Grow Financial Federal Credit Union Streamlines, Enhances Self-Service Banking Through NCR Atleos Partnership

Rhea-AI Summary

NCR Atleos Corporation (NYSE: NATL) announced that Grow Financial Federal Credit Union has chosen Atleos ATM as a Service (ATMaaS) to transform its self-service banking channel for members and support ongoing growth. The move consolidates a previously complex operating environment into a single, trusted vendor partnership, simplifying management and maintenance of the credit union’s ATM and ITM channels. Atleos is uniquely positioned to run an institution’s self-service banking more efficiently and effectively than anyone else in the market.

Insights

Financial Analyst

The strategic partnership between Grow Financial Federal Credit Union and Atleos represents a significant investment in technology infrastructure aimed at enhancing customer service and operational efficiency. From a financial perspective, the collaboration could lead to cost savings through streamlined operations and reduced maintenance expenses associated with managing an aging ATM network.

By outsourcing ATM and ITM management to Atleos, Grow Financial is likely to see a reduction in capital expenditures, as they shift from a model that requires significant upfront investment in hardware to a service-based model. This move can improve their balance sheet by converting fixed assets into variable costs. Additionally, the potential for improved customer satisfaction and retention through upgraded service offerings is a positive indicator for future revenue growth.

However, it is essential to monitor the execution of this transition, as the integration of new technology can come with short-term costs and risks. Any delays or technical issues could temporarily disrupt service and affect customer trust.

Market Research Analyst

Grow Financial's decision to update its ATM infrastructure and expand its ITM offerings reflects a broader industry trend where financial institutions are prioritizing digital transformation to meet changing consumer expectations. The increased convenience and enhanced capabilities of ITMs, such as conducting more complex transactions, can attract tech-savvy customers and create a competitive edge.

Market research indicates that customers increasingly value self-service options that offer a seamless and efficient banking experience. As such, Grow Financial's investment in Atleos ATMaaS and ITMs could strengthen its market position and brand reputation.

It's important to analyze customer adoption rates following the implementation of these new services to gauge the success of the investment. A positive reception can lead to increased foot traffic, higher transaction volumes and potentially, an expanded customer base.

Technology Consultant

The shift to ATM as a Service (ATMaaS) and the integration of Interactive Teller Machines (ITMs) are significant from a technological standpoint. These services leverage advanced software, connectivity and automation to enhance the user experience. The consolidation of services under Atleos may offer Grow Financial access to cutting-edge technology and innovation.

From a technical perspective, the scalability and flexibility offered by Atleos could enable Grow Financial to adapt quickly to future technological advancements and consumer demands. The partnership may also provide Grow Financial with valuable data analytics, helping them to understand member behaviors better and tailor services accordingly.

However, it's critical to ensure that the technology provided by Atleos aligns with Grow Financial's IT security policies and regulatory requirements to protect member data and maintain compliance.

ATLANTA--(BUSINESS WIRE)-- NCR Atleos Corporation (NYSE: NATL) (“Atleos”), a leader in expanding financial access for financial institutions, retailers and consumers, today announced that Grow Financial Federal Credit Union has chosen Atleos ATM as a Service (ATMaaS) to transform its self-service banking channel for members and support ongoing growth.

Tampa, Fla.-based Grow Financial recognized the need to update its aging ATM infrastructure and wanted to simultaneously grow its ITM footprint to connect with members in new and engaging ways. The credit union decided to expand its relationship with Atleos, selecting both Atleos ATMaaS and Atleos ITMs. This move consolidates a previously complex operating environment into a single, trusted vendor partnership, simplifying management and maintenance of the credit union’s ATM and ITM channels.

"We exist to serve people, not profit. This commitment drives us to make sure our self-service banking options are reliable, member-centric, and easy to use," emphasized Doug Tilden, EVP and Chief Financial Officer at Grow Financial Federal Credit Union. "Through our partnership with Atleos, we're not only improving the member experience at self-service touchpoints but also enhancing efficiencies and reducing complexity. It's a powerful win-win.”

“Atleos is uniquely positioned to run an institution’s self-service banking more efficiently and effectively than anyone else in the market,” explained Steven Nogalo, General Manager of North America for Atleos. “Relying on us to take over the distribution, installation, maintenance and cash management of Grow Financial’s fleet will make self-service banking more accessible to members and free significant bandwidth for the credit union. Employees can in turn focus more on their core business objectives such as strong member service and growth.”

About Atleos

Atleos (NYSE: NATL) is a leader in expanding financial access by shifting transactions to the self-service channel and enabling financial institutions and retailers to leverage its ATM network – the largest independently-owned network in the world. Through its digital-first technology and unmatched global services operation, Atleos optimizes the branch, improves operational efficiency and maximizes self-service availability. Atleos is headquartered in Atlanta, Georgia, with 20,000 employees globally.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240123516525/en/

Scott Sykes

NCR Atleos

scott.sykes@ncratleos.com

Source: NCR Atleos Corporation

FAQ

What is the ticker symbol for NCR Atleos Corporation?

The ticker symbol for NCR Atleos Corporation is NATL.

What service did Grow Financial Federal Credit Union choose from Atleos?

Grow Financial Federal Credit Union chose Atleos ATM as a Service (ATMaaS) to transform its self-service banking channel for members.

Who is the General Manager of North America for Atleos?

Steven Nogalo is the General Manager of North America for Atleos.

What is the main objective of Grow Financial Federal Credit Union in choosing Atleos ATMaaS?

The main objective is to improve the member experience at self-service touchpoints, enhance efficiencies, and reduce complexity.

What is Atleos uniquely positioned to do in the market?

Atleos is uniquely positioned to run an institution’s self-service banking more efficiently and effectively than anyone else in the market.