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Changing the Game: Transactional kiosks give credit unions greater market presence with full-service remote access points
Question: Our credit union’s reach is growing considerably but our smaller locations within business centers and manufacturing plants don’t offer member services beyond basic ATM capabilities. How can we serve remote members who need to conduct physical transactions without placing serious strains on operational costs?
Answer: Of course your remote members could access a whole host of online banking services from the comfort of home. However, you mentioned conducting “physical transactions” specifically. We define physical transactions as transactional banking which is a very important banking service differentiator.
We have seen many institutions struggle to expand their markets by looking at ways to serve members in convenient remote locations where branch access may be limited. Operational challenges, including staff and space utilization, have created roadblocks to offering expanded services. Serving your members beyond the traditional branch without straining both your staff and operating budget has been the focus of stand-alone transactional kiosks. These kiosks bring branch banking services right to the remote member from a retail banking space or remote location. Credit unions seeking solutions for remote member services ask themselves these three questions:
- How do we offer services for people to do their banking in convenient remote locations, without requiring additional staff?
- Can we eliminate balancing errors and significantly reduce operational costs while expanding our market reach? What is the technology involved?
- How do we ensure transaction efficiency at remote access locations?
From our experiences with credit unions we understand how transactional kiosk technology allows institutions like yours to focus on several critical operations and service improvements:
- Automate high-volume/low-value transactions a teller typically performs and move the experience to a stand-alone kiosk
- Provide ergonomic design that easily accommodates a small retail footprint
- Work in conjunction with other self-service applications such as bill payment, check cashing and remittance payments for a complete banking experience outside the branch
- Focus on Check 21 compliance with check imaging built into a stand-alone kiosk
- Provide access to real-time assistance, if needed.
While many credit unions have begun to provide their members with stand-alone kiosks both in branch locations and in remote locations, your institution will have to carefully assess these questions and evaluate your current branch and retail processes in order to better understand how the technology could positively impact your service reach.
Source Technologies
Founded in 1986, Source Technologies provides integrated solutions for managing financial transactions and other secure business processes. Products include MICR printers and consumables, secure disbursement software, and the groundbreaking concourse™ self-service banking kiosks. Source Technologies has created over $400 million in economic value for customers in the last ten years.
First published on BankersOnline.com 1/15/07
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