ATM

BENCHMARKING
STUDY 2014
AND INDUSTRY
REPORT

report FEBRUARY 2014

ATM Benchmarking Study 2014
and Industry Report

A report based on the

ATMIA Benchmarking Study 2014

Published by
Value Partners Management Consulting Ltd
Kings Buildings, 7th Floor,
16 Smith Square, London SW1P 3HQ, UK

February 2014

Written by
Francesco Burelli, Andrey Gorelikov,
Marco Labianca

If you would like an electronic copy

please write to:
[email protected]

For more information on the issues

raised in the report please contact:
[email protected]

valuepartners.com
atmia.com

Copyright
Value Partners Management Consulting Limited
All rights reserved
 CONTENTS

1 Executive Summary 5

2 Introduction 9

3 The global ATM market 13

4 Scope of the ATMIA Benchmarking Study 2014 17

5 Key findings of the ATMIA Benchmarking Study 2014 19

5.1. Cost metrics and performance monitoring 19
5.1.1. Transaction processing 21
5.1.2. Cash management 21
5.1.3. Cost of hardware 24
5.1.4. Performance monitoring 24

5.2. Fraud and dispute management 27

5.3. Revenue and profitability 28

5.4. COMPLAINT MANAGEMENT 29

5.5. VALUE ADDED SERVICES AND MULTIFUNCTIONALITY 31

6
Conclusions 39

Disclaimer: This report illustrates some of the key general findings of the ATMIA Benchmarking
Study 2014 developed jointly by ATMIA and Value Partners, with the addition of industry
trends, analysis and commentary from Value Partners.
Participation in the ATM Benchmarking study is strictly confidential and selected examples
mentioned in the Value Partners commentary section on industry trends do not necessarily imply
participation to the ATM Benchmarking study.

report ATM Benchmarking Study 2014 and Industry Report

What is remarkable
is the degree to which
benchmarking has
become associated with
organisational improvement
in the post-modern era
Dr. J.P. Moriarty, Lincoln University, A theory
of benchmarking 2008

45
 FOREWORD

WELCOME TO THIS SECOND REPORT OF ATMIAS GLOBAL ATM

BENCHMARKING STUDY. LAUNCHED IN 2012, THIS BENCHMARKING
STUDYS ARRIVAL WAS ESPECIALLY RELEVANT FOR THE 21ST CENTURY
GIVEN THE CONTINUED GLOBALISATION OF THE ATM INDUSTRY AND
ITS ENTRY INTO A DYNAMIC NEW PHASE OF REPOSITIONING. THE ATM
TERMINAL IS BECOMING THE DOMINANT TOUCH-POINT SELF-SERVICE
DEVICE FOR CARDHOLDERS AND MORE RECENTLY, FOR MOBILE PHONE
ACCOUNT-HOLDERS.

ATM BENCHMARKING PROVIDES A BANK OR INDEPENDENT

ATM DEPLOYER WITH A SCORECARD OF ITS ORGANISATIONAL
PERFORMANCE, MEASURED AGAINST ITS COMPETITORS NATIONALLY,
REGIONALLY AND GLOBALLY. BENCHMARKING METRICS HIGHLIGHT
AREAS REQUIRING IMPROVEMENT AS WELL AS CURRENT
ORGANISATIONAL STRENGTHS, GIVEN THE INCREASED STRATEGIC
INTEREST IN ATMS WITHIN THE BANKING SECTOR AGAINST A
BACKGROUND OF ROBUST GLOBAL CASH DEMAND AND GROWTH IN
ATM SHIPMENTS. THIS REPORT BY VALUE PARTNERS FOR ATMIA IS AN
IMPORTANT REMINDER THAT BENCHMARKING IS A VITAL CORPORATE
TOOL FOR IMPROVING EFFICIENCIES AND STEPPING UP THE LEVEL
OF TECHNOLOGICAL AND SYSTEMS INNOVATION.

AS DR. J.P. MORIARTY OF LINCOLN UNIVERSITY CORRECTLY STATED

IN THE 2008 STUDY, A THEORY OF BENCHMARKING: WHAT IS
REMARKABLE IS THE DEGREE TO WHICH BENCHMARKING HAS BECOME
ASSOCIATED WITH ORGANISATIONAL IMPROVEMENT IN THE POST-
MODERN ERA.

IT WAS XEROX CORPORATION WHO PIONEERED INTERNAL AND

EXTERNAL BENCHMARKING IN THE 1980s TO DRIVE FORWARD THEIR
SUCCESS AFTER THEY STARTED TO LOSE FIRST MOVER ADVANTAGE
AND MARKET DOMINANCE AS HIGH-QUALITY RIVAL JAPANESE
PRODUCTS SNATCHED SIGNIFICANT MARKET SHARE. DAVID T. KEARNES,
XEROXS CEO FROM 19821990, ONCE DESCRIBED BENCHMARKING AS
THE CONTINUOUS PROCESS OF MEASURING PRODUCTS, SERVICES
AND SUCCESSFUL IN-HOUSE QUALITY IMPROVEMENT PROCESS
AGAINST THE TOUGHEST COMPETITORS OR THOSE COMPANIES
RECOGNISED AS INDUSTRY LEADERS.

report ATM Benchmarking Study 2014 and Industry Report

ATMIA BELIEVES THAT THERE HAS NEVER BEEN A BETTER TIME
FOR ANNUAL GLOBAL ATM BENCHMARKING TO ENSURE THAT ATM
OWNERS STAY AHEAD OF THE CURVE AS THEIR TERMINAL EVOLVES
INTO THE DOMINANT SELF-SERVICE PAYMENT DEVICE IN THE WORLD.

THE ATM IS EVOLVING RAPIDLY AS WE SPEAK. IT HAS MOVED FROM

A TELLER-REPLACEMENT TECHNOLOGY INTO GREATER VALUE
ADDING FUNCTIONALITY, ENABLING MOBILE PHONE CREDIT, LOANS,
COUPONS, BILL PAYMENTS AND EVEN INTERNATIONAL MONEY
TRANSFERS. THERE IS STILL MUCH TO LEARN IN THIS TIME OF GLOBAL
TECHNOLOGICAL AND STRATEGIC CHANGE; MORE IMPORTANTLY,
THERE IS STILL MUCH TO IMPROVE.

