What is Kiosk Banking?
- Kiosk Banking enables customers to perform a myriad of transactions, without the need of a teller. These terminals are live round the clock, enabling customers to transact beyond defined banking hours.
- Self Service terminals have enabled financial inclusion -particularly in rural and remote areas where customer outreach was previously impossible.
- It has allowed for financial institutions to achieve one step closer to complete branch automation, by eliminating the need for tellers to participate in routine transactions.
Kiosk banking covers the following services:
- Cash Deposit: The customer can quickly deposit cash into a savings account.
- Cash Withdrawal: The account holder can now withdraw any amount by using only their thumb impression.
- Account Opening/ Debit card issuance Kiosk: Now the customer can easily open a bank account with the help of an account opening kiosk without standing in a long queue and can even issue a new debit card or can do a card replacement as well.
- Passbook Entries: Enables passbook updates to be made without the intervention of the teller.
- Cheque Clearance: The customer can now quickly deposit a cheque in any of the kiosk branches -to be encashed.
- Print Statements: The account holder can now easily view the account statement and get it printed.
- Modify KYC Details: The customer can now also change the account beneficiary information when needed at any terminal
- Loan Facility: The account holder can also apply for a loan against their deposits with kiosk banking.
Benefits of Kiosk Banking
Some of the primary benefits provided by kiosk banking are:
- The self-service kiosks are designed to be intuitive, seamlessly assisting customers in every possible way.
- Self-service banking solutions also reduce friction during transactions and make it simpler, faster and comfortable while maintaining physical engagement.
- Self-service kiosks also provide customers with an integrated and interactive channel to undertake varied teller transactions, such as the cheque deposit, cash withdrawal, cash deposit, and account opening.
Kiosk banking provides customers with easy accessibility and approachability to essential banking services without a physical bank facade.
Some other benefits are-
- Nearby Location: The small footprint of Self Service Terminals allow for them to be deployed in areas which were not previously feasible to set up a full service branch in.
- No Queues: These purpose built terminals allow for reduced wait times, by diverting routine transactions to the self service channel.
- Extended Banking Hours: Terminals deployed outside of branches are not governed by the working hours of the bank. They are live 24x7, allowing customers to transact at whatever time convenient to them.
Today, Customers want to be able to do that wherever they are and whenever they have the time. Self-service machines enable customers to handle banking transactions on their own, without any teller assistance. What's more, these machines don't need to shut down when employees leave at the end of the workday, giving the customer maximum flexibility when it comes to undertaking their transactions. This is why kiosk banking and mobile banking services are at the forefront of the omnichannel experience and why the number of ATMs, in turn, has doubled dramatically in the past ten years.
Kiosk banking has also played a vital role in improving financial inclusion. These terminals act as phys-digital touchpoints between banks and the customer. This is how banking services such as deposits, withdrawals, remittances, micro-credit, insurance, and overdraft services could be delivered to the most remotest part of the country, securely.
Conclusion
At Lipi Data, we believe in simplifying banking transactions through digital transformation. We continuously endeavor to seamlessly deliver banking services that enhance the overall customer experience. With the help of our self-service terminals, Lipi Data is a versatile facilitator for all types of banking technology that makes businesses grow by prioritizing customer satisfaction.