How Privat ATMs work
In a recent interview, Dmitry Musienko, a member of the board of Privatbank for retail business, shed light on how Privat ATMs operate and why they have a different format for dispensing cash compared to other banks.
Most banks typically dispense the card first and then the cash. This is likely done to ensure that customers do not forget their cards. However, Privatbank follows a different approach. They believe that issuing cash first and then the card is the optimal format. Musienko explained that if the card is issued first, there is a higher chance of customers taking the card and forgetting the money. This is especially true for customers who are accustomed to the traditional sequence of operations at ATMs.
The unique format of Privat ATMs has led to a higher number of forgotten cards. Musienko revealed that approximately 2,000 cards are forgotten at Privat ATMs every day, which means that every third ATM forgets at least one card per day. However, he also mentioned that about 60% of the forgotten cards can be returned to their owners. Privatbank has a function to call forgetful clients and ask them to return to the ATM to retrieve their cards. Unfortunately, this opportunity is only available for Privat clients. If the card was issued by another bank, the owner will not have the chance to be contacted and retrieve their card.
When a card is forgotten at a Privat ATM, the machine goes into standby mode until the next client is served. If it is a Privatbank card, the bank will try to contact the cardholder and ask them to return to the ATM to pick up the card. However, for cardholders of other banks, this is not possible as Privatbank does not have their contact information. In such cases, the cardholder must enter their PIN code to retrieve the card. If the client does not use this opportunity, the ATM will irrevocably take the card and destroy it.
In 2021, approximately 1 million cards were forgotten at Privatbank ATMs, and around 600,000 of them were returned to their owners. Musienko also mentioned that the card can be reissued for free, but it may not be possible to return the money. It is worth noting that not all banks offer free card reissues.
Overall, Privatbank’s unique format for issuing cash aims to prevent customers from leaving the ATM without their money. While it has led to a higher number of forgotten cards, the bank has implemented measures to return as many cards as possible to their owners.
What additional services are offered at Privat ATMs beyond cash withdrawals, and how does this enhance convenience for customers
Rd but forgetting to take the cash. By issuing cash first, customers are more likely to remember to take both their card and their money.
Privat ATMs also have a unique feature called “adaptive issuance,” which allows customers to dispense cash in any desired combination of bills. Musienko explained that this feature allows customers to have more control over their cash withdrawals and makes it easier for them to receive the specific denominations they need.
In addition, Privatbank has implemented the latest security measures in their ATMs to protect customers from potential fraud. Musienko mentioned that their ATMs use advanced encryption technology and have cameras and sensors to detect any suspicious activity. They also have a team of experts constantly monitoring the ATMs and ensuring that they are functioning properly.
Another interesting aspect of Privat ATMs is that they offer a wide range of services beyond cash withdrawals. Customers can also deposit cash, make utility payments, transfer money, and even purchase mobile phone top-ups. Musienko emphasized that Privatbank aims to provide convenience and accessibility to their customers, which is why they have expanded the functionality of their ATMs.
Overall, the operation of Privat ATMs combines efficient cash dispensing, enhanced security features, and a wide range of services to provide a seamless and convenient banking experience for customers.
This article provides valuable insights into the workings of Private ATMs, particularly highlighting the card-first approach and shedding light on the alarming forgotten card statistics. A must-read for anyone seeking a deeper understanding of the ATM industry dynamics.