BENCHMARKING REMAINS ONE OF THE MOST VALUABLE TOOLS

IN THE COMPETITIVE ARSENALS OF ATM DEPLOYERS TO MEASURE
THEMSELVES AGAINST THE BEST. THE PURPOSE REMAINS THE SAME
AS IT WAS FOR XEROX BACK IN THE 1980s, NAMELY, TO IMPROVE
COMPETITIVE EFFICIENCY AS A SOURCE OF PRODUCTIVITY GROWTH
AND TO TURN AROUND SUB-OPTIMAL ASPECTS BY EMULATING A
SUPERIOR PERFORMING MODEL.

MAY THE 2014 GLOBAL ATM BENCHMARKING STUDY, THE SECOND

IN OUR SERIES, CONTINUE THE GOOD WORK IN IMPROVING ATM
PERFORMANCE AS OPERATORS RACE TO BECOME TOP PERFORMERS.

Michael Lee
CEO
ATMIA

67
 1Executive summary

ATMs continue to be one of the main Cash re-circulation assumed a key role
touch-points for the customers of in the reduction of the cost of cash,
financial institutions. Growth rates of the benefiting not only the financial servic-
number of ATMs, transacted volumes es institutions that adopt them, but the
and values are different among the economy and society at large by reduc-
regions of the world, but mostly exceed- ing the amount of cash in circulation.
ing the GDP growth rates, underling the
importance and potential of the ATM The general findings of the previous
channel. Following the success of its study have been confirmed during the
first ATM Benchmarking Study of 2012, course of the Benchmarking Study
ATMIA has once again, undertaken a 2014, with significant cost disparities
global ATM benchmarking exercise in being outlined across a number of cost
collaboration with Value Partners. metrics regardless that overall cost
A total of 42 survey respondents have efficiencies appear, in general, to be
participated. Once again uptake has improving. Amongst the most impor-
seen the participation of some of the tant findings of the study has been the
largest ATM operators globally, in- highly diverse cost of cash, hardware
cluding banks and Independent ATM and transaction processing for partici-
deployers, some of which took part at pants in the survey, despite the broadly
group level with multiple subsidiaries similar nature of ATM operations
submitting their data so benefiting from globally. Once again, little correlation
intra-group benchmarks and a view between the size, location, or type of
of in-house best-practices. The value ATM operator and their costs was found
and the interest for such an exercise in the analysis.
was once again confirmed by the fact
that two thirds of the participants of
2012 have joined again this important
ATMIAs initiative.

ATMs have changed their historical

role of a mere cash dispenser and are
expanding their potential to offer a
wider range of services to banked,
underbanked and unbanked popula-
tions. Available added functionality vary
significantly to a wide range of services
and ATM operators are starting to
implement Value Added Services strate-
gies in a more selective manner than
what was previously outlined during the
course of the previous study.

report ATM Benchmarking Study 2014 and Industry Report

The 2014 study was built upon the Despite the high focus on availability
areas in scope of the previous study and on performance management,
and expanded to include areas such as it was outlined that few ATM operators
ATM revenues. This is a highly sensitive monitor and manage cardholder satis-
and confidential part of the study but faction measures such as those related
it is fair to say that not all participants to complaint management.
may have a strategy whereby profits are This latter finding potentially points to
generated from the ATM channel. opportunity for diversification and com-
IADs have the ATM as a main line of petitive advantage that has yet to be
business but for banks, in particular, the fully explored by the industry at large.
ATM is a channel that is complementary For more detailed conclusions of the
to other services and often leverages findings of the ATM Benchmarking
purely as on a cost-substitution basis. Study 2014 please see section 5 of the
Profitable or less profitable organisa- report.
tions are evenly distributed across the
various regions with the imbalance
between costs and revenue appearing
to cause losses that are not necessary
affecting close competitors, likely on
the basis of different management
strategies for ATMs estates between
organisations. Nonetheless, this rein-
forces the working hypothesis deriving
from the analysis of the costs sections
that overall there are potential areas
of improvement that are waiting to be
investigated and realised by a number
of ATM operators.

89
 2
INTRODUCTION

1
Source: Timetric 2014 Automatic Teller Machines (ATMs) Despite this rapid growth, penetration
2
ATMIA and Value Partners, ATM remain one of the main channels for and access to ATMs remain unevenly
Benchmarking Study 2012 and
Industry Report
the provision of retail banking services. distributed, as reported by the World-
3
Source: Global Partnership Their importance is proved by the con- Bank, 3 with South Asia and Sub-Saha-
for Financial Inclusion, financial tinuous growth of the channel in terms ran Africa being the regions with the
inclusions indicators 2014
of the number of ATM units installed highest growth, albeit from a very low
and the volume and value of transac- baseline.
tions. Different regions show different
rates of growth, with a common growth The ATM industrys offering has evolved
trend for rates of growth that exceed significantly since its inception in the
GDP growth. This points to the fact that early 1960s, becoming a key enabler of
financial institutions are continuing to branch innovation, and now evolving in
invest in this self-service channel, but parallel to internet banking and newly
also that retail and SME consumers developing mobile banking channel,
continue to use this important banking developing its role from a pure teller
touch-point to access their funds. Over- substitution / cash dispensing service to
all, industry research estimates that the being one of, if not in many cases, the
number of installed ATMs units was over most important touch-point between a
2.75m in 2013, and is forecasted to grow financial services organisation and its
to over 3.22m by 2016, a 17% increase retail and SME customers. ATMs keep
over a 3-year period. providing a low-cost-to-serve channel
to financial institutions for an increasing
The overall value of cash dispensed in number of services ranging from access
2013 is estimated to $10.47tn,1 with an to current account funds and informa-
increase of 26% over the same time- tion, enabling cash and cheque deposits
frame to over $13.19tn. This cash dis- and now enabling access to a wider
pensed through ATMs remains critical to range of services. Within this context,
future cash accessibility and wider glo- ATMs keep playing a key role for the
bal economic development, despite the reduction of the cost of cash through
crucial and growing role that electronic re-circulation, benefitting not only the
payment methods will play, and the financial services institutions that adopt
increasing penetration and rapid pace them, but the economy and society at
of innovation in the non-cash payments large by reducing the amount of cash in
landscape that will be complementary circulation.
to the functions enabled by ATMs.

