Studies have shown a strong link between self-service technology and heightened customer satisfaction and loyalty.2 Tablet and mobile banking applications, cardless transactions, and instant issuance kiosks increase banks’ flexibility, better enabling them to keep up with customers’ demands for instantaneous, around-the-clock service. Somewhat paradoxically, consumers want digital convenience while maintaining some physical interaction, and to merge premium service with maximum safety. Simon Powley, Head Global Advisor Consultant for Diebold Nixdorf, told Fintech News, “The prioritization around self-service has never been more important … to transform chaos into something good for the organization.”3
According to Mordor Intelligence, the bank kiosk market is expected to grow at a rate of 28% annually between 2020 and 2025.4 Face-to-face interaction will remain important, as people will always want to talk to a person about sensitive or complicated financial topics. However, if banks are not supplementing human interaction with convenient, digital alternatives that can be easily updated, they will be left behind. Self-service kiosks present a win-win for both customers and financial institutions, who can easily create more digital touchpoints in their banking ecosystem.