By Bethan Cowper
Self-service terminals are often overlooked in the fight for new member acquisition, as credit unions deploy the latest technology to engage generation Y and keep up with the latest market trends.
Internet and mobile banking are highly promoted CU services due to the level of convenience they offer; however, the only successful member engagement strategy is one that recognizes that all channels matter. The adoption of an omni-channel approach accepts that the branch and cash are not dying, new emerging technologies will eventually become mainstream, and that CUs need to adapt their approach to payments to ultimately prevent the creation of product silos.
ATMs and kiosks have moved beyond cash dispensers and basic information points into multi-functional self-service terminals that are an integral part of a larger omni-channel initiative. Used effectively, these terminals can redefine how members interact with their credit unions, drive new behavior, and generate additional revenue streams.
In-branch, ATMs and kiosks can be used to reduce costs, streamline internal processes and offer improved branch ROI, whilst providing a compelling member experience. Self-service devices can offer a range of functionality that surpasses other payment channels, offering standard services such as bill pay and check deposit, but also less uniform capabilities such as loan applications, virtual prepaid card issuance, buying concert tickets, donating money to charity and using currency exchange. These benefits can only be realized, however, through member use. It is important to both educate members, and gather their feedback on what works best for them.
Kiosks can additionally be used for in-branch demos; encouraging members to use services such as internet banking, or act as information hubs where members can read about the products and services available or even book appointments. This automated functionality substantially reduces routine interactions with staff, freeing them up to address more complicated issues and ultimately, to cross-sell new products and services. According to NCR, with the current functionality available, people can do up to 90% of their teller transactions 24 hours a day using kiosks.
Bridging The Gap
Self-service terminals also bridge the gap between remote channels and banking in-branch, enabling a complete member omni-channel experience. Emergency cash initiatives where a member can use a mobile phone or Internet banking to make cardless ATM withdrawals and the instant issuance of a virtual prepaid card to securely make online payments are just a few examples of how they can be used in a cross-channel capacity.
While the industry debates the future of payments, ATMs and kiosks are already at the forefront of innovation and are fundamental to the uptake of emerging technologies; from video and audio assistance, biometric authentication, P2P & A2A payments to driving the use of EMV, contactless and NFC.
In financial services today, research consistently shows that members want more control over their banking environment; choosing when and how they interact with their credit union. Optimizing and updating the multi-talented self –service channels already in place is a great place to start.
Bethan Cowper is head of international marketing with Compass Plus. For info: www.compassplus.com