As outlined in the previous ATM Bench-

marking and Industry Report, 2 ATMs
increasingly serve more functions than
the simple provision of cash and as a
key touch-point between people and
financial institutions. They realise and
expand their potential to offer a wider
range of services to banked, under-
banked and unbanked populations.

report ATM Benchmarking Study 2014 and Industry Report

 Number of ATMs, 2006-16 (000)
06-16
CAGR
3,500
+6%

3,000
3%

2,500 4%
+8%
12%

2,000
6%

1,500

1,000

12%
500

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Number of ATM transactions, 2006-16 (Mln)

06-16
+6% CAGR
80,000
4%

70,000
6%

60,000
+12% 21%

50,000

40,000
4%

30,000

20,000

13%
10,000

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Timetric 2014

 Following the success of its first ATM Of these, around 65% are based in
Benchmarking Study 2012, and on the mature economies and 35% in emerging
feedback received from the organisa- or transitioning economies. Similar to
tions that took part to the former exer- the previous round of ATM Benchmark-
cise, ATMIA has once again, undertaken ing, the vast majority of responses to the
a global ATM Benchmarking exercise general invitation to participate came
in collaboration with Value Partners. from some of the largest ATM operators
Approximately 65% of the banks and globally, including banks and IADs.
independent ATM deployers (IAD) that
took part to the 2012 study participated Although some of the insights from the
again to this second round, and were survey and its general conclusions have
joined by others to a total 42 survey been included in this report, the full
respondents, some of which participat- findings of the benchmarking study are
ed through subsidiaries from multiple exclusively available to respondents.
countries.

Value of ATM transactions, 2006-16 ($Bn)

06-16
CAGR
14,000
+9%
13,000
2%
12,000
12%
11,000

10,000 21%

9,000 +13%

8,000
7%
7,000

6,000

5,000

4,000

3,000 16%

2,000

1,000

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

North America South&Central America Middle East & Africa Europe Asia Pacific

report ATM Benchmarking Study 2014 and Industry Report

Global ATM numbers (per 100,000 adults)
04-12
CAGR
220

210

2%

200

190

180

5%
50

40

7%

4%
30
17%

20

10
63%

27%

0
2004 2005 2006 2007 2008 2009 2010 2011 2012

North America East Asia & Pacific Middle East & Africa Sub-Saharan Africa
Europe Latin America & Caribbean South Asia

Source: World Bank, ECB, Value Partners analysis

 3
The global ATM
market
4
ATM Benchmarking Study 2012 The number of ATMs installed globally Compared to the findings of two years
and Industry Report has grown rapidly at a rate of 8% CAGR ago, there are earlier signs of a refine-
of the installed base between 2006 ment of the services offered through the
and 2012. The growth rate is expected channel. Mobile penetration, together
to remain high at a CAGR of 6% between with the increasing access to financial
2012 and 2016. While this may be services and financial education, are not
wrongly seen a slow-down in a pace of only changing the role of the ATM but
growth that is outstripping that of GDP, also expanding the role of cards (and
it is an indicator that some markets mobile handsets). ATM functionalities
might have reached saturation. are evolving from being a simple instru-
While this may be a credible working ment providing access to cash outside
hypothesis for some countries, of bank working hours to a means
there is still significant disparity in the for customers to access a much wider
availability and access to this channel, as range of services offered by banks,
highlighted by World Bank statistics. and in few cases in partnerships with
governments.
Overall, the African and Asia-Pacific
regions are driving growth, with North It was reported in the previous edi-
America growing at a slower pace of 2% tion of the ATMIA ATM Benchmarking
CAGR between 2004 and 2012. Study and Industry Report that in 2009
Africa and Asia-Pacific contribute the the number of ATMs exceeded the
largest part of overall ATM unit growth, number of bank branches in low-income
driven by a combination of population countries.4 Over the last two years, the
growth, economic development and installation of ATM units has increased in
a rollout of financial services which is all countries across all regions, includ-
pushing demand for non-branch ac- ing North America, which has shown an
cess to cash, financial information and increase of 3% CAGR between 2006 and
other services. As highlighted in the ATM 2012. In comparison, Europes installed
Benchmarking Report 2012, the role base grew by 6% CAGR in the same
of the ATM channel has changed from period, both the Middle East and Africa
that of a mere cash dispenser to being and Asia Pacific by 12% and South and
in many cases, the primary channel for Central America by 4%.
retail financial services.
All rates are higher than GDP growth
for the same period in each respective
region. Similarly, in all regions,
the growth value of cash withdrawals
has been in line with or in excess of
inflation rates, suggesting that consum-
ers are increasing the use of the ATM
channel to access funds.

report ATM Benchmarking Study 2014 and Industry Report

Transactions per type of terminal: ATM vs. POS
Dynamics of cash withdrawals at ATM vs selected economic trends

AUSTRALIA CHINA
MILLIONS

MILLIONS
-1% +22%
1,000 12,000
11,453
870 10,000
800 563 851 844 827 10,313
8,000
600 8,359
6,000
6,358
400 5,175
4,000
200 2,000

0 0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012

0 0

5,269
50 5,000 6,722
9,187
100 10,000
12,352
154 156 155 154 152 15,264
150 15,000

200 20,000 +30%

AUD BN

CNY BN

0%

5% 5%

4% 4%

3% 3%

2% 2%

1% 1%

0% 0%
2008

2009

2010

2011

2012

2008

2009

2010

2011

2012

GDP growth (annual %) Household final consumption

Inflation, consumer prices expenditure (annual % growth)
(annual %)

