The digital banking transformation has been well underway for a number of years already. Financial institutions are working hard to reimagine the retail banking experience in a new light.
Banks nowadays are focused on providing a better experience to customers. But the definition of excellent service has changed in recent years.
In today’s world, customers don’t want to talk to a representative just to solve a simple problem. In fact, almost 81% of customers try to take care of matters themselves before reaching out to an agent.
And the COVID-19 pandemic has only made matters more challenging. Unexpected office closures, new demands for public safety, and the push for self-service technology are even more common today.
Financial institutions are looking to create a strong, omnichannel experience for banking customers. Online and mobile banking solutions are logical extensions to retail banking, but some complex services can’t be handled online.
In scenarios where the customer needs a banking consultation or a physical item like a card or a cheque, self-service banking machines are a better fit.
Here’s what you need to know.
Automation Is Changing CX
Self-service banking kiosks allow your bank to offer a wide variety of services outside the scope of regular office hours without the need for additional staff. These solutions optimize resources, lower operating costs, and help businesses stay efficient at all hours.
In addition to improving ROI, self-service kiosks also improve the banking experience. While about two-thirds of users still prefer agent-assisted customer service, nearly one-third of your customers want to use self-service kiosks to solve their problems.
That’s because the definition of service has changed as part of the digital transformation. Today’s definition of customer service isn’t getting the company to “fix the problem”. Instead, customers want the company to make it easy to self-solve their own problems.
And customers want to be able to do that wherever they are and whenever they have time. It’s why online banking and mobile banking services are at the forefront of the omnichannel experience and why the number of ATMs in service has increased dramatically in the last 15 years.
Self-service machines allow customers to handle banking transactions on their own and without interrupting your workforce. What’s more, these machines don’t need to close when your employees leave at the end of the workday.
In the middle of a pandemic, a surge in new cases can cause unforeseen service outages, these machines can continue to offer a variety of services — from new account creation, cards dispensing, and cheque printing, to bill payment— for every customer, with the ability to connect to a remote agent through a video call when needed.
Self-Service Adds Employee Value
Offloading basic tasks to self-service kiosks alleviates team workloads and allows employees to focus on more complicated tasks. This is critical for smaller bank branches and credit unions where headcount is limited.
McKinsey estimates that roughly 50% of all current work activities are technically automatable. With a self-service banking solution ready to handle essential financial services, you could offer most of the services that a staff member might offer — around the clock.
Meanwhile, your staff can focus on creating a positive customer experience, something that 88% of companies are prioritizing right now. While kiosks can assist customers with cashless transactions, employees can focus on cash transactions and work with customers who prefer human-based interactions.
A self-service solution expands your service availability 24/7 while connecting your brick-and-mortar locations to your larger digital platform. For organizations seeking a more consistent customer experience, this is a key connection point for retail customers.
How SEDCO Can Help
At SEDCO, we help companies take part in digital branch transformation. Our solutions help banks transition from working-hour-only solutions to round-the-clock care centers.
Our self-service banking machines can also be installed in public areas like malls, airports, and railways for easy and convenient access to critical banking tools.
The real-time services and solutions provided by our kiosks include the following:
- Open new accounts
- Apply for new services
- Deposit cheques and print checkbooks
- Request and print debit cards
- Print account statements
- Conduct video banking sessions with financial consultants
- Apply for loans
- And more
No matter the location, customers always have access to the resources and support that they need to be successful. Our machines offer video banking options so that customers can get assistance from a remote agent if they need additional assistance.
We are focused on designing banking solutions that help your bank deliver a consistent and empowering customer experience. As financial institutions look toward the future, we believe that self-service technology will play a critical role in their lasting success.
No matter whether your customers visit a kiosk, talk to an agent, or access your baking app through their smartphone or mobile devices, a consistent customer experience is critical to customer satisfaction.
By providing digital transformation solutions that allow customers to solve their own problems both in and out of your store, you can drive brand loyalty through excellent service and 24-hour access.
The banking industry is changing, and self-service banking kiosks are an essential part of this solution. Learn more about SEDCO and how our products can change your retail banking experience by contacting one of our SEDCO experts.