Since launching our Personal Teller Machine (PTM), we’ve spent a good deal of time explaining to customers and prospects the difference between Personal Teller Machines and ATMs.
After all, the ATM was the only self-service kiosk known in the financial services industry for more than 30 years, until the rise of online banking and mobile banking. 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 its true that fewer consumers are coming into their local branch to conduct transactions, there still are some, and these transactions must still be serviced.
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 in the differences using these “Five F’s”:
- Footprint – At just 1.2 sq.ft, Personal Teller Machines can be installed with no construction required.
- Functionality – Personal Teller Machines offer up to 15 transaction options
- Fee Elimination – The Personal Teller Machine integrates to the core platform, avoiding ATM fees
- Flexibility – The software platform allows the financial institution to make screen/button changes
- Financial – The Personal Teller Machine costs about 50% less than an ATM
More Self-Service Kiosk Benefits: The Sixth “F”
There is one we left out, and it may be the most important in terms of impact and user adoption:
- Focus on the user experience
Steve Jobs said, “You’ve got to start with the customer experience and work back toward the technology, not the other way around.” We designed the Personal Teller Machine specifically with the user experience in mind:
- The size and orientation of the screen mimics the smartphone.
- Users can choose 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.
- We incorporated on-screen animations and LED lights to guide users through every transaction.
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. 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.