The retail banking industry is a whole different game than it used to be - deposits are on the decline, transaction costs are increasing, and client expectations are always changing. Financial institutions are in need of a solution: one that provides customers with the personal touches they require for a positive experience without requiring a costly 1:1 interaction with a teller or associate just to complete a simple transaction.
You may be thinking, isn't this what ATMs are for? If so, good question. ATMs were the first shot at self-service machines, and while revolutionary, they are no longer smart enough to get the job done right. Capable of handling only the most basic of transactions, like pulling cash in $20 increments, these machines regularly let costly, simple transactions through to your line of tellers and associates - simply because they aren't as self-service as they claim to be. For example, an ATM can’t print a cashier’s check or dispense cash in any denomination, meaning these transactions still fall on your staff and distract them from profitable interactions.
So basically you've invested a lot of money into ATM's, yet your teller line is still filled with people needing things like cashiers checks, or to have a $50 bill broken into $5 bills.
Stop and think... how self-service are ATMs really?
It's time for ATMs to move over, because we created a better solution, and we call it NEXT: a self-service machine that provides your clients with the power to complete almost any transaction a teller could have assisted with, on their own. With a simple interactive display and a module built to feel private, yet approachable, clients can:
- Log-in using their debit card, driver’s license or even by scanning their eyes
View account activity and print account history and receipts
Deposit cash and checks, as well as withdraw cash in any denomination
Make change, to the penny
Print cashier’s checks
Transfer money between accounts and pay bills
Request assistance with the click of a button
Not only does this make the branch experience easier and more modern for your client, but it saves you a lot of money. By handling the mass amount of simple transactions, self-service technology keeps your associates available for more high-value interactions, like setting up a new account or fitting clients for a loan.
And unlike traditional ATMs, part of NEXT’s hardware choice includes re-purposing cash dispensers and recyclers that you already own. These mechanisms are the heart of every self-service solution for cash processing, so through re-purposing the cash automation you already have in place, you save cost, gain flexibility in design, and can provide different levels of self-service based on the true needs of the specific branch or location. It also provides a smoother path to upgrade, add and delete as those needs change.