Source: WorldBank, BIS, Value Partners analysis

5
Board of Governors of the While general terms are valid pointers, The ATM market continues to grow
Federal Reserve System,
Consumers and Mobile Financial it is to be noted that different countries globally, in terms of the quantity of
Services 2013, March 2013 may see different ATM channel dynam- ATMs proportional to the population,
6
Compete.com ics, regardless of broadly similar positive in the volume and value of transactions
economic conditions. Ultimately, the captured through the channel and in
unique characteristics of the infra- the quantity and quality of services
structure in each country, the countrys on offer. Mobile and online channels,
consumer payment habits and the along with POS terminals, are evolving
dynamics of its domestic retail bank- to complement rather than displace the
ing industry drive very different type role of ATMs as a key financial services
of mutations in the development of the channel. Ensuring the availability, reli-
channel and its leverage by consumers ability and quality of services remains
and bank alike. For example, looking at a key driver for the success of the retail
two large economies in the Asia Pacific banking industry: the second most
region, China and Australia, the trends of common means of access in the past 12
the number of cash withdrawals at ATMs months was via an ATM or online bank-
are very different, despite both countries ing, both at 74% of respondents to the
experiencing positive GDP growth, low Federal Reserve Boards survey. 5 This is
inflation and growth in household final in line with a number of similar findings
consumption expenditure. and statements from other sources
confirming the importance of ATMs
This ATM growth in developing econo- for the retail banking industry, even in
mies, especially in the Asia-Pacific an online banking context, with 53% of
region, means that those countries often online banking customers identifying
lead the way in terms of the value added ATM access as a key choice criteria in
offerings available at ATMs, but as time choosing a bank, more than double the
goes by and ATM acquirers in other next most important criteria.6
parts of the world continue to extend
the functionality of their ATM portfo-
lio, this is less likely to be the case. In
general, Asia remains the global leader
in terms of cash recycling, for example,
while countries in which ATMs are an
established and widespread channel are
facing a country-wide wave of upgrades
due to the transition to EMV compliant
technology. The practice of extending
the working life of older units beyond
their depreciation period remains, de-
spite ongoing innovation in the channel.

report ATM Benchmarking Study 2014 and Industry Report

Global EMV Completion of cards and terminals
(including ATMs and POS terminals)

0%
0%
+7%
94% 95%
81% 81%
68% 73%
+3%

15% 16%
2011 2012 2011 2012 2011 2012 2011 2012

+2% +1%

+20% +2%
77% 79% 76% 77%
+36% +4%
49% 50% 51%
41%
29% 26% 27%
21%
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012

EMV Cards Africa & the Middle East

EMV Terminals Asia Pacific
Canada, Latin America Europe Zone 1
& the Carribbean (Western & Central Europe)
United States Europe Zone 2
(data not available) (Eastern Europe)

Source: EMVco, MasterCard, Visa, American Express, Value Partners analysis

 4
Scope of the ATMIA
Benchmarking Study 2014

During 2013, Value Partners, in partner- Anonymous data was gathered in the
ship with ATMIA, collected statistics from following areas of ATM management:
42 ATM operators, in order to expand,
update and build upon the insightful uti- General Estate Statistics (e.g. the
lisation and cost benchmarking baseline size and offering of the respondents
developed previously. Sixteen of these ATM estate)
responses were from Europe, ten from
Asia, five from Middle East and Africa Cash Management (e.g. replenish-
and eleven from the Americas. ment and reliability information)

In addition to these detailed responses, Transaction Management

a purely qualitative questionnaire (e.g. transaction costs and data
was completed by a further four ATM transmission figures)
operators. The second round of Bench-
marking built on the categories and ATM performance monitoring
metrics of the first round with expanded (e.g. costs of performance monitor-
detail for the Value Added Services ing)
and Fraud sections and with the
addition of Revenue and Quality Estate Management (e.g. hardware
of services sections. statistics and malfunctioning figures)

Fraud, Crime & Dispute (e.g. frequen-

cy and cost of ATM crime)

Revenues (e.g. fees and commis-

sions)

Quality of services (e.g. customer

complaint management policies and
statistics)
Statistics collected
from 42 ATM operators,
in order to expand,
update and build upon the
insightful utilisation and
cost benchmarking baseline
developed previously
in 2012

report ATM Benchmarking Study 2014 and Industry Report

 The purpose of this survey was to pro- Of the newly participating organisa-
vide participants with renewed insights tion less than half were already making
into the performance and cost structure industry comparisons prior to joining
of their ATM estates with the additional the ATMIA ATM Benchmarking study,
detail on revenue and profitability indi- proving, once again, the interest and the
cators and with more comprehensive value of such type of exercise for ATM
insights into the Value Added Services Operators.
and Fraud management and prevention.
Some of the statistics gathered are
The value of such insights is especially included in the report below on a base
important as ATMs are proving to be 100 normalised index basis. Some
a much needed channel for Financial graphs and statistics include most of the
Institutions as well as representing sample, but not all of the 42 respond-
a profitable business line. With cost ents, since some submissions were not
controls being kept high on the agendas fully completed. Others, meanwhile,
of all financial institutions in particular in reflect findings from the full sample.
times of more accurate capital allocation
due to tighter compliance requirements, The underlying philosophy of the exer-
such a capital intensive channel that is cise is that through such cooperation
also central to customer interaction, will the ATM industry, together with ATMIA
benefit from an objective view of per- and domestic banking communities will
formance and a way to compare against be able to provide pointers that lead to
industry best-practices. improved efficiency and performance.
By leveraging the data and information
shared, service quality can be improved
whilst reducing operating expenses,
all the while ensuring the protection of
sensitive information and competitive
advantages.

Do you make regional or national comparisons with any

competitor or similar operator?

YES NO

0% 100%

Source: ATMIA Benchmarking Study 2014, Value Partners analysis

1819
 5
Key findings of the ATMIA
Benchmarking Study 2014
7
Source: KL Guide, ATM 5.1. Cost metrics and performance This counterintuitive conclusion sug-
Software Trends and Analysis, monitoring gested that ATM Operators were not
6th Edition, 2013
While ATM operators were especially able to fully leverage scale to drive
8
Asian Banker Research, 2011,
Understanding the cost keen to bring down expenditure in a pe- cost efficiency and that there was a
of handling cash in Asia Pacific riod of economic crisis, despite the signs significant potential for optimising ATM
Building an integrated cash
supply chain to improve cash of economic recovery in many markets, operations. The instances in which the
handling efficiency financial institutions are now facing the lack of correlation was outlined during
challenge of tighter capital regulatory the course of the previous study match
requirements. Cost control has always the findings of this second benchmark-
been an important area of focus for all ing exercise.
parts of the banking industry and this
keeps being of particular importance in 5.1.1. Transaction processing
the capital intensive ATM industry. Cost Although management theory assumes
efficiency is a key requisite to profitably that the size of operations is one of
operate a business within a channel the most critical drivers for variable
that absorbs a relatively higher liquidity unit cost, such as processing, as a
compared to other business lines of the result of economies of scale, this was
financial services industry. once again - not found to be the case
amongst the respondents to the ATMIA
Cutting operational costs is by far the Benchmarking Study 2014.
most critical change as highlighted
by the 2013 ATM Software Trends and This is also in line with Value Partners
Analysis report7. Improving functional- experiences in the card issuing and POS
ity for the customer was the second, acceptance industries, again, proving
followed by integration with other to be the case in the ATM industry.
self-service channels. In light of this, the Once again, there are a number of
comparison of cost indicators across potential explanations for this, ranging
the 2012 and 2014 benchmarking study from contract management to a lack
is pointing to an indicative, general cost of price transparency from vendors
reduction of about 7-8% on average. and, in some markets, competitiveness
After investigating such cost perform- with regards to alternative processing,
ance improvements, participants appear platform providers and outsourcers.
to have benefitted by technology up-
grades, modernisation of ATM portfolios Labour also remains a prominent cost
and an overall refinement of manage- for ATM operators, especially in mature
ment practices. markets where technology outsourc-
ing and process streamlining have
One of the key findings of the previous already reduced costs such as machine
ATMIA ATM Benchmarking Study 2012 downtime8 . Automated fault-detection
consisted in outlining the lack of cost systems, integrated servicing and re-
advantage provided by economies of plenishment schedules and centralised
scale in this channel. ATM software environments continue to
be potential ways in which ATM opera-
tors may control their costs.

