You may have already come across mobile ATM machines in supermarkets, airports etc. A few players share this limited market.
Their business is relatively simple: clients taking out cash pay an additional commission, which then pays the operator of the ATM. The latter incurs two principal costs: the rent of location occupied by the ATM and the costs associated with maintenance and restocking.
The fundamental problem to be solved is this: how does one identify the location that will guarantee the largest amount of foot traffic?
For a long time now, research into potential such locations has been limited to a mix of instinct, barely scientific field observations, and the analysis of a few data sets that aren’t necessarily relevant.
“the devil is in the details”
Although this approach does help in positioning ATMs in ‘hotspots’, it is far from sufficient. It’s not just about finding a hotspot, it’s about finding the perfect location down to the nearest metre. The devil is in the details in this industry. When a client is looking to take out cash, he’ll stop at the first ATM that he or she finds. The decision is instantaneous. Thus, one must find the place with the most ideal pedestrian flow and position the ATM there.
Another problem arises when the seasons change, radically effecting the flow of pedestrians past ATM sites. Operationally this represents a potentially important cost. Operators need to understand how a change in seasons will influence foot traffic in order to be able to better configure the plans for their machinery and their site operators (the suspension of certain machines, re-location, the freezing of restocks etc).
Without a more scientific methodology in the face of these issues, operators are condemned to carrying out actions a posteriori, by analysing the past. How does one behave proactively then, as opposed to reactively?
Our client is rolling out its new ATMs across the world and needs to define the optimal locations with the best customer reach and conversion possible.
The software used should allow the creation of a network of different shop distribution formats as described below:
- Prime locations in top quality, high-density retail zones.
- Locations with high footfall traffic with a special focus on tourist footfall traffic
Symaps.io Location selection criteria & network optimization algorithm
- Qualified footfall analysis (tourist movement)
- On-demand Network optimization generation based on top performers criteria weighting
- Transaction Analysis & Location Comparison
Symap’s unique data use enabled our client to find the best location for their next ATM’s location. 2 products are now being used in the purpose to find the best location and to replicate success.
Thanks to Symaps ATM location finder, our client can now analyze different locations by combining multiple data sources (both external and internal).
Furthermore, our client was able to run a Data-driven ATM location Analysis by the ranking and scoring of potential ATM locations, ATM hotspots heat map. Our data enabled him as well to factor-in seasonal data in the analysis enabling him to have a clear view of tourists footprint.
This knowledge is key to re-negotiating contracts with security and cash escort companies. By knowing precisely when and where to open or close an ATM, our client can now have better control over his supply chain. This would not be possible without Symaps.
Moreover, the Twin locations finder allows users to identify top performing ATM “DNA” and find more locations with characteristics that are similar to the selected one (“twin”). The identification of the similar location is based on success factors such as: footfall, POI, local amenities, transactions, etc.
Symaps is an AI-powered location intelligence platform that helps you find the best locations for your business.
Our platform is built for emerging and established brands & retailers looking to scale their business or optimize their existing locations. With a strong focus on retail, FMCG, and real estate, Symaps combines the power of Machine Learning & AI and acts as the backbone for companies in which location matters when it comes to making key strategic decisions.
Our team of experienced data scientists gathers, processes, and models large volumes of raw multidimensional data (public and private) to distill it into actionable, easy to use, and visually appealing map based insights.
Our proprietary machine-learning algorithm actively learns what drives your business success and brings advanced data capabilities and predictive technology to empower a company of any size to perform in-depth market research and gain strategic insights in a matter of minutes.
Visit our website to discover more business cases.