Banks embrace self-service digital displays
Banks across the country are embracing interactive digital displays.
Interactive touchscreen displays are in the spotlight again; this time for projected growth and ease of use in the banking industry. A recent report from Grandview Research estimated that the self-service technology market will reach over $39 billion by 2022. The convenience and easy customization options that come equipped with devices like digital displays will be a major driver in demand.
Retail, healthcare and food and beverage industries are set to lead the way for the interactive touchscreen display market. The smart features on these devices are well suited for any industry, but in a time of increased concern regarding security, many banks are turning to the enhanced protection of digital kiosk systems, according to the report.
The benefits for bank branches don't end with strengthened security in financial transactions. In fact, there is a compelling case for the use of digital displays, from cost reduction to customer experience, all the way up to consistency.
"Interactive touchscreen displays can provide a visually stimulating and highly informative customer experience."
The case for digital solutions
When it comes to any form of service business, leaders are always faced with the challenge of staffing, explained Forbes contributor Michael Vizard. How many people does it take to create a solid sales team with strong customer service and effectual delivery? Retail banking is especially sensitive to these demands.
In recent years, the number of bank employees has dropped significantly. With ATMs making major headway, there is less of a need for tellers than ever. Yet, the cost of manning each branch location with sufficient staff to provide financial advisory and other services continues to be high. In an effort to solve staffing issues, save money and improve customer experiences, banks - like many other industries - have turned to technology.
Banking has already taken the digital plunge in many ways. ATMs are a staple of any branch location, and mobile banking has taken the world by storm. According to The Detroit News, in the past two years the number of people coming to physical bank locations has declined by 25 percent.
These interactive digital displays will be able to handle high-level transactions with ease, and bank staff will ideally be armed with the necessary training and tools to assist in the experience. This has the potential to allow for improved customer experience and higher levels of customer engagement.
"These interactive digital displays will be able to handle high-level transactions with ease."
The three E's of customer satisfaction
For those still making the trek, touchscreen displays could provide a visually stimulating and highly informative customer experience. Vizard envisions bank customer touchscreen displays being used in a similar manner as retail displays.
Digital displays also allow for a spike in customer education. Vizard explained that these interactive devices would potentially be equipped with videoconferencing systems. With this technology, customers could be connected to high-level experts in financial advising. These advisors and customers will not be limited to local resources; video conferences would open up a whole new channel of information.
Banking with digital displays has the potential to hit on the three E's of customer satisfaction: experience, engagement and education. What's not to love?
Cut costs and be consistent
Clearly, digital displays can do wonders in terms of customer approval, but what benefits do these technologically advanced devices have for bank leaders? Well, if cost reduction and consistency are of any concern, touchscreen displays are the ultimate tool. Operating costs for any business make up a considerable chunk of the yearly budget, explained Vizard.
While some digital displays can require an investment, the long-term savings are considerable. A single monitor can offer multiple functions, from informational materials to transactional functions, all the way up to financial advice. The information and processing experience becomes a one-stop-shop for customers, allowing bank managers to hire less staff and ultimately save money.
Instead of having multiple staffers dedicated to transactional jobs, hiring managers can focus more on dedicated and knowledgeable advisors. At JPMorgan, a simple teller transaction costs around 65 cents per deposit - which is eight times more than a deposit made through an ATM. Clearly, there is room to save considerable money over time by employing customer digital displays throughout a bank branch location.
"Customer digital displays hit all the major marks for the banking industry."
Digital displays can also ensure consistency in experience. In a perfect world, every employee would deliver equal levels of customer satisfaction or overall accuracy in their job. But, the reality is not that simple. By automating specific tasks, interactive touchscreen displays can ensure consistent experiences across the board which can ultimately improve efficiency rates.
So, what have we learned? In the simplest terms: Customer digital displays hit all the major marks for the banking industry. Bank managers can cut costs, improve consistency and excel in the realm of customer satisfaction. It's no wonder the interactive touchscreen market is set to grow exponentially over the next seven years.
Banking leaders should put serious thought into the adoption of these self-service machines, stay ahead of the pack and check out these interactive touch solutions today.