Banking has been moving increasingly virtual ever since the pandemic hit, and with this change, financial institutions are looking for ways to provide the best service possible for their consumers. According to NCR research, nearly two-thirds of financial institutions expect their ATM usage to increase over the next few years, and because of this, 50 percent said they planned to improve their ATM functionality. This research also confirms that up to 95 percent of routine branch transactions can be carried out at the ATM or ITM, reducing the cost of overhead, lowering waiting times, and improving satisfaction and loyalty from consumers.

The Advantages of Self-Service Banking

Once upon a time, self-service banking was an option used for speed only, but now it has become a solution that can be a critical connection point to your consumers’ entire financial journey. 

1. Two-way video with bank tellers at ITMs can bring all the in-person assistance a consumer needs in a virtual way, still allowing for financial institutions to save on labor and transaction costs.
2. New expectations can be created for ATMs and ITMs to work both in the branch and as the branch, bridging digital and physical banking into a seamless experience.
3. Consumers increasingly prefer using self-service kiosks for more of their banking because it saves them time, so the need to set up an ATM channel that delivers the best on-demand experience possible is crucial to improve consumer satisfaction. This will lead to greater loyalty and better cross- and up-selling. 

The Role of an ATM in Branch Transformation

In this new virtual-driven world, financial institutions are looking for ways to reduce their expenses without losing their consumer bases, and with the increase of deposit functionality in ATMs, consumers are now being provided the advanced convenience and functionality they want while allowing financial institutions to accomplish these goals. In 2018, branch employees said they spent 60% of their time on low-value transactions, administration, and idle time. By moving transactions from the teller to the ATM, banks can reduce their branch footprint, drive down costs, improve customer loyalty and boost efficiency. 

Here are a few other ways ATMs and kiosks can improve the branch experience:

• Customer Insight: ATMs and kiosks provide a wealth of data you can use to understand your consumers’ behavior, better preparing you to provide the best services and products to meet their needs and deepen customer loyalty.
• Choice and Flexibility: Consumers want options and want to be able to control their experience, and self-service options deliver the digital tools they need to interact with financial institutions on their terms. For example, the Anthony kiosk by Coinstar for Financial allows consumers to complete all coin-related transactions by themselves, something that often takes much more time when completed with a teller.
• The Human Touch: People appreciate face-to-face interaction, especially when they have complex transactions or need personal guidance. By offering ways to maintain that connection (like two-way video banking), you can provide their consumers with the personal services they need. 
• Expanding Hours: Automating routine transactions allows you to re-deploy tellers to engage in more high-value transactions. Using self-service can extend banking hours, and specifically, some FIs have seen an 88% increase in “branch” opening hours with ITMs. 

Self-Service to Increase Branch Efficiency

With the infinite options that self-service banking provides, implementing more advanced kiosks and ATMs in your branch is a great way to continue bringing in consumers and providing them with the best banking experience possible. Explore how Coinstar for Financial can help you grow in self-service banking and get started today.