BlogsWhat is a money exchange kiosk? And why is it essential for currency exchange houses and banks?
In recent years, there has been a growing emphasis on digital transformation across many institutions in the financial sector, as they attempt to differentiate their business and take a step ahead by optimizing the customer journey. Money exchange houses, as well as banks, started to adopt digital transformation technologies to reduce encashment costs while providing a more convenient experience for their clients.
How can currency exchange houses and banks increase their revenue? There are numerous sales channels to consider, one of which is implementing 24/7 self-service money exchange kiosks. Continue reading to learn how self-service machines can empower currency exchange houses and banks.
What is a money exchange kiosk?
A money exchange kiosk is an automated self-service kiosk that enables the customers of money exchange houses and banks to exchange currency on their own.
As an alternative service channel, the kiosk’s digital screen provides updates about currency exchange rates 24/7, enabling customers to self-exchange the required currency, and validate their identity through national ID cards and passports scanning, biometric verification, or photo capturing. This authenticates the procedure with the goal of ensuring secure transactions coupled with a convenient customer journey.
What are the benefits of money exchange kiosks?
A money exchange self-service kiosk can add a unique value for currency exchange houses and banks, including:
Extend Business Services 24/7
A currency exchange machine can be installed outside the money exchange house, the bank branch, or in various public places such as malls, airports, and railway stations. Besides money exchange, the machine can extend other services 24/7, including money transfer (remittance), bills payment, prepaid travel cards issuance, and more.
Better Utilization of Staff
Self-service kiosks help the currency exchange houses and banks to expand their working hours without increasing the number of employees. It also enables them to utilize their existing employees more efficiently, which means that they can serve more customers with less staff and costs.
Reduce Operational Costs
Currency exchange houses and banks can use these self-service machines to cut the transactional and operational costs of branches and employees, since these cost-effective kiosks allow them to downsize their branches while serving more clients. The machines can be integrated with a centralized management system, allowing you to remotely configure, upgrade, and fix any errors, making the cost-effective kiosks easy to maintain by lowering management and maintenance costs.
Flexibility to Relocate the Machines
Another benefit of the currency exchange machine is that it can be flexibly installed in a variety of locations. It can also be relocated to target locations with an increased footfall. This enables money exchange houses and banks to expand their reach and increase their profitability.
Monitoring and Reporting
With embedded business intelligence tools, the money exchange kiosks can provide currency exchange houses and banks’ management with live monitoring on the status of the machines, warnings and alerts, as well as advanced reports such as real-time cash inventory status.
Can Money Exchange Kiosks Perform Other Banking Services?
It is worth noting that the currency exchange service is not the only service that can be performed through these self-service kiosks. Customers are also empowered to make their own money transfers.
On the other hand, self-service kiosks that are deployed for banks can be integrated with banking and payment systems to provide many more services such as
Achieve Digital Branch Transformation with SEDCO’s Multifunction Money Exchange Kiosk
Integrating digital transformation technologies into money exchange houses and banks is the key to differentiating your business and providing a better customer experience. SEDCO can assist you in achieving digital branch transformation, ensuring that your customers have pleasant journeys even after your business hours.
SEDCO's money exchange kiosks use advanced business intelligence tools including live dashboards and maps to monitor the status of each self-service machine and provide warnings and alerts if an issue arises. The machine’s central management software allows you to remotely monitor hundreds of machines through a desktop or smartphone. The safety vault for the cash dispenser is robust and locked; only an authorized person with a key can open the safety vault.
Furthermore, SEDCO's built-in reporting system delivers valuable insights to money exchange houses and banks' management via advanced reports regarding kiosk visits, transaction details, current inventory details (for cash, coins, and receipts), and revenue growth analysis.
SEDCO’s money exchange kiosks can be used as a smart marketing and advertising tool, where you can promote your products and services on the kiosk body, as well as display targeted promotions based on the customer profile and selected service on the kiosk’s digital screen.
Achieve digital branch transformation through self-service solutions today. Get in touch with us for more info.