By Keith Hamilton | December 21, 2016
Financial institutions have been talking about “branch transformation” for several years now, and the “Branch of the Future” for decades. Meanwhile, there has been a digital revolution overtaking virtually every other aspect of our lives. The way we communicate, transact, find information, and conduct our everyday lives is faster, easier and more personalized because of technology. Retail banking is way behind, slow to adopt interactive solutions like self-service banking kiosks that change the way customers bank in the branch.
We know that bank branches are here to stay. There may be fewer, and they may look different than they have in the past based on location and market, but there is plenty of data to support the existence and improvement of retail bank branches. The problem for banks and credit unions is that branches are more expensive than ever to operate. This is why the finance industry is rife with talk of “branch transformation.” Financial institutions know they cannot continue to operate the branch network as they have been for the last 30+ years. They must transform to survive.
The industry knows it has to transform, and there have been a handful of institutions that have opened new branches with modern designs and self-service solutions. Free wi-fi, tablets and even coffee bars entice customers to spend time in the branches to learn more about finances and financial products on offer. This new style of branch is being launched in single markets before institutions commit to network-wide branch renovations.
What retail banks don't seem to understand is that they don’t have to have their entire branch strategy figured out to take a first step in implementing self-service banking kiosk solutions. Customers still want to use branches for some transactions, but it’s too expensive to pay a teller to conduct these routine tasks. Why not implement self-service solutions, move the everyday transactions away from the teller line, and re-deploy that staff? Self-service banking kiosks are a quick and easy way to provide transactions in the branch while simultaneously cutting costs.
To learn more about how we are working with financial institutions to transform their branches using self-service technology, contact us today!
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