report ATM Benchmarking Study 2014 and Industry Report

Cost per transaction vs. number of transactions

Note: average of transaction = 100

Cost per transaction

Number of transactions

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

 5.1.2. Cash management Similarly to the findings of the ATMIA
Cash, together with the cost of hard- Benchmarking Study 2012, this study
ware, and increasingly the cost of found that ATM operators continue
security and fraud prevention, remains to have different approaches to cash
one of the major cost components of replenishment, with the frequency of
an ATM business. A key opportunity to replenishment being inversely propor-
reducing costs lies in enhanced cash re- tional to the amount reloaded and the
circulation functionalities while accurate float stored within the ATM. In analysing
forecasting of cash demand, ensuring the frequency of cash replenishment,
that ATMs are provisioned with the after normalising the data to take into
right amount of cash needed, remain account the economic characteristics
key drivers of cost efficiency as well as of each participants economy, ATM
ensuring ATM availability and avoidance locations and geographical dispersion
of out-of-cash downtime. across each participants country, a
number of common trends emerged:
Differently from the findings of the
previous Benchmarking study, this time ATMs located within bank branches
participants appear to adopt increas- are typically loaded more often
ingly in-house intelligence for cash
forecasting purposes with the use of Different ATM locations tend to be
forecasting software remaining widely replenished to different levels of float
used. This difference compared to the
previous study is driven not only by new Countries with lower incidence of
participating organisations but also by attacks to ATMs and ATM theft tend
changes within cash forecasting practic- to have high amounts of float
es of few ATM operators that took part
in both rounds of the ATM Benchmark- Replenishment value and frequency
ing study. Some companies surveyed do can vary significantly according to
not perform cash demand forecasting the geographical dispersion of ATM
at all, implying that significant improve- locations
ments could be made in the manage-
ment of cash in the ATM system. For this latter point the survey recorded
a variety of behaviours, whilst showing
similarities amongst participants from
the same country, region or size and
How do you perform cash demand forecasting? type of operator, are far from homoge-
nous globally. More generally, the survey
found cases of very different cash refill-
ing approaches even amongst directly
Forecasting software
competing ATM operators. In particular,
during the course of this study and
In-house intelligence
differently from the previous find-
ings, these differences appeared to be
predominantly driven by the approach
Do not perform
cash demand forecasting towards reducing potential losses in case
of ATM theft. This is once again based on
the assumption that less cash stored at
0% 100%
the ATM leads to lower losses in the case
of a criminal attack.

Source: ATMIA Benchmarking Study 2014

report ATM Benchmarking Study 2014 and Industry Report

Cost of replenishment event vs. average number of replenishment events per year per ATM

Note: Base 100 normalised index

Cost of replenishment event

Average number of replenishment events per year per ATM

Average value of cash held in an ATM Vs number

of replenishments per ATM per annum

(-)R 2 = 0,55
vAverage value of cash held in an ATM

Average number of replenishment events per year per ATM

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

 Once again few instances of cash It is to be noted that while this observa-
replenishment behaviour were investi- tion is analytically relevant, it is also im-
gated with the conclusion that, some- portant to note that crime against ATMs
times the cost of the more frequent appear to be perpetrated sometimes in
reloads exceeded the cost of total a consistent but near-random manner,
losses incurred. incentivising ATM Operators to focus on
preventing and minimising losses rather
than adopting risk-weighted approaches.

Cash recirculation is far from being the

norm and ATM replenishment remains a
key area in which effective management
can keep costs to a minimum and main-
Are you conducting pilots Do the ATMs in your network take tain maximum reliability. Differently from
regarding the implemen- deposits? If yes, what proportion? the participants to the previous round
tation of full cash recy- of benchmarking when cash recircula-
cling capability in your ATM
network? tion was a feature resulting hardly in use
by ATM operators, this study has found
<20%
that over 17% of the participating sample
0% NO 0% NO
20%-40% benefits from cash recirculation.
40%-60% Overall cost of cash must take in account
>60% the opportunity cost of cash that is de-
pendent upon the amount of cash locked
in cassettes and vaults and upon the
cost of the liquidity. This is sometimes
calculated as a weighted cost of capital
but more often consists of an internal
YES
transfer rate from the central treasury
unit or from a third party lender. In the
case of the previous study the findings
YES
100% 100% outlined that cash provided by a third
party can be cheaper than that provided
by treasury. However, in this case the
Comparative opportunity cost of cash variance, netted from interest base line
(central bank interest rate = 100, maximum and minimum differences, is less wide than that found
ranges shown) during the previous study.

+105.3% The previous graph shows that, in line

+83.7.3%
with the findings of 2012, that the more
replenishments the lower the cost of
each individual replenishment, with a
group of high frequency replenished
ATMs representing in-branch estates.
100% 100%
As in the previous case more remote
locations with an higher cost of cash re-
-47.3% plenishment because of travel distanc-
Internal
transfer rate es, however, may potentially providing a
-81.6% case for considering the deployment of
3rd party
lender ATM recirculating units.

