By Tim Baker | October 22, 2014
The underbanked consumer market currently encompasses over a quarter of American households, totaling 30 percent (or 34 million households). Most highly represented by two age groups, individuals 45-54 years of age and 25-34 years of age, unbanked and underbanked individuals represent approximately 68 million Americans, generating $89 billion in interest and fees in 2012.*
Morgan Stanley sponsored published findings that underbanked consumers alone generated $78 billion in fee and interest revenue in 2012, $8.9 billion of which came from payment mediums including walk-in bill pay kiosks**. This revenue margin is expected to increase in the coming years, creating an opportunity for retailers to automate the in-store bill payment process. One easy way is to deploy self-service bill pay kiosks to manage the process and keep staff focused on sales and service.
Heavily dependent on cash as a primary transaction medium, the underbanked consumer market is very active with regards to in-store bill pay. Frequent visits to popular retail franchises such as Verizon and AT&T are common in the unbanked and underbanked market, as consumers traditionally interact with customer service employees to pay their bills. This causes long waiting lines and decreased employee productivity. However, with self service kiosks, retail flow is improved and customer service lines are reduced. These bill payment solutions deliver increased autonomy and expanded customer privacy for the unbanked and underbanked consumer market, eliminating the need for direct face-to-face communication.
Source Technologies self service bill pay kiosks ensure best-of-breed security protocols are in place to maintain customer loyalty and safeguard sensitive information from hacker attempts. Equipped with acceptance slots for cash, checks and credit/debit cards, self service bill pay kiosks automate retail traffic while boasting a small footprint.
Other top benefits of self service kiosks include:
* FDIC National Survey of Unbanked and Underbanked Households via Callahan & Associates
** CFSI, Center for Financial Services Innovation
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