Self-service in the branch and as the branch
INDUSTRY INSIGHTS FROM DIEBOLD NIXDORF
The financial industry has witnessed major changes in the way people connect with their financial lives. Four out of five interactions with your consumers are now digital, according to the Boston Consulting Group (BCG) report, Global Retail Banking 2018: The Power of Personalisation.
And it’s clear in our conversations with our customers: digital enablement has certainly become table-stakes.
Yet on the flip side, nearly 70% of consumers still say that proximity to branches and ATMs is an important factor in choosing their primary bank (according to Diebold Nixdorf’s proprietary data). 82% of banks are confident the branch is paramount when it comes to strengthening relationships (The World Branch Report 2019, The Financial Brand).
From a consumer perspective, it’s all about whatever is easiest and most convenient in the moment; they just want to conduct their business on their terms, in their time. Banks have got to set up their channels to deliver this on-demand experience wherever and however their customers show up – but they also have an opportunity to guide consumers to the appropriate channel, and in today’s modernised, digitised world, that can increasingly mean the self-service channel.
ATMs are the powerhouse player in a modern digital strategy
ATMs have evolved to meet consumers at the intersection of digital and physical channels. What was once a simple cash-and-dash solution has become a critical connection point that can assist your consumers across their entire financial journey. They’re bank-owned, they reach on-us and off-us consumers, you can harness all the data and information flowing through the devices, and they can work both “in the branch” and “as the branch” to be an intermediary between digital and human touchpoints.
The ATM is a hybrid of digital and physical channels. It’s tracking consumer data, similar to your mobile channel and your online channel. And it’s conducting cash-based transactions, just like a teller (remember, globally, cash is still used in 77% of all transactions!). So it’s automating the branch, while still enabling – through tools like video teller and assisted service – that human touch, when consumers desire it. We’ve helped clients get to a place where 100% of their standard services are automated, and now they can truly act as advisors to every individual who walks through the door. And on the back end, they’re benefiting from tons of data on their consumers, which they can turn around and use to personalise experiences across every single channel.
The entire world is becoming more connected. Banks should use their incumbent status and vast network of touchpoints to their advantage to drive long-term success. And the right self-service solutions can really help, whether they’re located in the branch or functioning as the branch.
By Juergen Kisters, VP, global banking marketing, Diebold Nixdorf
Learn more about Diebold Nixdorf’s new line of self-service solutions, DN Series™, at DieboldNixdorf.com/DNseries.