The benefits of using kiosk banking are significant for individual customers and bank branches alike.
Before we go any further, it’s important to clarify the terminology we’re using. A banking kiosk isn’t the same as an automatic teller machine (ATM).
While modern ATMs do generally provide one or two services more than cash withdrawal, a banking kiosk will, in general, offer considerably more.
Let’s look more closely at the services offered and their benefits.
Banking kiosks offer a broad range of services
There are a variety of features and functions performed by banking kiosks, depending on their brand and type.
Essentially, a banking kiosk provides a physical touchpoint for customers to carry out most in-branch activities. These include:
- Depositing cash and cheques
- Setting up new accounts
- Printing account statements
- Fund transfers
- Account management e.g. overdraft applications
Some banking kiosks are integrated with software which allows for users to contact live support for extra assistance or consultation. Kiosks can leverage video or audio functionality to make this a seamless experience.
Banking kiosks raise the bar for accessibility
Not everyone will be able to visit their local bank branch during opening hours. And although online banking is an increasingly popular service, physical touchpoints are preferred by some while certain actions, such as making deposits, often must be done in person.
One of the benefits of using banking kiosks, for both users and banks, is that they can be placed at the exterior of the branch and accessed around the clock. This results in increased transactions and convenience.
Interactive banking kiosks can often operate in multiple languages. This immediately opens the branch up to a broader customer base.
With customers able to access services outside of opening hours, and less assistance required due to language barriers, queues in-branch are reduced. Kiosks overall make for a more pleasant banking experience.
Using kiosk banking can limit overheads in branch
Thanks to the multitude of services they can provide, banking kiosks can replace staff members. As a result, staffing costs go down.
But what is perhaps an even greater benefit is the opportunity for staff to be redirected to more impactful roles and tasks.
For example, staff can focus on completing an increased number of higher-value transactions, such as mortgage sales.
Staff can also carry out more meaningful face-to-face interactions with customers. By enhancing their experience these interactions have strong positive implications for the bank and its brand.
Kiosk banking leads to advertising and upselling opportunities
We’ve previously written about how digital signage and ATMs make for an effective match when it comes to upselling.
The same applies to banking kiosks.
Digital screens provide banks with an opportunity to display new services and offers. When users are logged in to their account these offers can be tailored to their circumstances and requirements.
The likelihood of successful upselling is increased.
What next for banking kiosks?
As digital kiosk technology continues to develop, expect the benefits of using kiosk banking to continue to improve.
Additional services and improved user experiences are almost certain in the coming years – adding to what is already a supremely effective type of interactive kiosk.
Perhaps we will soon be seeing cryptocurrency transactions on mainstream digital kiosks? That’s unlikely to be any time soon.
If you’d like to discuss the benefits of using a kiosk further, don’t hesitate to get in touch.