The number of bank branches seems to be reduced; however, the demand for in branch banking is continuously increasing. Here, the bank kiosks are considered as an ideal solution to bring branches into the digitalized age, in turn, enhances the banking experience. There is an increasing trend of self-service depositing method for checks in the US. The transition towards self-service; banking service is attributed to its advantageous factors such as it saves the time of a user. It hardly takes 9 minutes of a customer to receive an official check from a bank teller; whereas, from the self-service kiosks, the time taken to get an official check cuts down by 40 seconds. Through self-service kiosks, the customers can receive their checks 13.5 times faster than conventional check collection method.
The interactive kiosks in banks enable tellers in the providing of better customer service; as they’re not focused on providing guidance to customers with routine transactions. Moreover, the bank employees can answer financial questions of customers those in search for in-depth information regarding certain aspects of banking. The banks can further assist customers regarding additional services that their banks can offer. A bank in Connecticut used interactive or self-service kiosks for the handling of over 40% of customer transactions, which in turn, left employees to concentrate on more complex tasks. Moreover, a credit union in North Carolina has reduced the bank teller costs by 40% and have made self-service kiosks available to its customers.
Online banking has significantly reduced its prevalence in retail branch locations, as millennials are increasingly preferring to visit banks for getting detailed information from employees. Majority of the population that visits the bank for getting information related to accounts are categorized into millennials. Typically, millennials like to use interactive kiosks when available and prefer to conduct routine transactions themselves. Self-service kiosks save the time of an individual in banks, as instead of waiting in the queue, the customer can easily scan their bank cards and IDs before completing a routine transaction at a self-service kiosk. Therefore the growing trend towards self service kiosk in banking sector further propels the market growth.
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Global Bank Kiosk Market-Segmentation
By Type
- Hardware
- Software & Services
By Distribution
- Metropolitan
- Urban and Semi Urban
- Rural
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