PNC Bank promoting ATM use
Pittsburgh-based PNC Bank is setting up a new initiative to encourage more customers to use its ATMs instead of the teller window. Vice Chairman Will Demchack explained to analysts in New York City that transactions at a teller window in a bank branch are more expensive for PNC than if consumers were to use an ATM or go online. The bank plans to cut down on costs by promoting more ATM usage.
Eighty percent of the bank's customers use ATMs to gain access to cash. By comparison, only 10 percent take advantage of the automated teller machines to deposit checks and just one percent use them to cash checks.
According to Demchack, if those percentages rose to 40 percent of customers making deposits and 20 percent cashing checks, then PNC could save more than $50 million.
In order to draw people away from the tellers and to the machines, PNC has set up some new features in its ATMs to ensure customer satisfaction. PNC has increased the amount of ATMs that can stamp check images on deposit receipts, giving customers who were once apprehensive about trusting a machine with their money more confidence in their new decision. These machines are also capable of cashing checks so they dispense the dollar amount and then save the change in the customer's account.
With less customer interaction in the offices to induce sales, PNC is also adding a pre-approved credit card offer through "smart messages" that will pop-up on ATM screens for accepted customers. So far the acceptance rate is approximately three percent which is, "way over what we get in direct mail response," according to Demchack.
With a major bank like PNC pushing for the use of its ATMs, it could be helpful for merchants who want to encourage cash spending to adopt new machines with superior features. With the help of a trusted reseller with a wide selection of models, independent merchants can stay competitive with banks and offer their customer a satisfactory experience.
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