40% faster withdrawals at HDFC Bank ATMs
January 25, 2010 – 10:56 am by Paurush SonkarThe classical definition of an ATM – Automated Teller Machine or Any Time Money as we know it largely is all set to change, Thanks to HDFC Bank.
HDFC Bank customers would have seen this change the last time they stepped into the ATM.
What HDFC Bank has done is introduced the 40% faster withdrawal feature – This features aims to reduce the time a user spends in the ATM.
When an existing user walks into an ATM and lets assume he withdraws Rs. 500, the ATM machine throws up a message before the transaction is completed asking the user if Rs. 500 should be set as their favourite amount. If the user accepts this then the next time when the user walks into that ATM he would be prompted to withdraw his favourite amount.
This move has the below stated advantages:
- Will reduce the time a user spends in the ATM, thereby reducing the queue and the waiting period outside
- Reduces the number of selections (Button pushes)
- Adds a small touch of personalization to a machine and man relationship
- The feature has the potential to be a great selling point in todays time when ‘Time is Money’ quite literally
There is also a Television Commercial released by HDFC Bank to showcase the feature and build awareness.
Few more things Banks could do with their ATM’s:
- Effectively use the ATM screen as a Branding option
- Add a Voice to it. Eg – When a user checks his balance, the balance amount must also be an Audio alsong with the display. This is already available as a feature in all banks for their phone banking piece. However this must be done only at ATM’s with single machines only to keep the privacy intact
- Allow people to apply for a loan, credit card or even a bank account through an ATM. Use the ATM like a lead generation tool. Lets not forget we might not have a branch of a bank next to our house but we surely have an ATM
2 things the bank must do immediately is Talk of this feature on thier website and inform existing customers of the same by SMS as well.
The feature has great potential to revolutionize the man to ATM relationships and many banks might follow suit.
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