ATM: The Original Self-Service Kiosk Experience
The first automated teller machine (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 50 years, the ATM has remained separate from the financial institution branch experience with users learning where to find and use this self-service amenity as an alternative to an in-person teller.
Enter “The iPhone Effect” to Redefine Self-Service Kiosks
With smartphones pervading our lives over the last decade, consumers have become increasingly entitled to the convenience of technology. Simple, connected, and at fingertip 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 consumers. However, until now, brick-and-mortar retail banking locations remain unchanged, slow to adopt evolving self-service kiosk technology or digital banking experiences.
Financial institutions 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 institutions 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 consumers to manage their own transactions in a digital experience from within the branch.
A Self-Service Kiosk Solution: The Personal Teller Machine
While self-service kiosks will likely not replace ATMs, they represent a new way to provide a digital experience to consumers, while improving satisfaction, within the branch.
At Source Technologies, we developed the personal teller machine (PTM), a self-service kiosk specifically designed for financial institutions to automate in-branch transactions. It provides consumers with the advanced digital banking experience they’re looking for, offering much more functionality than ATMs while decreasing expenses.
What Are the Differences Between an ATM and a PTM?
The key differences between ATMs and PTMs are as follows:
Transaction Capabilities and Limits
ATMs typically allow consumers to perform basic transactions, such as cash withdrawals, balance inquiries, and fund transfers between accounts within the same financial institution.
On the other hand, PTMs offer a broader range of transaction capabilities. In addition to standard ATM functions, PTMs can handle almost every transaction option available at the teller line, like cashing checks, making loan payments, and opening new accounts. Additionally, PTMs provide flexibility in cash withdrawal while the ATMs allow for single denomination only.
PTMs even allow consumers to request and print official checks, which is unheard of when using an ATM.
Security Features
ATMs are equipped with standard security measures, like PIN authentication and card encryption, to protect consumer data. PTMs take it a step further and offer advanced security features, such as biometric palm scanners, to ensure safe transactions.
Speaking of security, Source Technologies’ PTMs feature MICR check scanners and printers to enable secure check printing with unmatched fraud protection.
Availability and Convenience
Although PTMs are relatively less common compared to traditional ATMs, their presence is increasing as financial institutions seek to enhance efficiency and consumers’ experiences.
Source Technologies’ self-service PTMs are easy to place, occupying a single square foot of retail space. ATMs, however, are large and typically require some construction to implement.
Leverage Self-Service Kiosks for a Better Banking Experience
While ATMs offer basic self-service functionality, personal teller kiosks take the concept further by providing consumers with more comprehensive, secure, and convenient banking services.
Contact Source Technologies to learn more about the benefits of making the switch to self-service kiosks in your financial institution.