By Keith Hamilton | April 20, 2017
Consumers in the United Kingdom were introduced to self-service banking with the world's first ATM at Barclay’s Bank in London in 1967. The United States was quick to follow with a banking transformation of their own using the same cutting-edge technology, with the first install of an ATM at Chemical Bank in Rockville Centre, NY in 1969. Its impact on the way consumers conduced their banking was far-reaching, and introduced the general public to the idea of self-service banking. When it comes to bank branch transformation, however, not much has changed in the last 50 years. Until now, that is. Financial institutions are introducing a variety of branch concepts with a goal of transforming the humble branch into a more modern, technologically-advanced place of business.
Capital One has branded their new branches "Capital One Cafes", having introduced the concept in several cities across the US. The idea is that customers can get financial advice, manage their finances and even get a cup of Peet’s coffee, all while lounging in a decidedly different kind of atmosphere for a bank branch. Lounge chairs and meeting rooms are available for anyone, along with video ATMs and free wifi.
With a decrease in branch traffic affecting pretty much everyone in the retail banking industry, financial institutions are introducing smaller bank branches with more self-service banking technology and fewer staff members. PNC utilizes portable branches that can be moved from place to place on the bed of a truck. At just 160 square feet, it’s much more economical for the institution to serve an area without building a traditional brick-and-mortar branch.
Eastern Bank operates a 350-square-foot branch at Northern Essex Community College in Lawrence, MA where students can use large touchscreens to navigate financial products and information.
Bank of America recently introduced what it’s calling "Virtual Center", or smaller self-service banking branches with no in-person staff present. These concept branches include an ATM and one or two videoconferencing rooms where customers can video-chat with financial specialists.
Regardless of the new styles, one thing is clear: technology is playing a critical role in bank branch transformation, having evolved from the original ATM cash-dispensing machines to full-fledged self-service banking kiosks that empower customers to conduct 90% of the transactions traditionally handled by tellers.
Source Technologies’ self-service kiosk for banking, known as the Personal Teller Machine, has been designed for bank branch transformation projects. Our Personal Teller Machine is a self-service banking solution that allows the customer to conduct 90% of transactions traditionally handled by tellers directly at the kiosk. Contact us today to learn more about Source Technologies’ Personal Teller Machine!
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