Catch The New Wave In Self-Service: Are Companies Shifting How They Use Financial Kiosks?

Initially deployed in the form of ATMs (Automated Teller Machines) at banks, financial kiosks are expanding point-of-service offerings for broader consumer use. According to recent data from the Aberdeen Group report, "Killer Kiosks: Redefining the Customer Experience through Self-Service," financial kiosks are being used by companies to support loyalty programs, bill payment, and providing detailed product/service information to improve customer service.

Current Trends Driving the Kiosk Momentum
ATMs, the oldest form of financial kiosks, have traditionally supported automated teller service capabilities, including the ability for customers to use personal cash management functions such as cash withdrawal, credit card advance and cash/check deposits. While a majority of transactional services provided through automated self-service kiosks are currently implemented in the financial and banking industries, there are three other industries using varied forms of self-service financial kiosks:

• Retail
• Travel, hospitality and transportation
• Casinos

In addition to teller-related financial transactions, retailers, casinos, and travel companies are finding other value-added uses of financial kiosks. Financial kiosks are being geared towards applications such as product/service information, bill payment, and pre-paid/ loyalty card services (Figure 1). By installing financial kiosks at their field locations, companies provide customers with convenient cash management functions, the ability to pay utility bills, money transfer execution, earn rewards and conduct personal check cashing.

Implementing kiosk applications for loyalty and bill payment programs empowers customers to take control of their experience. Moreover, companies that are currently providing financial kiosk services differentiate themselves against competitors that have yet to adopt self-service transaction options. Companies that have adopted financial kiosks indicate their customer and labor efficiencies improved as a result of increased automated customer transaction touch points. Fifty-four percent (54%) of companies surveyed that are currently using financial kiosks have improved customer satisfaction and 30% have lowered labor and training costs.

Used with permission from Aberdeen Group. Aberdeen Group is the leading provider of fact-based research focused on the global technology-driven value chain. For additional information, please visit www.aberdeen.com.