- Connectivity. Without proper broadband penetration, banks will have trouble setting up ATMs in remote villages.
- Energy. With many villages receiving less than eight hours of electricity per day, uninterrupted power is something that the banks need to think about
- Maintenance. Remote villages will lack technical expertise to handle ATMs.
- Security. Both the network security and the physical security of the ATM booths need to be handled.
Going … Going … Going but not yet gone.
Greetings from BAI Transpay where bankers and vendors gathered to discuss payment issues. Check volumes are dropping and banks are racing to drop costs as quickly as customers are dropping volume. Checks are being imaged, converted to ACH and replaced by debit so that paper check handling is dropping dramatically.
Banks are making mighty efforts to drop costs in line with these decreases. JPMorgan Chase (plus WaMu) has dropped from 3200 people to 1400 in check processing and gone from 21 processing centers to 13.
BB&T has moved to 99% image exchange for sending and receiving images and has branch capture in 400 out of 1500 branches. Frost Bank has dropped head count in check processing by 30%. All banks are racing to reduce costs.
The most painful part of the process will be deciding when volumes get really low. A bank will need to decide whether to:
– Stop working with paper all together
– Keep what little remains in house
– Outsource the remainder
We aren’t there yet, but even the largest banks will soon get there.
- KeyBank’s Maria on Money. A blog for women business owners.
- RBC’s Next Great Innovator. For RBC’s The Next Great Innovator challenge.
- Verity Credit Union’s Our Voices
- Bank of America’s Future Banking Blog