The Bank Branch of the Future: ATMs, Tellers, and Self Service

Personal Teller MachineSelf-Service BankingSelf-Service Kiosk

The Introduction of the ATM & the “iPhone Effect”

The first ATM was installed in 1967 by Barclay’s Bank in London. Ground-breaking in its introduction of convenience, the technology reshaped the customer experience for banking customers. The positioning and technology applications for ATMs have remained largely unchanged, but users have become increasingly trained on where to find and how to use them.

Over the past 20 years, the “iPhone Effect” has pervaded our lives – smart phones have created consumers looking for technology that is cool, simple and connected. Consumers want to use this technology to do more and more of their daily tasks, and banking is no exception.

You’ve probably watched your bank branch focus tremendous resources on developing online banking to meet the needs of these customers while your “retail” locations – the brick-and-mortar bank branches - have remained largely unchanged. 

Until now.

Online Banking Changes the Role of the Bank Branch

The swift move of consumers to online banking has reduced – but not eliminated – foot traffic in retail branch locations.

Banks realize that the branch remains absolutely critical in establishing relationships with new account holders as well as addressing existing account holders’ financial decisions. Customers still want a human interaction when they want it, but the Great Recession has forced the banks to find ways to reduce expenses and offer a better retail experience for their customers. 

The Bank Branch of the Future…Today

Enter what everyone in the industry is calling the “Branch of the Future,” except it’s happening today: implementing state-of-the-art technology and re-imagined branch design to maximize both the staff and a smaller physical space. Self-service kiosks are an instrumental part of the concept, to allow customers to manage their own transactions with the comfort of an easily-accessible staff member nearby to step in and assist if needed. 

So while the traditional teller role is becoming less relevant as automated machines replace many of the tasks they’ve provided in the past, they will still be needed as they morph into more of a Universal Banker role to provide a more consultative service, like helping customers make important financial decisions.  

Traditional ATM vendors are now trying to update their technology offerings to accommodate new services that ATM customers want, like real-time bill payment, check cashing, and issuing teller checks. Their goal is to update technology that was originally created to serve basic, specific, standard self-service requests: make a withdrawal or make a deposit. To date ATM vendors haven’t done much to update their hardware design, which is large, bulky and expensive.

This makes kiosks a welcome addition to the bank branch, featuring much sleeker designs and greater flexibility in self-service offerings than ATMs. Self-service kiosks may not replace ATMs, but they do represent a new way to touch the customer, improve customer satisfaction, increase up-sell and cross-sell, and gain big operational improvements in the branch. 

Looking to transform your bank branch into the age of the customer? Our kiosks are designed as extensions of the teller platform to balance automation and human interaction in your customers’ experience.  

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