“Branch of the future” and “branch transformation” are still hot topics in the retail banking industry.
The team at Source Technologies just returned from another BAI Retail Delivery show, this one in Las Vegas, NV. Between the sessions we attended and talking to attendees on the show floor, the “branch of the future” and “branch transformation” are still the hot topics among retail bankers.
What exactly does “branch transformation” and “branch of the future” mean?
Quite frankly, it depends on who you’re talking to. Some think of it as branch re-design, with stations that allow tellers to move freely around the branch instead of being stuck behind a traditional teller line. Some see it as the introduction of cash recyclers, automation that eliminates the need for manual cash counting in the branch. Others say video teller is transformative because it allows 24/7 access to banking services that previously were accessible only during operating hours. What everyone seems to agree on is that branch transformation means leveraging innovative technology in the branch, and applying that technology to areas where there are currently pain points for the customer.
Achieving Branch Transformation
True transformation will come from optimizing both the individual branch as well as the entire network of branches. By automating low-value activities such as teller transactions, bank staff can be re-deployed as sales associates, offering financial information and advice to customers or upselling to create added value for the institution. By bringing more self-service banking solutions into the branches to offload the low-value activities, re-deploying staff becomes easier to achieve.
The Key to “Branch Transformation” is Self-Service Kiosks
One of the easiest ways to move toward a branch of the future is to implement self-service kiosks to cover simple, low-value activities. At the conference, our team demonstrated the new Personal Teller Machine, a self-service banking kiosk solution. It allows the customer to conduct 80-90% of common transactions handled by tellers directly at the kiosk.
Personal Teller Machine transaction examples:
- Withdraw cash
- Withdraw exact cash (customer chooses denominations)
- Deposit check, cash, get cash back
- Account transfers
- Access statements
- Check account balances
- Stop payment
- Official check issuance
- Bill payment
- Receive printed, emailed or text receipts
The industry trend of branch transformation and branch of the future is gaining momentum. It is important to know which self-service banking solution is best for your branch. Check out this video demo of the Personal Teller Machine in action, explore the video teller for ATMs vs. the Personal Teller Machine, or contact us today to start your branch transformation.
Read about our experience at BAI Beacon 2016!