Touch Kiosks Are Almost Standard in Retail Banking
Blog written by Esther Chew
Touch Kiosks Are Almost Standard in Retail Banking Blog written
by Esther Chew
In today’s competitive market, delivering an extraordinary customer experience helps you to stand out from the competition. In the banking industry, the integration of digital technology has reshaped the banking experience. Touch screen kiosks and digital signage, in particular, have played a vital role in increasing interactivity and engagement.
According to Allied Market Research, the adoption of kiosk technology is rising constantly.
The global interactive kiosk market size was valued at $14.76 billion in 2018 and is projected to reach $32.51 billion by 2027, growing at a CAGR of 9.1% from 2020 to 2027. The Asia-Pacific region is expected to exhibit the highest CAGR of 13.2% during the same period.
Augmenting Use of Digital Signage in Banks
As Paul Riseborough, Chief Commercial Officer, Metro Bank has rightly pointed out, “Digital technology and new forms of automated service offer many exciting opportunities for financial services to become more tailored and convenient.”
Indeed, digital screens are changing how banks engage with customers and meet their financial needs. Many banks worldwide are turning to digital signage to help them enhance the banking experience and increase customer satisfaction and retention. Bank digital signage, such as interactive, self-service kiosks, is becoming increasingly standard in the modern retail banking experience (see below), and a digital transformation wave in the banking industry is imminent.
Benefits of Touch Kiosk
A touch kiosk elevates the in-branch banking experience in multiple ways.
● Create a personalised experience – Self-service kiosks offer customers an exceptional experience with on-demand access to advanced services without requiring in-branch teller support. Kiosks also reduce waiting time. Further, modern kiosks with sensor technology can feature personalised advertisements and messages.
● Boost revenue & growth – Using digital screens, banks can teach customers about their products and services to increase sign-ups and sales. According to Paul Farris’ book Marketing Metrics, a repeat customer has a 60% to 70% chance of converting. Focusing on these customers can help banks increase profits and customer engagement. Through education, digital signage can turn existing banking customers into investors, loan applicants, and credit cardholders.
● Increase cross-selling – Self-service kiosks enable seamless and personalised interaction. This encourages product discovery and customers will more likely browse more banking products, which can be an opportunity to cross-sell and upsell.
● Improve Operational Efficiency – Self-service kiosks do not require any staff for full functionality and can handle 80% of transactional jobs performed by a teller more effectively and efficiently. Kiosks reduce branch footprints, operating costs and staffing requirements – while extending hours and services.
● Minimise Errors with Programmatic Service – Humans are more prone to errors and may miss informing customers of key information. With programmatic communications, key messaging will maintain consistency and execute on brand guidelines.
Three More Global Banks Adopt Kiosk Technology
Here are several examples of how global banks have leveraged kiosk technology and interactive banking digital signage.
● In South Korea, Shinhan Bank has installed multi-functional interactive kiosks which are capable of handling almost 80% of teller transactions. Customers can easily go to the kiosks and use them for opening a bank account, getting debit cards, printing the copy of bank statements, funds management, and resolving basic disputes like fines or taxes.
The bank takes care of the customers’ authenticity and data validation with a respective identification card, a one-time password (OTP) process along with biometrics like palm vein scans.
● Banco Bradesco in Brazil has embarked on a digital banking transformation and implemented it in its branches with intelligent and interactive self-service kiosks to handle customers’ queries and give them an enhanced banking experience.
● Kuveyt Türk Bank in Turkey has leveraged bank digital signage to reach remote areas to interact with and provide banking services to the population. Their customers can now use the kiosks and ATMs to perform basic banking tasks such as opening a bank account, apply for a credit card, a debit card, and cheques. With digital banking, they have reduced 90% of operation costs.
Scala Digital Signage Catalyses Bank Digital Transformation
Scala is the leader in bank digital signage technology and is the perfect partner for banks who want to educate, inform and entertain their customers through a revolutionised experience. Scala digital signage catalyses bank digital transformation. With branch-specific content and a customised approach, banks can enhance their customers’ overall banking experience.
To explore more visit Scala digital signage solutions for banking.
About the Author
Esther Chew is the Sr. Manager – Corp Comm & Marketing at STRATACACHE Asia-Pacific and is responsible for developing and implementing the internal and external communications strategy and programmes across Asia-Pacific. She drives the company’s corporate image and brand messaging through integrated and strategic communications leveraging various platforms such as executive communication, client communication, digital marketing, media relations and B2B events.