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

report ATM Benchmarking Study 2014 and Industry Report

Cost of hardware
(average = 100)

+131.8% 5.1.3. Cost of hardware 5.1.4. Performance monitoring

Hardware is the major cost compo- Performance monitoring is composed
nent for ATM operators. Similarly to of a number of activities that are critical
the previous study, the benchmarking to the ATM business and in some cases
study recorded significantly different concern nearly all aspects of ATM oper-
approaches to depreciation, the exten- ations, from activity monitoring to cash
sion of the useful life of ATM hardware management and fraud prevention. Er-
and vendor management. The majority ror monitoring largely takes place in real
of operators are opting for a multiven- time but performance monitoring is an
dor policy. Hence, one would assume activity that is deployed through varied
that this would lead to a high level of approaches to monitoring the ATM
competitiveness in the ATM market and estate with the aim to maximise uptime
100 a narrow range of ATM unit costs. Once and performance.
again, this was not the case as the cost
of ATM units varies greatly between Once again the majority of surveyed
participants. ATM operators produce internal per-
formance monitoring reports on a daily
From the benchmarking sample the basis, although some appear to opt for
cost of hardware was found to have monthly updates on the performance of
little correlation with the type, size and the ATM estate.
-17.5% location of the organisation.
ATM hardware
cost

What is your vendor policy? If you have a multi vendor policy, What methods do you use to identify
how many vendors do you use? errors at ATMs?

100% MULTI
VENDOR Outcourced

3
Audits

2
Real time
monitoring

0% 80%

Frequency of performance monitoring

reports produced
SINGLE
VENDOR

0% 100%

0%
Hourly Daily Weekly Monthly

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

2425
 Differently from the previous sample, During the course of this ATM Bench-
this time around, few participating or- marking study, the majority of ATM
ganisations are monitoring the perform- operators do not appear to be planning
ance of their ATM estate on an hourly to improve their monitoring capability,
basis, frequency that would appear to largely through investment in software.
be connected to higher availability.
Overall, the survey found a relationship
In terms of the parties directly responsi- between more frequent and accurate
ble for the creation of ATM performance monitoring and better network
reports, it seems that this sample makes performance (downtime / uptime)
less recourse to outsourcing with one and pointed towards a potential
organisation in particular in-sourcing its association between a more detailed
performance monitoring which during approach to performance management
the course of the previous ATM Bench- and lower operating costs, cash man-
marking Study was provided by a third agement and transaction processing
party provider. costs in particular.

What is your approach Are you planning any investment to improve/upgrade your
to performance monitoring? monitoring capability? If yes, please specify

100% Infrastructure upgrade

Outsourcing IN-HOUSE NO
Software investment
Monitoring system
0% 100% for multi-vendor network

What metrics/data do you collect as

part of your performance monitoring?

None (outsourced)

Performance of outsourced
ATM management

ATM uptime YES

Problem handling
and response times

Transaction data

Type of fault
0%

0% 100%

Source: ATMIA Benchmarking Study 2013, ATMIA Benchmarking Study 2014, Value Partners Analysis

report ATM Benchmarking Study 2014 and Industry Report

 building alarms

CCTV coverage

transaction encryption measures/MACin

anti-ram raid bollards

anti-skimming jamming measures

enhanced ATM locking systems for the cabinet

anti-ram raid anchorage plinths/anti-theft devices

transaction reversal fraud/dispenser manipulation detection

alarms in ATM security enclosures

enhanced ATM locking systems for the security enclosure

% of fleet covered by security measure

ATM fascia and cabinet alarms

anti-cash trapping physical prevention measures

Fraud, crime and dispute Security measures

anti-skimming detection measures

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

remote monitoring for unusual transaction patterns

% of participants having security measures in place

anti-card trapping detection sensors/measures

enhanced building and perimeter security

a mirror to detect shoulder surfing

PIN pad shields/guard

remote monitoring for unusual ATM device behaviour

enhanced physical security for cash shutters

higher specification security enclosures

cash protection systems such as IBNS/dye staining

internal cages/locking bars to protect cassettes

security guards at ATM lobbies

ATM room smoke protection systems

anti-cash trapping detection sensors

anti-deposit trapping detection sensors

anti-solid explosive attack measures

defensible spaces (painted lines) at ATMs

0%
0%

100%
100%
 5.2. Fraud and dispute management
Fraud is and will remain a serious chal- While disputes can originate from
lenge to the industry and is an area causes other than fraud (e.g. card-
in which all participants appear to be holder errors, processing errors, etc.),
investing significantly. The amount of the analysis has outlined a correlation
investment is not yet at the same level between the number of fraud cases
as those absorbed by the estate invest- and the number of disputes and their
ment or by cash float, but is increasing respective unit cost.
rapidly versus other operational costs. Once again, on the basis of the data
Once again, the survey found a high analysed during the course of this
level of variability between the levels round of benchmarking, fraud is to-
of fraud experienced by respondents gether with malfuctionings - appearing
with most organisations participating to to be a key driver of dispute cases and
both rounds of benchmarking, reporting their associated costs.
higher fraud losses.

Number of fraud Do you have other security measures in your Real Estate?
cases per ATM If yes, how many?

100% 100% NO
1-3
YES
Benchmarking

Benchmarking
Study 2014
Study 2012
ATMIA

ATMIA

+10

0% 0%

Dispute and fraud statistics

(average = 100, maximum and minimum ranges shown)

+166.4%

+46.9%

100 100

-95.9%
Number
of dispute
cases per
transaction
-85.6%
Cost
per dispute

report ATM Benchmarking Study 2014 and Industry Report

 5.3. Revenue and profitability Profitable or less profitable organisa-
The ATMIA ATM Benchmarking study tions are evenly distributed across the
2014 expanded from the pure cost various regions with the imbalance
focus of 2012 to include revenues. between costs and revenue appearing
This is a highly sensitive and confiden- to cause losses that are not necessary
tial part of the study but it is fair to say affecting close competitors, likely on
that not all participants may have a the basis of different management strat-
strategy whereby profits are generated egies for ATMs estates between organi-
from the ATM channel. sations. Nonetheless, this reinforces the
IADs have the ATM as a main line of working hypothesis deriving from the
business but for banks, in particular, the analysis of the costs sections that on
ATM is a channel that is complementary the whole, potential areas of improve-
to other services and often leverages ment are waiting to be investigated and
purely as on a cost-substitution basis. realised by a number of ATM Operators.
While the vast majority of participants
have not provided a breakdown of Where losses have been seen, in gener-
revenues by services (e.g. withdrawal, al, overall cash withdrawal transaction
mobile top-up, etc.) the vast majority margins continue to result in a slightly
supplied revenue figures for transac- wider range than the total marking of
tion and cardholder fees that have been the ATM product line. In many cases, the
used to calculate the pro-forma profit- losses of cash withdrawals are balanced
ability of the ATM estates. by margin origination from value added
services that are seen to be dragging
the overall economic performance of
a couple of estates back into positive
from a distinct loss making position.

