Whether for bill payment, money transfer, or currency conversion while traveling, financial kiosks provide users with convenience and security for their transactions. Below, we will outline some of the benefits of financial services kiosks for both businesses and their clients.
What are financial service kiosks?
Financial service kiosks are kiosks that enable users to pay bills, transfer cash, convert currency, and handle other services that involve financial transactions i.e. those that involve money. All of these services are easy to access and use, making the user experience a convenient one for the customer.
Benefits of Financial Services Kiosks
Financial kiosks provide a significant number of benefits to all users. The most prominent benefits are user accessibility and ease of use.
- Financial Inclusion: Perhaps the most crucial function that kiosks serve is to provide a way for as many users as possible to access and utilize financial services, whether or not they have internet access or even a bank account. This is the primary benefit of kiosks as it allows any user to access financial services and features such as utility payment and money transfers even when they are using cash instead of an online bank account to do so.
- Accessibility: Accessibility is important in several ways. One is placement of the kiosks in areas where as many people as possible are able to use them, even those with disabilities that may limit their reach, such as those who are wheelchair-bound. Financial services kiosks should also be tested for usability by those who have difficulty with their hearing or sight. Additionally, ensuring that these kiosks are placed in non-traditional environments, such as grocery stores, malls or transportation hubs, is also good for overall accessibility. This allows the kiosk to be available in more places, and to therefore reach more people who may be in need of their services.
- Ease of Use: Ease of use is another important benefit of financial services kiosks. Since kiosks are now fairly common and sometimes even required for certain transactions -- such as after-hours cash withdrawals or deposits -- it is key that all users easily understand how to use them without detailed instruction. Most kiosk interfaces are designed so that they are naturally easy to use, providing a process that is streamlined for the customer. An ATM is a prime example of an easy-to-follow interface; easily recognizable and simple enough to use for just about anyone to use without assistance.
Examples of Financial Kiosk Services
Below are some of the services that financial kiosks offer:
ATM
Automatic teller machines (ATMs) enable some of the most important functions of a financial kiosk: to allow users to deposit and withdraw money, especially when it is outside of traditional banking hours. Historically, ATMs have been located on bank property, either on interior or exterior walls, or at drive-throughs. However, ATMs have now become more common in other environments, including grocery stores, convenience stores, restaurants, bars, and post offices, making the services they provide more accessible and convenient. A user simply has to insert their card, and they are able to withdraw and deposit whatever funds they wish.
Send & Transfer Money
Sending and transferring money is another important function of a financial kiosk. These kiosks allow customers to easily send and transfer money without consulting a bank teller, which is often more convenient for the user while also freeing up employees to handle more complex banking tasks. This also provides a secure way to transfer money to another user through the kiosk’s network. A user simply has to insert their card or scan their credentials, and they can send money to their chosen recipient.
Currency Conversion
- International conversion: International conversion refers to exchanging one currency for another to simplify foreign travel. This is most common at transportation hubs, such as airports. With the use of kiosks, currencies can be converted at many different locations. Often, airports have the least favorable conversion rates for customers, with the rates changing depending on your location. With kiosks more widely distributed, users have more options to compare exchange rates instead of relying on airport locations.
- Coins to dollars: For those who prefer to pay with cash, coins given as change tend to pile up at home. Kiosks are available that can convert coins to bills, or even digital currency that can be used at the kiosk’s location, which are often grocery stores.
Paying Bills
- Utility Bills: Utilities, including electric, gas, and water, can be paid through financial service kiosks. These kiosks allow bill payment by cash, direct bank transfer, check card, and even, at times, credit card, outside of utility office hours.
- Tution: College tuition payments can be handled through a financial service kiosk. Kiosks that are able to be used for multiple services, including adding funds to student accounts, class registration, and campus wayfinding, can also be programmed to offer tuition payment. These kiosks are easy to use and allow the students more flexibility to pay outside of the registrar or bursar’s office hours.
- Credit Cards: Clients with credit cards issued by a specific bank can pay their credit card bills at the associated bank’s kiosks via direct funds transfer or scheduled bill payment.
- Reload Gift Cards: Many stores now allow gift cards to be reloaded off-premises at specific digital kiosks. This gives the user more options and more flexibility.
Why Consider Redyref for your Financial Kiosks
Finding a kiosk manufacturer with the experience and knowledge required for a financial kiosk project can be a complex and time-consuming undertaking. REDYREF is a leader in kiosk and digital signage manufacturing and one of the most trusted names in the industry. Their staff will help you develop a digital kiosk solution that is the right fit for your company’s needs -- a quality product that will last the test of time.
Financial kiosks provide a useful service for every individual. Whether you are using an ATM or paying your bills, they help provide an accessible alternative to online or mobile payment options.
