Gen Z is defined by two traits - they are tech-smart, and they want quick service. In order to serve them, your financial institution should consider deploying self-service kiosks that provides them with modern, consumer-centric experience they are looking for.

If you fail to provide the same level of speed and convenience that self-service kiosks deliver, consumers would be closing their accounts and moving to institutions that provide better service and a quicker, more streamlined user experience.

However, before you begin to look for self service kiosk suppliers, you should evaluate the pros and the cons of self service kiosks for financial institutions.

What Is a Self-Service Kiosk?

The self-service kiosks we are referring to for financial institutions are freestanding devices that allow consumers to initiate and complete 90% of transactions that would traditionally need to be done with a teller. These devices have an interactive, touchscreen display, leading cash handling devices and core integrations to conduct transactions or perform a task.

Also referred to as personal teller machines (PTMs), self-service kiosks are the financial services similar to the kiosks at airports that allow travellers to check in and print boarding passes, or the self-checkout stations at supermarkets.

How Do Self-Service Kiosks Function?

Unlike traditional ATMs, self-service banking kiosks connect directly with your institution’s core system. It lets consumers experience a richer and more value-added transaction set.

Self-service kiosks perform a variety of functions that provide consumers with the modern retail experience they expect from other retail institutions. These functions include:

• Accepting cash deposits
• Issuing cash and coins
• Accepting checks
• Conducting official check printing
• Printing receipts
• Transferring money
• Printing statements

Benefits of Self-Service Kiosks

The Advantages of Self-Service Kiosks for Retail Customers

Self-service retail kiosks offer two improvements to physical branch locations.

Speed

Take the example of a consumer walking into a branch and asking a teller for an official check, which is a frequent event. With self-service kiosks available at branches, this time is reduced from 9 minutes to 40 seconds.

Convenience

Self-service kiosks at physical branch locations remain the preferred delivery channel for consumers who don’t favour mobile and online banking or dealing with a teller. A majority of people like to perform routine financial transactions themselves, and they prefer self-service kiosks whenever possible.

Advantages of Self-Service Kiosks for Financial Institutions

The upside for financial institutions is that the benefits of self-service kiosks are not limited to retail customers. Branches of all sizes are seeing the advantages of providing consumers with modern means to conduct their business.

Meaningful In-Person Interactions

One advantage, of course, is that self-service kiosks relieve tellers of the need for face-to-face contact for simple and minor transactions. This not only lowers waiting times, but also allows customers to take charge of their daily transactions.

Increased High-Value Transactions

When the burden of mundane transactions is removed from your teller staff, they can focus on more complex transactions like mortgages, car loans, financial planning, and investments.

Shift to Universal Banker Model

This model allows financial institutions to shift from the teller model to the universal banker mode. In the universal banker model, employees are trained to deliver and cross-sell services across different divisions. Universal bankers can be tellers one minute, financial consultants the next and loan officers the next.

Increased Sales

Kiosks revolutionize your business and make it consumer-focused by fulfilling client requirements and facilitating more quality face-to-face time for transactions that are more valuable. Tellers can free up for higher-value services, driving increased sales. With self-service kiosks, tellers are free to sell, promote and offer other products and services.

Enhanced Internal Efficiencies

If you are like most of the financial institutions, you are ever confronted with operational inefficiencies. Self-service kiosks speed up internal work processes and allow your branches to run much more efficiently.

Increased Foot Traffic

Consumers, who are more likely to walk into a branch to perform simple transactions, find it easier and faster to use a kiosk rather than wait in line for a teller. They are no longer deterred by long lines at the counter.

Improved User Satisfaction

Serving people faster and giving them more convenient payment methods leads to happy consumers.

Better-Informed Consumers

Self-service kiosks allow keeping your customers informed of your new products and services. They allow them to explore entire range of products and services at their convenience.

Self-Service Kiosks Deliver Digital Branch Transformation

Self-service kiosk solutions provide all of these benefits and much more. In addition to enabling banks to expand their services, optimize resource utilization, and minimize their total cost of ownership, Self-service kiosks leverage advanced business intelligence so that banks can monitor the status of all of their machines via live dashboards, with immediate alerts if any component fails. It also provides banks with a strategic edge by providing insights and reports about kiosk usage, trends in transactions, and revenue-making trends, and empowers them to make key business decisions and improve ROI.