprise for drive-thru ATM users. Auto-deposit ATM installations means bank customers can finally say sianara to the extra deposit envelopes taking up valuable real estate in their cars.
Retailers like Whole Foods and Nordstrom might have recieved the e-receipt ball rolling, but Wells Fargo is leading the pack of financial institutions switching to e-receipts. Other banks are now falling in line, and Triton unveiled its industry leading paperless ATM at this year’s ATMIA. The company is anticipating the widespread use of printer-less ATMs in the near future. This could eliminate the annual use of 640,000 tons of receipt paper. Now that’s a lot of trees.
ATM suppliers found ways to save quite a few greenbacks when they underwent ATM refurbishments to meet ADA compliance, and the future changes needed for EMV, Windows 7, and PCI conversion could prove much of the same. It’s likely that refurbished machines will also become popular in developing nations that have the need for faster and more affordable hardware, not innovative capabilities.
Reducing Branch Size
The modern era of the slimmed-down ATM that offers more features is allowing bank branches to reduce their size and costs as well. Advanced ATMs are like little self-serve stations, eliminating the need for many services that have traditionally been offered by tellers. They allow financial institutions to seriously reduce their customer-facing real estate and re-imagine their entire branch functions. With the availability of these advanced ATMs, more and more banks are downsizing by reducing or ditching their teller lines entirely. Rather than being on the sidelines, bankers and service teams are taking center stage, allowing them to use their knowledge to assist customers and offer their valuable products.
As the majority of the population now utilizes smartphones with powerful capabilities, an increasing number of ATM manufacturers are toying with the concept of mobile cash withdrawals.
This will allow bank customers to initiate a withdrawal on their mobile device, and they would simply enter a temporary code to withdraw the funds at the ATM. This soon-to-be-released feature will not only save time, but it will likely replace the need for plastic bank cards in the near future as well. It’s becoming increasingly clear that the time of the mobile wallet may be closer than many have predicted.
Solar technology is nothing new, but drastically reduced PV cell and solar panel costs are making the production of solar-powered ATMs a tempting proposition. Solar-powered ATMs may reduce energy costs, but they also allow banks to make a footprint and offer banking services in remote locations that lack proper power infrastructure.