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ATMs assist with growing self-service trend

ATMs assist with growing self-service trend

Data shows consumers increasingly prefer self-service options both online and off, which is just one reason why ATMs remain essential for banks hoping to attract consumers.

In the online world, analyst firm Coleman Parkes found that 75 percent of surveyed consumers said they would prefer to use self-service online support options if information provided by businesses was accurate and complete. Meanwhile, 91 percent of consumers said they would use an online knowledgebase if it were available and served their needs.

"We are seeing a major shift in customer behavior," said Ian Parkes, director and co-founder at Coleman Parkes. "Consumers prefer to seek answers to common questions through online resources."

A separate report from Cisco shows that 61 percent of consumer around the world would be willing to take self-service one step further, shopping in stores where workers are replaced by vending machines and kiosk stations boasting virtual customer service.

The same report found that most consumers (52 percent) prefer to check themselves out through self-service kiosks instead of waiting in line to pay a cashier. This trend will only continue to grow, as data shows younger consumers are the most accepting of these types of shopping experiences.

ATMs provide self-service alternative
Financial institutions can make use of the consumer demand for self-service by focusing more on providing ATMs instead of relying on branch workers.

Consumers do not like to wait, and figures indicate they are more open to doing things themselves than ever before. However, to make this work, financial institutions will also need to invest in machines that offer consumers a full range of capabilities.

For instance, Cummins Allison's H38 Series full-function ATM features cash withdrawal, envelope deposit and check imaging. For a public that is on the hunt for more self-service options, making full use of ATMs is essential.

09/26/2014