8/19/2021

Exploring the Most Important Equipment Maintenance Acronyms

I was 12 years old the first time I visited Mexico; my family stayed at an all-inclusive resort. Like most resorts, they held nightly entertainment for their guests. On one particular night, they were hosting a traveling group of professional wrestlers. My uncle asked me to go to the reception area to see where and when the event would be held. I approached two gentlemen at the front desk and very respectfully asked, “pardon me, do you know where the wrestling event is being held?” The two men looked at each other, smirked, and muttered something in Spanish. Then the bigger one looked me dead in the eye and said, “the wrestling event starts RIGHT HERE and RIGHT NOW!” Before I could even respond, the large man put on a wrestling mask and hurdled himself over the counter at me. He picked me up and body-slammed me into the floor. After throwing a few fake punches, he threw his arms into the air declaring himself the winner. He then helped me up and in a perfect customer service voice, he said, “the event is being held down this hall and to the right. Enjoy the show!” I was so dumbfounded that I just started walking and completely forgot to report back to my uncle. The moral of this story is this: it is important to understand the language. Even here at Equips, we have a certain lingo that everyone must understand. Here are some of the most important equipment and equipment maintenance acronyms used by financial institutions.

ARTICLE: Outsourcing Management Benefits Guide

Preventative Maintenance (PM):

Preventative maintenance is the practice of regularly scheduled maintenance of equipment and other assets to prevent unplanned and long-term downtime from unexpected equipment failure. PM is common when dealing with ATMs, ITMs TCRs, and coin sorters.

First-Line Maintenance (FLM):

First-Line Maintenance can be thought of as any maintenance activity (besides software updates) that somebody as unhandy as myself can take care of. By definition, FLM is the Clearing of faults that do not require tools. Common examples of this are bill and receipt paper jams. Equips has an awesome tool that simplifies the FLM process—EquipsConnect. EquipsConnect allows you to decrease downtime through remote monitoring, reduce maintenance costs, and schedule quarterly updates and security patches.

Second-Line Maintenance (SLM):

Second-Line Maintenance, often called Break-Fix maintenance, occurs after PM and often includes replacing or repairing worn parts or updating out-of-date software. The biggest difference between FLM and SLM is that tools are required with SLM. This is something we are very passionate about, which is why SLM is one of our favorite equipment maintenance acronyms.

Intelligent Depository Module (IDM):

The IDM is a module that some self-serve ATMs use to reduce the cost of cash and check deposits, improve branch productivity, and provide 24/7 convenience to customers. IDMs give customers the ability to deposit cash and checks into their accounts without having to interact with another human being. This allows banks to focus their labors on more pressing tasks and allows the branch to run more efficiently overall.

ARTICLE: Coverage or Convenience

Maintenance Contract (MC)

When banks and credit unions need to have their equipment serviced for maintenance, they often reach out to a service provider that they know and trust to get the job done. However, when they have a lot of different types of equipment spread out across branches, they need to have multiple maintenance contracts. Unless you are a person who loves managing multiple contracts, renewal dates, and billing methods, this is going to create headaches for you. And if there is one thing that you don’t need, it’s headaches. That is why Equips has created just a singular maintenance contract for all of your equipment needs. In fact, you won’t even have to change service providers when you partner with us. Get a quote today!

ARTICLE: Uncovering the Mystery of Equipment Maintenance at Equips

Hopefully, by now, you are a little more familiar with the terminology of banking equipment and equipment maintenance acronyms. If you have further questions or feel like Equips can be of service to your financial institution, reach out to a member of our solutions team or give us a ring at 866-324-4508. In the meantime, I’ll be touching up on my Spanish and practicing my wrestling moves. I want a rematch.

Until next time, friends!

About Equips

Equips is revolutionizing how Banks and Credit Unions manage, maintain, and protect critical branch equipment. Leveraging a network of 500+ vendors, experts at Equips help Financial Institutions respond to equipment problems quickly in one place: Equips.com. Active management allows Financial Institutions of all sizes to improve operational efficiency, cut costs, and streamline equipment inventory and vendor management. Our groundbreaking solution provides clients across 45 states with better insight and transparency into their critical equipment and enables employees to do their best work. To learn more visit equips.com.