Is Self-Service The Future Of Banking?

Today, edges, credit unions, pay-day loans and other financial firms look more like modern retailers. The amount of financial sets has mushroomed, and with more customers choosing to bank on their mobile devices, the need for promotions to build awareness has never been greater.

Also like modern retailers, progressive financial institutions have shifted into high gear meeting customers’ needs for a better, more connected experience by creating an air that is conducive to selling financial products.

However, today’s connected finance customer can get sets almost anywhere but the bank-on the Internet, via mobile apps, or at the ubiquitous ATM. Human interaction is no longer required for a bank transaction. Considering this, we ask, is self-service the future of banking?

According to the TD Branch Financial Education Survey, some of those “old fashioned” confront-to-confront banking practices are not only valid today, but also have need from younger generations. For example, consider these recent findings:

  • 54% of Millennials prefer to visit their bank for detailed information.
  • Millennials nevertheless visit bank branches as frequently as they did in 2013 for simple transactions.
  • 90% of consumers prefer confront-to-confront advice for complicate financial products.

To be sure, routine transactional banking activities are going digital by the majority of customers with over 50% using online sets, but for more complicate transactions that require thorough consideration, modern edges are meeting the needs of consumers by shifting to the concept of complete-service flagship locations. These consumer-friendly centers provide a plethora of financial sets and tools, and are staffed with knowledgeable associates for on-the-identify assistance alongside self-serve kiosks for the do-it-yourself customer.

“Many people do their banking not only at a branch but online in addition,” noted Robert Moctezuma in the Digital Signage For Financial Institutions white paper published by “Digital signage can help tie together the financial institution’s online and offline presence.”

“When people walk into a branch just wanting to do a few things, there may be a line at the cashier. They can go to a sign, they can touch it, they can interact, and they can get what they need done,” Moctezuma said. “That helps the institution extend the online presence to the offline world.”

Since edges can no longer take walk-in or already excursion-by customers for granted, managers want to do their utmost to maximize the opportunity. This is where modern banking differentiates itself from our parents’ bank. Modern banking crosses the digital divide to connect to customers in new ways, ways that provide information and ways that provide sets.

Here are four examples that demonstrate how digital signage can enhance the customer experience and better meet growing expectations.

Cross-Selling Financial sets – The shared task of cross-selling financial sets typically falls on tellers’ shoulders, which is not the best game plan for locaiongs that have high turnover. Fortunately, digital signage provides a platform that can chief customers’ interests and create awareness before having that conversation.

Customer Experience – Modern banking can ease better customer experience by reinforcing the brand-and the air-that makes the client better informed and more inclined to accept additional sets. This can happen by customer engagement with both bank employees and interactive media, bolstering sets that directly address and fulfills customers’ needs on the identify.

excursion-by Banking – For approximately 60% of the customers that excursion to the bank, the majority use the excursion-by to meet their banking needs, which is possibly the most overlooked opportunity to promote and cross-sell customers. Today’s digital signage can be easily placed outdoors, providing a reliable, dynamic way to keep excursion-by customers informed.

Staff Training – Bank employees can assistance as much as patrons with targeted digital sign messages. Keeping staff up to date with the latest promotions, rates, and industry regulations becomes much easier on a characterize platform that resides in break rooms and cafeterias. Busy personnel can be reminded of the most important product promotions, rates, and other service offerings that managers want to press. This greatly reduces the time required training staff, and the reinforcement greatly improves retention.

So, to resolve the question we started with, the answer is a resounding YES! Self-service is the future of banking, but that future will also include many digital bridges that go right back to confront-to-confront sets that already your Grand Pa and Grand Ma would fondly remember, barring the stale coffee of course.

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