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Transactional Kiosks "Fit the Bill" for Walk-in Customers
Question: We’ve heard or read about the growth of self-service bill pay kiosks, but with customers moving to online banking, aren’t banks seeing less and less walk-in traffic paying their bills in person?
Answer: It probably comes as a surprise to most financial institutions that despite investments made in online bill payment systems, a large percentage of people still walk into the branch expecting to be able to pay their bills. Tower Group estimates that in-person bill payments will double by 2010. Many institutions are looking at kiosks to handle bill pay branch traffic. Another reason you may be hearing a lot about bill pay kiosks is their growing popularity among unbanked or underbanked consumers. These users are paying their bills on kiosks in the billers’ store or local convenience store.
Some institutions are beginning to recognize that branch bill payments present potential opportunities for new revenue streams and new customer acquisition. For example, while banks typically offer in-branch bill payments as a courtesy, studies show that walk-in customers are increasingly willing to pay sizable fees for expedited bill pay service. In fact, 43% of customers say they would pay between $5 and $20 for the convenience of making last-minute payments. Self-service kiosks with bill pay applications have become crucial in capturing that revenue source.
For more information on Self-Service Solutions, learn about Source Technologies’ Financial Self-Service eForum. Founded in 1986, Source Technologies provides integrated solutions for managing financial transactions and other secure business processes. Source Technologies has created over $400 million in economic value for customers in the last ten years.
First published on BankersOnline.com 9/04/06
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