The world is finally beginning to return to “normal” after COVID-19, but services like banking will never be the same. Self-service banking has become more than a simple convenience.
Self-Service is not a new concept. From self-checkout lanes to Coinstar machines and ATMs, the convenience of self-service models in commerce have been a part of our life’s fabric for decades. But while it’s not a new idea, it has become more important than ever before, allowing customers to conduct business in a safe, efficient way.
Consumers place greater demands on their banks and financial companies than just about any other institution. Banks have addressed this change in consumer attitudes and behavior by developing a stronger focus on customer experience. As many as two-thirds of financial institutions expect to increase their ATM usage, prompting nearly half to improve their ATM functionality and technology.
The Advantages of Self-Service
Amid the pandemic, more consumers have needed to feel safe in their daily transactions. But safety is just the tip of the iceberg. An improved approach to self-service banking can add insight and levels of service never before possible.
- Customer insight: Digital transactions provide a wealth of data to better understand your customers’ behaviors to provide a more uniquely personal experience for improved customer loyalty.
- Customer autonomy: Customers desire autonomy—they want control over their experience. Self-service delivers the digital tools and convenience to conduct their business on their schedule.
- Better allocation of team members: By automating routine transactions, banks can reallocate members of the staff to engage with customers for larger, more intricate transactions.
Give them more, make it personal
As we move forward, putting the customer experience at the forefront of your self-service model is critical. Software must be nimble enough to not only offer a more personalized experience, on demand, but must also make your operations more efficient and less costly. Positioning self-service options at the center of your strategy, allows you to reduce your physical footprint, while expanding your reach and customer connection. To differentiate your self-service experience, it’s crucial to embrace a more robust, digital approach to providing customers a safe, personal option for banking.
For more information about how our coin counting machines help facilitate a better consumer experience and increase your branch’s ROI, contact us today.