ATMs can be one of the costliest pieces of equipment at retail banks and credit unions. Planning and budgeting for ATM downtime, repairs and eventual replacements are critical. This is particularly true for financial institutions with many branch locations. For such businesses, early benchmarking and planning is of the utmost importance. We’ve compiled the list below to help leaders at financial institutions benchmark their institutions’ ATM availability percentages, average life and more in relation to what we see in the marketplace.
Benchmark for ATM Availability Percentage, Average Life, etc.
- 7 Years ATMs are built to last 7 years, but many last longer. Standard ATM depreciation usually falls within a 5-7 year window.
- 98% network target uptime This is the industry standard, but it varies depending on many factors including usage frequency, environment, ATM age and target KPIs of the Financial Institution.
- 3-6 service requests per ATM per year. This is the average covered service requests we see per year for a standard ATM with envelope depository. Although, we have seen ATMs with advanced features with up to 40 service calls.
- Biggest opportunity: Reducing maintenance costs. Where financial institutions feel they have the most room for improvement in managing their ATMs.
- Only 24% of FIs resolve most incidents remotely. Most do not have this capability or are unable to measure it.
- Top 5 challenges for ATM monitoring & maintenance
- Managing service quality and vendor SLA
- Poor monitoring or remote management capabilities
- Lack of reporting or accurate data to fix incidents
- Turnaround time and repeat failures
- Controlling costs
- How managed services can help
- 3% increase in ATM availability through faster fault awareness and diagnosis.
- Resolve 63% of issues remotely. Manage first line issues without dispatching a technician and save your FI both time and money.
Improve ATM uptime & maintenance efficiency
Let EquipsConnect help you stay PCI-DSS compliant at the ATM channel. Our remote monitoring and management capabilities help you maintain security measures and increase ATM availability. To learn more please contact us here.
Here to help with ATM RFPs
From reaching out to vendors, to researching what your branch needs – the ATM RFP process can be time-consuming. Our team of industry experts is here to help. We’ve helped customers obtain quotes, and benchmark their quotes to what we see in the marketplace. If you’re interested in a free consultation, please contact us here.