The opportunity: ATMs can serve as dynamic marketing platforms for financial institutions (FIs), offering a regular audience and a unique opportunity to provide tailored experiences that resonate with customers.
Why ATMs? Although many FIs are reducing their ATM presence, the machines remain a priority for FI customers and are important in their banking experience.
- People still turn to cash above all other payment methods for in-person transactions of $25 or less—which means customers need to withdraw it from their FIs.
- More than half of consumers under the age of 49 withdraw cash from ATMs eight to 10 times per month.
- Over 41% of prospective customers consider convenient ATM locations when choosing an FI.
- 10% of Gen Z, 9% of Millenials, and 9% of Gen X customers manage their bank accounts primarily through an ATM—that’s right, prioritizing it over a mobile app, branch visit, or online account.
How to incorporate ATMs into a marketing strategy: Aside from their importance to customers, ATMs offer FIs an opportunity to build a stronger relationship with their customers, per the Financial Brand.
- That’s because they provide a wealth of quality data regarding user preferences and habits—giving FIs more tools to provide personalized experiences.
- ATM screens can also serve as a medium for tailored messaging and product and service offerings specific to a region and customer.
- And don’t forget about receipts—along with transaction records, they can be the perfect place for marketing messaging and QR codes to promotional campaigns.
Key Takeaways: Yes—personalized messaging based on data requires upkeep and time. However, this investment empowers banks to effectively communicate essential information to their customers, delivering what they want to know, enhancing their experience, and fostering stronger connections.
