Banks: Payment Technology Is Key to Engaging with Today’s Accountholders

The world continues its from cash to digital transactions. One indication is that the number of ATMs in the U.S. has decreased from 470,000 in 2019 to 451,000 in 2022. With the rise of online services and digital wallets, there are fewer reasons to stop to withdraw cash or deposit a paper check. However, banks have been slow to digitally transform their cash-  and paper-based processes, and still, in 2024, consumer and business customers receive checks and deposit slips when they open new accounts. Although merchants have expanded their payment technology so that consumers can make contactless payments, payments at unattended devices integrated into self-service kiosks, and QR-code-based or other alternative payments, most bank technology still limits how customers can interact at the branch.

With the growth of ecommerce and wider adoption of real-time payment rails, accountholders are beginning to view traditional banking processes as outdated and gravitate toward fintechs that offer a modern experience. However, financial institutions can compete by implementing forward-thinking payment technology that enables a wide range of payment services designed to help banks engage customers, enhance experiences, and build stronger accountholder relationships.

Bridge the Gap Between the Traditional and the Modern

Upgrading to digital payment technology gives financial institutions the ability to modernize how they accept payments, enhance customer experiences, and manage devices across locations.

• Accept

When businesses or consumers make a payment at a bank, the transaction is now typically with a check or cash. Online banking allows accountholders to pay online with a transfer or a credit card. However, depending on the online payment options available, a customer may still need to go into a branch to make a payment by the due date with limited options.

PIN pads at teller windows give customers the payment choice they prefer. An Android terminal powered by a flexible, robust operating system allows banks to accept a wider range of payment types. Customers could transfer funds with their debit cards, pay with a debit card issued by another bank, or use a payment app or credit card to make payments.  Alternatively, customers can skip the teller window and use a self-service kiosk to make payments and secure receipts that show they made their payments on time.

• Enhance

The right payment technology allows banks to optimize customer experiences and personalize interactions. Android enables expanding the functionality of the PIN pad to give customers access to their loyalty rewards accounts, allow them to redeem those rewards for cash or perks, purchase gift cards, and provide their feedback on short surveys.

With modern payment technology, banks can craft experiences that increase customer satisfaction, build stronger accountholder relationships, and even increase non-interest income by offering new services.

• Manage

When more customers engage via PIN pads and other payment devices, banks will need an effective way to manage their expanded technology footprint. A purpose-built payment device estate management solution gives financial institutions centralized control of devices in all of their locations. Estate management allows banks to configure and update PIN pads remotely and strengthen security. It also enables preventive maintenance by performing device health checks that detect issues and enable repair and replacement to avoid downtime.

Furthermore, a leading payment device estate management solution also gives banks a complete view of the devices their business customers are using to keep them operational and secure.

Expand Your Bank Technology Stack with Ingenico

Modernizing banking and bank technology will help financial institutions enhance customer experiences and increase satisfaction with banking services. However, the idea of developing new technology is likely daunting. Fortunately, Ingenico has developed the AXIUM platform and the AXIUM Payment Experience (APEX). AXIUM supports a range of payment devices, allowing banks to choose the form factors that are right for their applications. APEX allows banks to access third-party apps via APIs to enhance interactions on PIN pads. Ingenico also offers M360, complete lifecycle management for Android terminals and other payment devices deployed within their organizations and across their business customers’ IT environments.

Ingenico has created payment solutions for modernizing banking and meeting customer demands for digitally enhanced experiences. Contact us to take advantage of the opportunity to reimagine banking processes and increase competitiveness.