The financial services industry is changing rapidly, but that doesn't mean coin counting machines won't have a place in the bank branch of the future. Businesses are uncovering tremendous opportunities for growth by investing heavily in online and mobile solutions for their customers. While this may pose a direct threat to the vitality of brick-and-mortar banks, many industry experts believe self-service kiosks will continue to play an important role in delivering a high-quality, convenient experience for individuals.
Banks will introduce broad operational changes in the future
A recent report from the management consulting firm Accenture examined the many ways in which digital technology is shaping financial institutions. The organization estimated the industry could shed 35 percent of its market share by 2020, as more banks decide to move away from traditional branch setups and focus on digital offerings. Still, rather than signaling the decline of the in-branch experience, many of the same concepts associated with this current interest in online banking can be applied to brick-and-mortar channels. Accenture even suggested future branches will play a major role in delivering a variety of self-service and easily accessible solutions for customers.
According to BAI Banking Strategies, there are several possibilities for what physical financial establishments will look like in the near future. However, a central theme among industry experts suggests that there will be plenty of room for conveniences such as self-service coin counters. Offering machines that customers can access on their own time to complete important financial services provides the same level of convenience as that of online or mobile resources. In fact, a physical machine that turns loose change into cash is one procedure that simply can't be replicated on the Web. Banks that invest in this technology will be more prepared for future changes in the financial services industry.
March 18, 2014