Heightened customer expectation and surging competition are pushing financial Industries towards inevitable transformations. The sector needs new and innovative ways along with appropriate use of smart devices to direct the industry towards IT consumerism. The financial institutions should firmly focus on evolving their brick-and-mortar locations from transaction-centric cost centers to sales-centric assets by introducing digital transformation. If these banking and financial institutes fail to automate processes, offer innovative products and services, ensure regulatory compliance and improve bank’s connectivity, then they certainly would become a back-office utility.
Source: www.42gears.com
From Bankers to Billers, a large section of the financial industry is offering interactive digital kiosks to bridge the gap between online and branch financial services. The interaction of consumer with self-service digital kiosks began with the advent of ATMs. As the people became more reliant on technologies, the popularity and reliance on self-service kiosks increased. With 77% of customers accessing online or mobile banking services at least once a month, financial services kiosks are an ideal way to bring branches into the digital age. It can also be leveraged to connect with customers and enhance the banking experience.
Benefits of Self-service Kiosks
With rapid technological developments, small, compact and flexible Self-service financial kiosks can be placed anywhere in the banks and credit unions to improve operational efficiency and bring down manpower cost. Let us look at the use cases and benefits that Self-service kiosks provide for the financial industry?
- Enhance customer experience — Self-service digital kiosks can enable customers to connect with financial services in new ways. Financial service kiosks would reduce waiting time for the customers by offering an alternative to the traditional banking scenario. Visiting a physical banking location or bill pay center can be very inconvenient for customers at times, digital kiosks can be a great help in this case. These easy-to-use self-service bill-payment kiosks can streamline the way customers access information and complete transactions, resulting in more satisfying banking experience. These self-service digital kiosks can fulfill customers requirement without any staff interaction thus improving privacy and the possibility of human error.
Source: www.42gears.com
- Increase Business reach with Self-service bill-payment Kiosks — With globalization and privatization, businesses have been completely transformed. The customers of the company are no longer restrained by the geography or timeline of the product or service provider. The unmanned nature of the digital kiosks enables consumers to transact their business far beyond normal business hours i.e. 24*7. Also, these financial service kiosks enable customers to access services across geographical boundaries.
- Reduced Operational Overheads and staff-training expenses — The biggest and most transparent factor about financial kiosks is that Self-service digital kiosks do not require any staff for full functionality. This considerably reduces the operational costs for the company. Leasing space to set-up a Self-service financial service kiosks is considerably less expensive than purchasing or renting a location for conducting business. Also, these digital kiosks greatly reduce the time and asset needed to train staff for performing the operations which can be easily performed by the financial kiosks.
- Streamline customer services- The Self-service digital kiosks are more potent than accepting payments and making bill payments using self-service bill-payment kiosks. These financial service kiosks can be used for providing a range of services like looking up account balances, reviewing payment histories, simplifying the payment process for bill payments, tickets, and certain self-service orders. These digital kiosks can be used as an advertising platform for the financial institution when used to showcase other products or services offered by the finance company. Thus the visually appealing branded content over the Self-service kiosk provides an opportunity to improve customer engagement with a company’s brand.
Digital Kiosks: A win-win for the financial industry and the customers
As the consumers of financial services are more inclined towards leveraging the services of the company that provides more flexibility and control over transactions, interactive digital kiosks offer transformative ways to satisfy customers. Self-service kiosks, such as the KIBIS kiosks will help financial institutes to meet customer expectations. The self-service financial service kiosks give finance industry a better business platform while letting customers enjoy greater privacy in their financial dealings. Along with improving the customer experience across the board, Self-service kiosks serve consumers over a larger area and provide service outside of normal daytime business hours.
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