Phoenix Synergistics: Optimizing Self-Service Banking
How far along the road to self-service banking are consumers? Self-service alternatives such as ATMs, kiosks, tablets, and mobile phones have been available for a number of years. Now, these self-service devices are appearing in branches allowing consumers to conduct transactions easily and quickly so that branch personnel are free to focus on sales of financial products and services. Videoconferencing terminals located in branches also allow customers to interact with sales specialists in remote locations. This can be particularly valuable for more complex financial products and services.
With all of these new developments, consumers can now perform multiple activities using self-service devices from depositing checks to applying for products and services. However, for some activities, consumers may use self-service devices along with assisted self-service and full-service alternatives. Understanding this process is essential in channel integration and branch configuration strategies.
Consumers’ willingness to adopt self-service banking may be a result of an overall orientation to self-service in other locations and industries such as grocery stores and airline ticketing. It may also stem from their desire for time and place convenience. Whatever the motivation, self-service banking is becoming an essential element as providers develop and implement banking systems and services for the future.
I. Executive Summary and Implications
II. Strategic Insights