- Dear EVERY Bank CIO:
Why do you force me to guess my ATM withdrawal limit for your risk tolerance BEFORE you require me to tell you how much Cash I want to withdrawal? And, frequently it is different for your own Brand machines even in the same city block, so there is no way I could even come close to guessing it for the ATM I’m standing at this very moment? Is it because you are trying to save money on that initial API call to your “risk withdrawal limit” algorithm? Because I get that call costs your company money.
But have you ever considered or looked into what is actually happening? Try looking at from the Customer’s perspective.
1. I need Cash.
2. I know you will charge me something but you won’t tell me how much until I tell you how much I want. You just challenged me to a game. Well, game on! Hold on a minute, I also know your fee is capped at like $3.50 or $4.00 (except for extenuating circumstances - like right outside of the only gas station in the middle of Wyoming and its Cash ONLY). And we’re competing now so I want to optimize my return on withdrawal (yes, your Customers think this way). I now want the most Cash out I can get for the fee you will charge. And I know you will cap it so I should take out the most I can.
And 3. I don’t want you to get the best of me. Especially in this game that I didn’t want, but you continuously challenge me at your ATM. So, game on!
As a result, every time I’m on your ATM I guess high on the first guess (it’s better returns on your ridiculous $3.50 charge to get my own money and it’s all digital, so don’t give me that overhead cost BS - you and I both know this fee is funding other P&L investments). I also know if I’m too high on the first chance I still have another 2 (read: you made that expensive API call to your “risk withdrawal limit” algorithm, anyway!).
Now, on try 2 (knowing I still have another attempt before you lock me out) I go lower. Not too low as I want to optimize my return on your fee still (we’re opponents, after-all). If I fail on the first 2 tries, NOW I’m starting to get upset. You’ve made me guess, you challenged me, you’re playing games with me financially, and now I realize you didn’t even come back and tell me my ACTUAL limit on THIS ATM with your first API call. I mean, you knew the actual limit in order to know I guessed too high! Are you not telling me to win the game even at your cost? “Why didn’t you just tell me my limit!?!?”
So, I start to steam. I think (usually not out loud), “s_eriously? You just made the expensive call you were trying to AVOID and didn’t think to give me my actual limit so we can be done with this?_” So, begrudgingly on my last attempt before you lock me out, I guess low. You win… I take my card and money and storm away UPSET (my wife asked me what was wrong - and she got this entire story).
First, I’m upset with you for making me guess to save you money. Then I’m upset because you didn’t tell me the limit when you checked the first time. Then I start to think you aren’t even remotely Customer Experience focused as a bank. I do, however, find my way to a small smirk because I cost you 3 API calls instead of none. Then I take the limited money I could get from you at your exorbitantly high fee (remember, its my money and its all digital) and walk away. “…a_nd down the streets I go,”_ to quote George Thorogood.
Now, even my wife is slightly irritated because I get back into the car, clearly flustered, and try to explain how ridiculous the entire experience is. “I mean Elon Musk is landing rockets on boats in the middle of the ocean and they can’t even figure this out?” I continue, “T_hey could save money and have a significantly better customer experience. At least better with me!_” She shakes her head at me in disgust.
P.S. Yes, I am in the software industry and No, I don’t want a job helping your customer experience team. I really DO, however, want you all to think about fixing this. Just this one thing is fine. Worry about other Customer Experience initiatives later because I suspect ATM touch-points are pretty high up there on the list of Customer touch points at your bank (ask the CS team). And, I also want to knock this one item off of the many things that I think about that irritates my wife (every time we get money at an ATM together).