Self-service kiosks like the Personal Teller Machine are essential for branch modernization. Financial institutions will need to modify self-service technology to fulfill customer expectations as users gravitate toward new technologies that allow flexibility and control over their transactions. Today, we’ll go over the advantages of using self-service kiosks to improve user experience at your bank branch.
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The Financial Industry’s Adoption of Self-Service Kiosks
For more than 30 years, before the introduction of internet and mobile banking, the ATM was the only self-service kiosk known in the financial services business. Consumer acceptance of these technologies for banking activities has had an impact on foot traffic in branches. As a result, financial institutions are concentrating their efforts on changing their physical sites from transaction-centric cost centers to sales-centric assets.
While it is true that fewer customers visit their local bank to perform transactions, there are still some who do, and these transactions must be processed. Self-service kiosks are intended to bridge the gap between online and in-branch services by connecting with clients and improving their overall banking experience.
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From manual to automated
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The Advantages of Self-Service Kiosks
Self-service kiosks, such as the Personal Teller Machine, enable consumers to conduct 90% of standard teller transactions without assistance. The diversity of transactions that can be accomplished distinguishes them from ATMs. We examined the distinctions using these “Five F’s” in our earlier blog, Top Self-Service Kiosk Benefits for the Branch of the Future:
1. Footprint
Personal Teller Machines require no building and can be deployed in as little as 1.2 square feet. Because of its small footprint and size, the kiosk can be placed anywhere in the branch, such as an island or next to an existing teller line. As a general rule, all bankers must be able to look across the branch for security reasons. Our personal teller machines are the ideal size, since they do not obstruct line of sight when positioned anywhere in the branch and are small enough to move around without incurring additional costs.
2. Usefulness
Personal Teller Machines are capable of much more than just receiving money. They provide up to 15 transaction possibilities and carry out all major teller operations, including:
· Deposits
· Withdrawals from check cashing services
· Printing official checks
· Cash handling
· among other things!
3. Waiver of Fees
ATM transactions necessitate banks paying a “transaction fee” for each transaction conducted on the unit due to all ATMs operating on national ATM “rails.” Our personal teller devices are linked to the teller system, making transactions possible.
4. Adaptability
Our self-service kiosk software platform allows your financial institution to quickly adjust the user interface. From checking account balances to analyzing financial statements, your user interface can be changed to showcase the most frequently used services in the branch or future promotional offers. This can help you boost overall brand recognition and increase engagement with advertising initiatives.
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5. monetary
The Personal Teller Machine is roughly half the price of an ATM and offers double the number of transaction options. Self-service kiosks do not require any staff to function properly. This can minimize operational costs for your branch by needing less time and resources to train staff members on services that the digital kiosk can easily do. Tellers can devote more time to customer care by shifting routine transactions to self-service banking kiosks, facilitating high-value product purchases and cross-selling. If you want to broaden your reach without creating a full-service site, digital kiosks can be an alternative to full-service facilities.
The Sixth “F” of Kiosk Advantages: The User Experience
Focusing on the user experience is the most important kiosk benefit in terms of effect and user adoption.
Apple CEO Steve Jobs once observed, “You’ve got to start with the customer experience and work back toward the technology, not the other way around.” That is why the Personal Teller Machine was created with the user experience in mind:
· The screen is the same size and orientation as a smartphone.
· Users can pick between online sign-in, debit card or credit card swipe, or in-person identification with a teller.
· The screen’s large, easy-to-read buttons make it simple for the user to select the following actions.
· Every transaction is guided by on-screen animations and LED lights.
Visiting a bank in person can be a time-consuming and inconvenient experience. Bank transactions are streamlined via digital self-service kiosks, which allow clients to complete their requests without ever speaking with a staff member. At Linkitsoft, they frequently shorten wait times while also enhancing privacy and the likelihood of human error. Customers can scan their IDs and bank cards before conducting a normal transaction instead of standing in line for a teller.
