4/7/2021

Tips for Banking Equipment

When you think about what is essential for successful bank operations, many different needs come to mind. Staffing, management, location, marketing, and technology are all involved in supporting the consumer experience in banking.

Much of the focus in retail banking recently has been on digital platforms. Banks and credit unions have made their websites and apps a cornerstone of delivering a quality service to the market (and with good reason!). However, it would be a mistake to think that web services are everything. Yes, digital transactions are important, but they’re still are many consumers interested in using cash and performing face-to-face transactions.

This is where banking equipment becomes key to delivering the services that have come to be expected.

ARTICLE: MAKE BETTER STRATEGIC & FINANCIAL DECISIONS

Tips for tools of banking transaction

Banking equipment is essentially any piece of equipment that aids transactions between the banker and the consumer. It can also include equipment that supports the physical infrastructure of the branch.

Some of the (many) common types of financial equipment are:

Banking equipment is critical for taking care of consumers and providing a secure and convenient experience. When operational technology fails to deliver as expected, it can create delays in customer service and damage a financial institution’s market reputation.

ARTICLE: TIPS FOR DRIVE-UP EQUIPMENT

Balancing equipment demands

Managing the huge variety of devices is challenging—there is much more to supporting banking equipment than just purchasing the best machines.

If you think about all the tasks needed to have excellent banking equipment, it’s quite daunting:  technology research; vetting vendors; RFP process; project implementation; handling equipment outages; planning preventative maintenance; requesting service; tracking down technicians; processing invoices; negotiating contracts; budgeting for upgrades or replacements.

Given how essential good equipment is at the branch level, it’s important for financial institutions to have a cohesive and consistent strategy for their management. Unfortunately, because each piece of equipment might serve a different operation, the oversight of banking equipment is often segmented into different ownerships, processes, and priorities. This also means that those responsible for the management of equipment typically need to focus on other priorities of the business, such as facilities maintenance, security, IT, or customer service.

ARTICLE: BRANCH TRANSFORMATION

Unlocking equipment potential

Ensuring that all your equipment is well-functioning and providing a good ROI can be a full-time job. Under the Equips management and coverage strategy, you can expect high-quality service, using your existing preferred service vendors at competitive prices. This is all managed by our team of industry experts who turn complex retail operations into a simple and efficient process—so you can focus on meeting your goals and taking care of your customers and members.

Equips goes beyond simply the servicing of equipment; we also help with the difficult process of selecting new equipment. Equips’ team can provide the analytics around the quality of equipment (both for manufacturers in general and specific models). We collect our data from handling over 20,000 service events annually, across 45 states.

Our insights allow us to offer the real performance and cost data of equipment. This can help you understand the true maintenance coverage and support that is needed for your equipment before you make decisions. Equips then customizes your service vendor recommendations, allowing you to select the right vendor or make the best use of your existing relationships.

Contact Equips today to find out how we can enhance the life and service of your banking equipment.

ARTICLE: PREVENTATIVE MAINTENANCE PLAN & CHECKLIST 

Additional resources:

4 Things You Need to Know About ATM and Branch Equipment Management and Maintenance – JMFA

5 Questions to Ask Before Buying New Equipment for Your Practice – Commerce Bank

 

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.