Sean Farrell

By: Sean Farrell on July 3rd, 2014

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4 Ways Self-Service Technology Will Transform Your Institution

Cash Automation | Branch Transformation | Customer Service

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What if we could show you a helpful tool to enhance your customers banking experience and help you reduce your backend expenses, increase revenue and give your institution a powerful competitive advantage – all at the same time? That's exactly what implementing self service technology can do for your bank or credit union. In fact, self-service technology is not only a tool that customers are comfortable and familiar with, they appreciate the convenience.


Consider the way in which airport kiosks have impacted the way we move through airports. The opportunity to more easily and quickly manage your own ticket confirmation and baggage check-in has helped to reduce the lines associated with airline ticket agents. Supermarkets and department stores offer convenient self-checkout options where several units are easily managed by a single associate.


Beyond the ATM, two product sets make perfect sense for community banks and credit unions:

NCR Interactive Drive-Through Teller: This solution offers a smart way to put personalized service back into an automated task. This customer-friendly, timesaving solution combines video collaboration and remote transaction processing technology to replace decades old, cumbersome tube-based systems. This technology also gives your institution the competitive advantage of offering extended hours.

Nautilus Hyosung MX-8800: This Super ATM offers an extra 10 types of transactions not typically handled by a traditional ATM machine -- from imaging checks and cash for deposits to processing loan payments to offering withdrawals to upwards of a thousand dollars in ANY denomination. The real beauty of the Nautilus Hyosung MX-8800 is that it can simply be integrated with your core operating platform for greatly streamlined operation and reporting.


Comparing the NCR ITM & the MX-8800 Self-Service Kiosk

4 Ways Self Service Will Change Your Institution For Good

1. Less tellers handling the same amount of volume means greater productivity. In fact, one employee can easily manage several devices. And ultimately, that means more customers are served faster.


2. Break down the barrier of congestion typically associated with teller lines. Self-service technology allows for a more open and inviting customer service format that actually creates a more personable and attentive customer service experience.


3. Move your institution toward revenue generation. Because tellers are freed up from mundane processing tasks in order to focus on listening to their customers' needs. This opens an opportunity for creating a more meaningful banking experience for customers and employees alike. That's because your tellers are better able and available to recommend value-added services that can financially benefit both the customer and you at the same time.


4. Extended hours allow your institution to offers a marked advantage over the competition. In fact, placing a Super Teller can allow your customers convenient 24/7 access. This is a great way for your bank to adapt to your customers needs – needs that go beyond the traditional bankers hours.


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Self-service technology gives your customers, your employees and your institution a better experience. Quite simply, it's a smart investment that adds greater efficiency, reduces expenses and increases productivity. It allows you to provide a better customer service experience and real differentiation from your competitors.


Self-Service technology also has the power to impact the physical environment of your branch. The small footprint these machines require and removing the teller line congestion has freed up space for a number institutions to create community rooms that are the perfect space to host financial education events on home equity loans, retirement planning, preparing financially for college and much more. Turning your institution’s business model and branded identity toward relationship banking is probably the smartest investment you can make in your branch operations.

While the investment upfront may be relatively significant for a community bank or credit union, the question you have to ask yourself is can you afford not to innovate?

About Sean Farrell

Sean has been in the business since 2003 and always aims to be an expert on whatever solutions QDS is providing. Sean has grown into a thought leader in the space through research and company growth. Sean holds strongly to his Christian faith and uses those principles to guide the business.