How ATM as a Service is Solving the Staffing Crisis in Banking

How Self- Service ATMs Are Solving Bank Staffing Concerns

With 4 out of 5 financial institutions worried about staffing in a tight labor market, it’s more important than ever to ensure your financial institution is doing everything it can to mitigate this issue and continue to provide customers with excellent service. But how is this possible when your FI is understaffed? Of course, there are numerous ways to attract talent to your job openings, such as competitive pay, benefits, and flexible work hours. However, one innovative way to ensure your financial institution is running efficiently among the staffing crisis is by outsourcing ATM services to a company like Shields. This will decrease the number of staff needed in your branch and allow your employees to focus on more important, customer-facing responsibilities.

Keep reading to learn about the benefits of working with an ATM vendor to solve your bank staffing crisis.

A Self-Service Solution

Outsourcing your ATMs makes it easier to expand the number of ATMS your FI provides due to streamlined and outsourced management. One result of adding ATMs is the decreased need for tellers in branches. Expanding your ATM capabilities means fewer customers will need to visit your branches to perform routine tasks like deposits and withdrawals. Your staffing needs should decrease as well, with fewer employees needed to help customers in the branch.

Globally, the number of ATMs in use has been steadily increasing. This indicates that FIs are realizing the benefits of increasing the number of ATMs they provide. In a world centered around convenience and online life, more and more consumers are looking to ATMs and mobile banking apps to fulfill their basic banking needs instead of relying on branch visits.

ATM Stats

Greater Employee Efficiency

With ATM outsourcing, employees no longer need to maintain and operate your bank ATMs. Daily cash pulls and weekly or monthly maintenance is not needed when ATM management is handled by an outside company. This may significantly decrease the number of employees needed at a particular branch. And with the tellers you do have, you don’t need to worry about training them in sophisticated ATM maintenance procedures–all your maintenance is outsourced to us.

An American Bankers Association (ABA) study revealed that banks estimate savings of 3 to 4 full time equivalent full-time employees (FTE) in branch operations by outsourcing ATMs. Additionally, bank executives estimate that they have “reclaimed 90% of their time” they previously spent on ATM management.

ATM – Your Remote Employee

One of the main arguments for remote work is that employers are able to pull from a much larger applicant pool and expand their geographic reach beyond their previous capabilities. Well, the same is true for ATMs. Think of all your ATMs as remote tellers, scattered across a large geographic area, able to connect with more people than ever before to improve customer experience. This attracts customers from a greater geographic area, thus expanding your reach and increasing customer satisfaction. With these ‘remote tellers’, banks can effectively serve customers on a 24/7 basis without the constraints of typical banking hours. Moreover, these ATMs can also provide services in areas where it may not be financially viable to establish a full branch, further extending the bank’s footprint and accessibility.

Employee Safety Concern Mitigation

Employee retention is of the utmost importance in the wake of this staffing crisis. You want to hold onto the employees that you do have to prevent further shortages. According to The Society of Human Resource Management (SHRM), the cost of replacing an employee is, on average, 6-9 months of that employee’s salary. So, the value of a seasoned employee is quite high.

Since the pandemic, working in customer-facing jobs has been more stressful and even dangerous. ATM robberies increased by 600% between 2019 and 2020 and continued to increase by another 10% in 2021. It is crucial that banks implement strong security measures and provide adequate support for their staff. Ensuring the safety and wellbeing of employees is not only a moral responsibility but also a strategic move to maintain service quality and reputation in the financial sector.

Addressing employee safety concerns by outsourcing high-risk tasks such as servicing ATMs is an effective way to build trust with employees, thus improving employee retention. Our armored car guards consist of law enforcement-trained, ex-military, and industry-experienced professionals. Let your employees step away from the risk of handling ATM cash and leave it to our armed guards.

Learn more about our bank outsourcing services!

If your financial institution is being affected by the staffing crisis, Shields Business Solutions can help. Schedule a call with our team and learn more about how we can streamline your business operations by handling all your ATM needs in New Jersey, New York City, Long Island, Suffolk County, Northern DE, the Greater Philadelphia area, Harrisburg, Allentown, Bethlehem, and Wilkes-Barre.