By Keith Hamilton | May 17, 2017
The first ATM was installed in 1967 at Barclay’s Bank in London, and introduced a new level of convenience to banking that had not been done before it. However, since this ground-breaking advancement, self-service banking technology has remained largely the same. For more than 40 years, the ATM has remained separate from the bank branch experience with users learning where to find and use this self-service amenity as an alternative to an in-person bank teller.
With smart phones pervading our lives over the last decade, consumers have become increasingly entitled to the convenience of technology. Simple, connected and at finger-tip length has defined much of our technology demands, and banking is not an exception. Many financial institutions, recognizing this shift, have invested in developing online banking applications to meet these evolved needs of their customers. However, until now, the brick-and-mortar retail banking locations remain unchanged, slow to adopt evolving self-service kiosk technology or digital banking experiences.
Banks understand the physical branch is critical in establishing relationships with new account holders, as well as addressing existing account holders’ financial decisions. Because of this, many banks are adopting the concept of the "Branch of the Future" as a way to implement new, state-of-the-art technology and branch design to maximize both the staff and a smaller space. Self-service kiosks are a critical component, different from ATMs, by allowing customers to manage their own transactions in a digital experience from within the branch.
While self-service kiosks will likely not replace ATMs, they represent a new way to provide a digital experience to customers, while improving customer satisfaction, within the branch.
At Source Technologies, we developed the Personal Teller Machine, a self-service kiosk specifically designed for bank branches to automate in-branch transactions. It provides customers with an advanced digital banking experience they are looking for, offering much more functionality than ATMs, while saving banks money.
Contact Source Technologies today to learn more about the benefits our self-service kiosks offer the financial industry.
If you have login information for our existing store, please proceed to the login page. If you are a new customer and you'd like to make a purchase, please call us at 800.922.8501 or simply fill out our contact form and we'll get in touch with you.
Leave your email address to be notified when our new store is launched.