Average transaction profitability statistics The majority of ATM Operators, do not

(average = 100, maximum and minimum ranges shown) account for on-us transactions with an
internal transfer price, de-facto penalis-
ing the economic performance of their
+438%
ATM estate while providing a nominal
cost advantage to their ATM portfo-
lio. While it appears to be a common
+424.6% practice, it distorts the actual financial
results of the ATM and debit card busi-
ness units.

100 100
-44.5%
TOTAL
MARGIN

-192.4%
Average
transaction
margin

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

2829
 5.4. Complaint management Over half of recorded complaints
ATM Operators are investing considera- appear to be originating from card
bly in performance monitoring activities, captured due to an ATM malfunction
mostly with the aim to maximise ATM and just over a quarter is due to cash
availability and avoid downtime. not dispensed despite the account
While most participants monitor and being debited due to a malfunction.
manage the performance of their ATMs As a channel there is great effort be-
through a variety of ATM reports, ing invested to ensure availability and
only few - about a quarter of the total avoiding poor service but, data appears
number of participants - collect data on to indicate that very few ATM opera-
complaints from card-holders. Of these, tors are taking in account factors like
the vast majority has implemented a customer satisfaction.
formal complaint handling policy.
This latter include the option of a formal The analysis did not venture into inves-
compensation for the lack of service to tigating the rationale for such a choice
disgruntled cardholders. but the findings have outlined that
there may be an untapped opportunity
to leverage customer satisfaction as a
source of competitive advantage.
This would need to be investigated and
validated based on the competitive
landscape and characteristics of each
estate.

COMPLAINTS MANAGEMENT
Participants collect data Do you have Is compensation offered?
on complaints a complaint policy?

100% NO NO 100%

NO

YES

YES
YES
0% 0%

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

report ATM Benchmarking Study 2014 and Industry Report

Proportion of complaints received per year

Pricing Complaint Other

Transaction slow or incomplete

communications malfunctiON ATM out of order

Cash not dispensed Card captured

Customer error Issuer requesT

Cash not dispensed

A/c not debited
ATM Malfunction

Cash retracted

Cash not dispensed

Card captured A/c debited
ATM Malfunction ATM Malfunction

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

 5.5. Value added services and multi- Compared to the previous study, the
functionality current analysis outlined two key trends
The role of the ATM channel continues in regards to multi-functionality:
to change. That was one of the five
general conclusions from the previous I. Multi-functionality is in most
ATM Benchmarking Study and it is a cases becoming the norm
trend that emerged even strongly dur-
ing second exercise. The role and the II. ATM operators are starting
range of functionalities that are being to select the services they wish
offered through the ATM are fundamen- to offer through their estates
tally changing the nature of the chan-
nel. This is because as many customers ATM advertising functionality continues
interact with their financial institution to be common throughout all geogra-
increasingly via the ATM as well as phies. Message personalisation is now a
other self-service touch-points, the user growing feature that is offered in over
experience of ATMs itself is keeping 50% of the cases, about twice as much
being re-designed around a self-service compared to the findings of the previ-
concept. ous ATM Benchmarking study.

Increasing consumer familiarity with Advertising initiatives on ATM are grow-

digital interfaces driven by the growing ing by as much as 13% year-on-year,
uses of smart phones and tablets is one being perceived by bank institutions
of the key enablers that are accelerat- and advertisers as a more effective and
ing the potential changing role of ATM efficient way of advertising than direct
estates. mail/email and any other standard form
of advertising. Indeed, according to
NCR Inc., ATM adverts are 65% less
Types of ATM advertising expensive and 200% more effective
than direct mail.
Direct marketing
Cash withdrawals and mini-statements
are thus no longer the only services that
an ATM operator can offer to customers
but, based upon the findings from the
analysis, they remain the predominant
service demanded by ATM users.
3rd party advertising

couponing

Source: Press, Company websites

report ATM Benchmarking Study 2014 and Industry Report

 Balance enquiries

Printed receipts

PIN services

Mini statements

Mobile top-ups

Within the next year

Value Added Services
Account transfers

Bill payments

Intelligent deposit

Dynamic currency conversion for tourists

% of participants, offering a service

Charity donations
% of fleet covered by security measure

Other

Couponing

Within the next 5 years

Cardless withdrawal

Person to person remittances (initiated)

Person to person remittances (collected)

Payment of taxes/fines

Loyalty rewards

FX Remittances

Pass book printing

Travel tickets

Not planning to add service

Entertainment event tickets

E-Wallet top up

Road tolls

Licences

Lottery tickets

Sports event tickets

Stamps sales

Event Tickets

dismissed by some participants

Services declared planned to be
0%
0%

100%
100%
 This trend toward multifunctionality is The second is complexity, with mul-
not limited to mature ATM markets, but tifunctionality necessarily involving
is common throughout geographies. As connections with 3rd party telecom-
this trend continues, the two potential munication networks, with all the
challenges highlights in the previous interoperability and reliability issues this
ATM Benchmarking Study 2012 are implies.
starting to be addressed by ATM opera-
tors. The first is related to cost man- The current study analysed a shift in
agement, with the increase in available multi-functionality trends compared to
services requiring a constant review of two years ago; after that most par-
how to best optimise ATM expenditure. ticipating organisations having imple-
mented functionalities that were on
their wish lists during the course of the
Value Added Services advertising previous study.
Do participants undertake sales or marketing?
If yes, what type? Nowadays attention and plans are be-
ing paid to fewer value added services
and with ATM Operators starting to
Generic
100% NO selectively dismiss a few services, in a
Cardholder-specific
drive to optimise queues at ATM or that
Split between on us and
not on us customers are not profitable or not taken up by
YES consumers as expected.

