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What is Kiosk Banking? Features & Examples 2021

Today, banking kiosks -- broadly known as ATMs (automated teller machines) --  are available at a number of different locations. As some of the first kiosks in common use, they have been popular for decades and have come to be trusted by the vast majority of consumers. Today we will discuss the reasons why banking kiosks have maintained their place at the top for so many years. 

What is kiosk banking and what are the benefits?

Kiosk banking allows users to access traditional banking functions such as deposits and withdrawals, as well as transfer money between accounts and check their balances, all from the convenience of a kiosk. The primary purpose of kiosk banking is to provide easy access and accessibility to as many people as possible, regardless of the time of day. 

kiosk banking example.

Kiosk Banking Services:

Kiosk banking offers a variety of features that make it more convenient for customers to manage their money outside of traditional bank hours. The following are examples of how they improve the banking experience. 

Funds Transfer:. Digital kiosks simplify the process of transferring funds between connected banking accounts, including both checking and savings. 

Cash withdrawals: Cash withdrawals can be completed at any kiosk location, generally via secure PIN code, allowing users to access cash on demand. 

Cash deposits: Similar to withdrawals, cash deposits can be made whenever it is most convenient to the user. A kiosk collects the bills, then deposits the amount into the designated account before printing a receipt of the transaction.  

Checking deposit: Bank kiosks and ATMs can process check deposits as easily as cash. As long as users endorse their checks prior to deposit, the kiosk will accept it and deposit the funds into the account once the check clears -- usually in 1-2 business days -- providing customers with greater flexibility.

Make credit card or loan payments: If a car or home loan is held by the user at the same bank as which they hold checking or savings accounts, some banks offer the ability to pay these loans via ATM.

Live teller video conferencing: While not as common as some of the other features, some of the larger banks have started to offer live customer assistance via video conferencing, allowing them to access tellers for more complex issues right from the banking kiosk. 

Benefits of Kiosk Banking 

The benefits of ATMs and banking kiosks are not just to the user, but to the companies that deploy them as well. This can include:

  • Reduced overhead: Kiosks are unmanned devices. Self-service operation means lower worker overhead as businesses do not need to employ attendants to operate the kiosk. 
  • Multiple capabilities: Kiosk software can handle a number of simple functions, which helps to eliminate some of the foot traffic in banks. Instead of handling funds transfers or deposits, tellers are instead able to focus on more complex tasks which require personal assistance. 
  • Contactless: The COVID-19 pandemic has greatly impacted the way many companies operate. Kiosks provide a contactless method of doing business without losing any functionality or productivity.  
  • Consistent customer experience: The customer experience can vary greatly between interactions with traditional bank workers. Kiosks, on the other hand, help to provide a consistent, generally positive, experience, and can help keep customer satisfaction high. 
  • 24/7 availability: Most kiosks never close, making them available at all times of the day. This is especially helpful to people who work schedules that conflict with regular bank hours. Available in multiple environments: ATMs and banking kiosks are often installed in places that aren’t actually banks. This may include grocery stores, shopping malls, restaurants, bars -- even as drive through, stand-alone kiosks in parking lots. This makes them easily accessible outside of traditional banking locations. 
  • Live help: Since banking kiosks are a digital technology, they can be integrated with software that allows users to directly contact and interact with live tellers when in need of special assistance. Although this technology isn’t as widely available as others, it is becoming more common in many locations.

How to Get Started with Kiosk Banking

 Setting up kiosk banking for your business may seem complicated, but once a trusted, experienced manufacturer is found to design and manufacture the kiosk, the process is simplified greatly. Here are some things to consider when setting up a new kiosk banking program:

kiosk banking phone.

Contact an Established Kiosk Manufacturer

Working with a trusted manufacturer can make a huge difference in the quality of any kiosk system. Kiosks involve a large number of components, and finding a manufacturer that understands and can work within a wide variety of markets is important. A company like REDYREF has proven themselves dependable via their work with Wendy’s, Dell, and AT&T just to name a few, providing custom kiosk solutions for many different environments. 

Understand Environmental Requirements

Before designing a new kiosk system, the environment in which it will be deployed must be carefully considered. Space, availability of electrical connections and internet accessibility must all be accounted for prior to finalizing a design. If the kiosk will be installed outdoors, then an outdoor-rated kiosk that is able to resist high heat, wind, rain, and snow is a must. Additionally, kiosks should be installed in areas with adequate foot traffic so that it isn’t underutilized. 

Deploy & Measure Interactions

Once the kiosk has been designed and manufactured, it is now ready to be deployed. Kiosk software is designed to help measure and report the kiosk’s usage using pre-specified metrics. Using the data collected over time, businesses can adapt their practices to better address and respond to their customers’ needs.  

Kiosk banking has been popular for many years, as it offers a hassle-free platform for users to access their accounts and funds without the hassle of waiting in line at the bank during only the specified hours. If kiosk banking seems like the right step, consider contacting REDYREF today.

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