Digital banking kiosk in transforming modern bank branch design

digital banking kiosk

How Digital Banking Kiosk Help Banks to Bring Down the Operational Expenses Considerably?

Digital banking is a common word among the bankers and customers in today’s world. It is the most spoken solution pertaining to banking industry for some years now. Digital banking is nothing but automated delivery of new and traditional banking products and services directly to customers through electronic and interactive communication channels. Being digital is a must for banks not to be kicked out from the race. Banks do realize it is very vital for being digital, and the importance of investing on digital technologies which apparently benefit their customer retention and acquisition strategies. Besides, the operational cost can be significantly brought down through being digital. Mobile and web banking are the leading two channels banks focused and invested heavily for achieving their targets in digital banking. As part of their digital banking strategy, banks facilitate their services through mobile, web, ATMs, Kiosks, APIs, and other channels.

However self-service kiosk as a channel for digital banking are overlooked by the banks though it adds too much value in the bank’s digitization policy. Digital banking kiosks can do wonders for the banks specially in the areas where mobile banking and online banking have limitations. There are some banking services in which the use of hardware is unavoidable. Some examples are KYC, card printing, cheque book printing, statement printing etc. Since ATMs primarily focus on the cash transactions and its security, it is a challenge for the banks to incorporate above services in the ATMs. That is where the importance of kiosks comes to facilitate these banking services to the customer. Digital banking kiosk would add so much value in the process of accomplishing transformation in to digital.

A self-service digital banking kiosk can have a touch enabled screen, card printer, card reader, pin pad, cheque scanner, cheque printer, cash acceptor, cash dispenser etc. The best part of it are the banks can choose the hardware peripherals based on the functional, service and payment requirements of them. Many vendors such as PANASHI allow the banks to customize their kiosk based on their requirements. It will be a bespoke tailor-made solution for the banks, and this give banks liberty and flexibility to build their kiosk to best suits the their requirements.

A customer can go to a digital banking kiosk and can open a bank account for him by doing the KYC then and there in the kiosk, he can get his personalized debit card printed, and even he can get a personalized binded cheque book with 25 or 50 cheque leaves. Digital banking kiosks made banking as simple as that. Besides customer can interact with customer service executives through a video conferencing call which he can initiate any point of time if he thinks he need support. Digital banking kiosks not only can work as a branch for the bank, but it also helps the bank to reduce the overall cost of customer onboarding, card printing and cheque book printing etc. If the card printing is happening in a central location, then that card needs to be couriered and it takes a week or more to reach to customer. Similarly, the cheque book also takes almost similar time frame to get it delivered to the customer. Cost involved for issuing one card or cheque to the customer shall be reduced by 20-30% if this could be done through a digital banking kiosk.

With the help of digital banking kiosks, banks not only extending its reach and service offerings digitally but also improving the experience of the customers that makes them incredibly happy. Their expectation to have access to the banking products anytime anywhere securely is being met through these digital banking kiosks. Digital banking Kiosks use the advanced and futuristics features with the help of latest technologies such as machine learning, computer vision and biometrics. Digital banking kiosks are user friendly with multi languages. It also facilitates flexible payments options of cash & card. It is the time for banks to seriously consider digital banking kiosk for a faster growth with minimal investments. Bank has to realize the digital banking kiosks can work for them as a unmanned ‘digital branch’.