By Keith Hamilton | October 26, 2016
Our team at Source Technologies just returned from the BAI Beacon 2016 conference in Chicago. Known for years as the Retail Delivery Show, BAI changed the format this year to introduce content in a more rapid-fire environment, with multiple sessions happening simultaneously in one large room.
The finance industry has been talking about “branch transformation” for the last few years, to maximize the brick-and-mortar channel as online and mobile banking become more commonplace. Financial institutions want to streamline branch operations, leveraging technology wherever possible, to dedicate staff to delivering a truly great user experience when customers do decide to come into the branch. But few institutions have actually moved forward in any meaningful way to incorporate a true branch transformation strategy across their entire branch channel. BAI incorporated a message of innovation and thinking differently to BAI Beacon 2016 attendees. It’s time for financial institutions to transform.
BAI brought in Best-Selling Author and Entrepreneur Josh Linkner to speak to us during lunch on the first day. Mr. Linkner spoke entirely about how to think differently. He provided specific techniques about how to force a change in thinking to an industry that has talked a lot about transformation but has yet to actually transform. Throughout the event, the message was that the traditional “wait-and-see” mentality is no longer sufficient. Cutting-edge topics such as blockchain, synthetic fraud, and artificial intelligence address tomorrow’s challenges. It’s time for banks and credit unions to take some pro-active steps toward transforming their branches and their business.
Branch transformation can be achieved partly by bringing in technology like our self-service kiosk, to automate teller transactions, so that bank staff can focus on offering financial information and advice. Transactions have not come to a complete halt in the branch, and until they do, financial institutions must be able to accommodate them. It’s time to commit to a self-service banking strategy that will allow customers to conduct transactions on their own. It’s the first step in maximizing efficiencies in the branch.
To learn more about how our self-service kiosk can help financial institutions transform, contact us today.
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