0%

Do participants advertise on behalf of 3rd parties? What are the most popular
If no, why? or frequently transacted services?

100% NO Cash withdrawal with

balance enquiry

Cash withdrawal only

Balance enquiry only

YES OtheR
Incompatible technology
Company Policy
0% Other 0% 80%

Source: ATMIA Benchmarking Study 2014, Value Partners Analysis

report ATM Benchmarking Study 2014 and Industry Report

6
conclusions

Similarly to the previous study, the ATM Fraud is a growing challenge

Benchmarking Study 2014 has provided Fraud is a growing challenge to the
participants with an insight into key industry and ATM Operators are
performance metrics of their respective increasing their efforts to prevent
ATM estates. While the findings specific and combat it. Investment in fraud
to each participants are confidential to prevention measures is increasing as,
participating organisations, there are in general, fraud losses continues to
a number of general conclusions that increase.
have been developed during the course
of the analysis. These do not contradict ATMs can be a profitable business
but, on the contrary build upon the line but with exceptions
findings of the previous Benchmarking While the majority of participants are
Study. showing profitable ATM businesses,
a minority is apparently running loss-
The conclusions are: making estates. It is to be noted that
not all ATM Operators have a strategy
Economies of scale are (still) not a whereby profits are generated from
source of competitive advantage the ATM channel, this conclusion
Once again it was found that a larger is reinforcing the working hypothesis
scale does not necessarily result in that the cost imbalances outlined
lower unit costs. While, in general in the first conclusion may provide
terms costs have been decreasing opportunities to improve overall ATM
relatively to the previous ATM economic performance
Benchmarking study, there is still
no correlation between scale and Cardholder satisfaction is not
cost efficiency. Once again no single a typical driver to ATM management
operator has emerged as an obvious Very few participants appear to be
best performer amongst all partici- tracking cardholder complaints
pants. (or other types of customer satisfac-
tion measures) in parallel to ATM
performance monitoring. While
availability and uptime are important
drivers for ATM performance, could
customer satisfaction be a source
of competitive advantage too?

3435
 Selective multifunctionality is the As referred to previously, the content
ATM business model of the future of this report refers to the general
In line with what the conclusions results of the ATMIA ATM Benchmark-
and findings of the 2012 Study, ing Study 2014 and are general
multifunctionality is now an estab- in nature. Survey participants have
lished, dominant business model exclusive access to the full findings
for ATMs. ATM operators appear and are provided with a customised
to be developing selective approach- report detailing their performance
es to multi-functionality with some relative to a number of benchmarks.
Value Added Services being phased
out in parallel to a more selective If you would like to participate in the
approach to Value Added Services survey in future years, please contact
being implanted in evolving the role your ATMIA regional director or write to
of the ATM. [email protected].

Value Partners believes that the ATM

channel is, and will continue to be, for
the foreseeable future, one of the most
important channels of the banking
industry and, with very few exceptions,
the main touch-point between retail fi-
nancial institutions and their customers.

The development of other channels

such as internet and mobile banking is
currently proving complementary to
ATM industry and it is far from being a
threat to ATMs. Within this context, ATM
business management and the result-
ing fundamental economics should not
be overlooked, since current business
practices appear to offer potential for
improvement.

The development of other

channels such as internet and
mobile banking is currently
proving complementary to
ATM industry and it is far
from being a threat to ATMs

report ATM Benchmarking Study 2014 and Industry Report

About Value Partners
Management Consulting

Value Partners has an Over the last 21 years we Founded in Milan in 1993,
established financial have delivered real ben- Value Partners rapid
institutions practice with efits for our clients, 60% of growth testifies to the val-
a track record in cards, whom have been with us ue it has created for clients
payments and transaction for over 10 years, build- over time. Today, it draws
banking. Over a quarter ing on our deep industry on 20 partners and over
of our projects are now on insights into key issues for 250 professionals from 23
behalf of financial institu- these sectors. Value Part- nations, working out of
tions. We have completed ners has played a primary offices in Milan, London,
projects with top banks, role in the development of Istanbul, Dubai, So Paulo,
issuers, acquirers, proc- innovative solutions, espe- Buenos Aires, Beijing,
essors and payments cially those at the cross- Hong Kong and Singapore.
schemes. roads between industries. Value Partners has built a
We have assisted 3 of the portfolio of more than 350
The firm also works across worlds top 5 banks, the international clients from
all sectors of the telecom- leading European financial the original 10 in 1993
munications and digital institutions and the main with a worldwide revenue
marketplace, as one of telecoms operators in mix.
the largest TMT practices Europe, Asia, Middle East
worldwide. This, together and Latin America. valuepartners.com
with our thought leader-
ship position in the finan- We serve the largest
cial services industry, has private equity firms with
enabled Value Partners an interest in financial
to excel within the context services, telco and media
of industry convergence. industry. Value Partners
helps its clients adapt
their business models in
an increasingly complex
business environment,
to maximise impact and
returns in the financial
services, payments, telco,
technology and digital
media spaces.

3637
About
ATMIA

The ATM Industry Associa- ATMIA has chapters ATMIAs provides a one-
tion, founded in 1997, is a around the world in the stop online resource for
global non-profit trade as- United States, Canada, Eu- member information with
sociation with over 4,000 rope, India, Latin America, security best practices,
members in 60 countries. Asia-Pacific, Asia, Africa industry white papers,
The membership base and the Middle East. articles, research findings,
covers the full range of ATM business efficiency
this worldwide industry ATMIA has just launched a best practices, compliance
comprising over 2.3million new international certified material, Corporate Gov-
installed ATMs. eTraining programme for ernance best practices,
ATM Operators (for both Glossary of ATM Terms, a
banks and independent Gallery of Technology, on-
ATM deployers. In addi- line ATM Risk Assessment
tion, the association runs system, industry calendar
an ATMIA Consulting and and more.
Training practice as well
as a range of industry atmia.com
committees to deal with
Government Relations and
regulatory monitoring,
ATM security, best prac-
tices and ATM deployer
issues.

report ATM Benchmarking Study 2014 and Industry Report

For more information on the issues raised
in the report please contact:
[email protected]
ATM business management
and the resulting
fundamental economics
should not be overlooked,
since current business
practices appear to offer
potential for improvement
Copyright Value Partners Management Consulting Limited. All rights reserved