6 Self-Service Kiosk Benefits for the Branch of the Future
Self-service kiosks, such as the Personal Teller Machine, are critical for branch transformation. As customers gravitate toward new technologies that provide flexibility and control over their transactions, financial institutions will need to adapt self-service technology to meet customer expectations. Today we’re going to be discussing the benefits of utilizing self-service kiosks to increase user experience within your bank branch.
The Rise of Self-Service Kiosks In The Financial Industry
Until the rise of online banking and mobile banking, the ATM was the only self-service kiosk known in the financial services industry for more than 30 years. The wide acceptance of these technologies for banking activities among consumers has impacted foot traffic in branches. As a result, financial institutions are firmly focused on transforming their brick-and-mortar locations from transaction-centric cost centers to sales-centric assets.
While it's true that fewer consumers are coming into their local branch to conduct transactions, there still are some, and these transactions must still be serviced. Self-service kiosks aim to bridge the gap between online and in-branch services while connecting to customers and enhancing their overall banking experience.
The Benefits of Self-Service Kiosks
Self-service kiosks such as the Personal Teller Machine allow customers to complete 90% of the transactions traditionally handled by a teller, without assistance. They differ from ATMs in the variety of transactions that can be completed. In our previous blog, Top Self-Service Kiosk Benefits for the Branch of the Future, we discussed the differences using these “Five F’s”:
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Footprint
At just 1.2 sq.ft, Personal Teller Machines can be installed with no construction required. The footprint and size allows the kiosk to be put anywhere in branch, even as an island or up against the existing teller line. As a rule of thumb, all bankers need to be able to see across the branch for security purposes. Our personal teller machines are the perfect size where the unit does not block line of sight when placed anywhere in the branch and is also small enough to move around without large expense.
2. Functionality
Personal Teller Machines are more potent than just accepting payments. They offer up to 15 transaction options and perform all major teller functions such as:
- Deposits
- Check cashing
- Withdraws
- Official check printing
- Cash handling
- And More!
3. Fee Elimination
ATM transactions require banks to pay a “transaction fee” for every transaction performed on the unit due to All ATMs running on national ATM “rails.” Our personal teller machines connect to the teller system which makes it free to perform transactions.
4. Flexibility
Our self-service kiosk software platform gives your financial institution the ability to easily make user interface changes. From looking up account balances to reviewing financial statements, your user interface can be updated to highlight services most used in the branch or highlight upcoming promotional offers. This can help you increase engagement with advertising efforts and improve overall brand recognition.
5. Financial
The Personal Teller Machine costs about 50% less than an ATM and offers 2X the number of transaction types. Self-service kiosks do not require any staff for full functionality. This can in-turn reduce operational costs for your branch by requiring less time and resources to train staff members on services that can be easily performed by the digital kiosk. By migrating routine transactions to the self-service banking kiosk, tellers can dedicate more time to customer service, facilitating high-value product purchases and cross-sales. Digital kiosks can also become an alternative for full-service locations if you are looking to expand your reach without opening a full brick and mortar location.
The Sixth "F" of Kiosk Benefits: User Experience
The most important kiosk benefit in terms of impact and user adoption is to Focus on the user experience.
Steve Jobs once said, “You’ve got to start with the customer experience and work back toward the technology, not the other way around.” That’s why the Personal Teller Machine was designed specifically with the user experience in mind:
- The size and orientation of the screen mimics the smartphone.
- Users can choose an authentication method: online sign-in, debit card or credit card swipe, or request a banker for in-person identification.
- Large, easy-to-read buttons on the screen make it easy for the user to choose next steps.
- On-screen animations and LED lights guide users through every transaction.
Visiting a bank in-person can sometimes be a time consuming and inconvenient process. Digital self-service kiosks streamline bank transactions and can help customers complete their requests without ever talking to a staff member. They often reduce waiting times while increasing privacy and the possibility of human error. Instead of waiting in line for a teller, customers can scan their IDs and bank cards before completing a routine transaction at a self-service kiosk, and be out the door in seconds.
By incorporating self-service kiosks into your branch you can increase customer service and provide your customers with more options for their banking needs. These small but powerful machines are a great way to reduce costs while innovating the financial and banking industry. To see these top 6 self-service kiosk benefits in action, watch the Personal Teller Machine demo, or contact our sales team today to learn more.
