Kiosks are a revolution in the new generation of banking systems. As time passes, we can see that technology has surpassed conventional methods. Banks have strong roots and are one of the oldest running industries in the country. And with the new generation of techniques and tools, it has become even stronger.
Even the task of opening new bank accounts have become smoother with account opening kiosks. People wonder why there was a need to introduce kiosk banking when everything was going smoothly. And they are not at fault either. The main reason to incorporate kiosks was to reach that part of customers who did not have access to the bank’s services.
There are a lot of customers living in the remote areas where banks have not yet reached physically. And people living in backward areas have to travel a lot, even for the smallest actions like account opening, deposits, withdrawals, etc.
With account opening kiosks, people get the opportunity to gain access to a bank account. It is a step ahead to using the banking services. Traditionally, banks were all about a branch, and the thought of banking in a kiosk branch was far away from reality.
As time moves forward and technology kicks in, we can see newer methods of banking. Earlier, the actions happened with bank employees and their time. But now, as easy as banking could be, even the people in villages can use banks easily. The user interface has enabled the customers to make transactions with their feasibility. Also, kiosk branches are open 24*7.
As the name suggests, the account opening kiosk is a self-service terminal that allows customers to renew cards and is a dispensing solution. The booth comes with a comprehensive set of features and functions that include printing and document scanning too. As a revolutionary face of the banks, these kiosks have the following features that can vary according to a bank’s personalised features.
- It has Multi Biometric verification enabled.
- The personal information enrollment is done by a keyboard or touch screen.
- There is a thermal printer for receipt printing and a signature pad for signature enrollment.
- To maintain records, there is document scanning.
- It comes with a small footprint, and maintenance is also easy.
- Custom configuration is also available.
Evolution of banking
Banks do business along with providing financial services. Therefore, they also work to earn profit and provide more profit to their service takers. In the last decade or so, the banking system in India has evolved to a notch higher. The providers of banking services offer several types of remote banking channels to offer convenience to customers and reduce the service cost of the banks.
As the self-service culture is a fast-paced technique catching on in the banking space, all the activities are happening at the self-service terminals. Account opening kiosks are one of the key players in the initiative taken by banks. When the ATM was introduced, more than half of the bank’s transactions were getting transferred to the automated tellers. We can imagine how much burden was settled.
The activities of banking began back in history when the merchants made grain loans to farmers. Starting with the simple barter system, it has come a long way. Now, with so many other activities, too, banking has gained high utility for itself. The everyday development in the industry and a customer-centric approach has made it a more preferred activity than ever.
The introduction of kiosks in banking is the latest development. It has given bank professionals a competitive edge. Moreover, it has also given customers a convenient, easy to understand and quick to process approach towards banking activities. Even the initial stage tasks like opening an account for the first time can be done with account opening kiosks.
Changes in the Banking Sector
Not only the working, but the provision of services has also changed drastically when we talk about the banks. After the stress on the economy due to Covid-19, intelligent banks are looking for new revenue streams and new opportunities for growth. Traditional bankers also outside the boundary lines.
The industry also sees fewer physical branches and more self-service terminals like account opening kiosks, cash deposit kiosks, cash recyclers, and whatnot. Unlike the brick-and-mortar branches, these kiosk branches have made the purchase and maintenance less costly.
With the advent of Fintechs, banks have seen a need to work harder. These tech-driven financial institutions push banks to move to become open to changes. Fintechs have created a healthy and competitive environment.
One thing that is still the same is that the customers are the central focus of any bank. To motivate customers to stick with banking, institutions are making changes and becoming advanced. With less complicated documentation, automated transactions, and open banking, we can see that customers are yet to witness a lot of benefits. And this is how our world is changing, for the good!
