Imagine your life without the facilities offered by technology. Traveling and commuting in cities would be much more difficult without GPS. Communicating with relatives who live far away would be a longer process without social media. It is no different when it comes to banking automation. Mobile banking may soon represent half of the bank transactions. One of the many examples of banking automation is the innovation of financial services involving the virtualization of customer service.
The kiosk manufacturers in India develop solutions adapted to banking and the improvement of the respective financial services. With the development of technology and the progressive virtualization of banking, the need arose to evolve traditional ATMs to SSBK, providing many more services, in a single terminal. The SSBK (self-service bank kiosks/terminals) enable the display of a virtual platform more complete and user-friendly while providing numerous components that significantly extend the range of services.
What is bank automation?
Banking automation started in the ’70s and even today it brings great competitive advantages for companies in the segment. It is the application of tools and methods that aim to automate an institution’s manual processes and make them more efficient and optimized. The two most well-known technologies are internet banking and mobile banking. Besides reducing costs, offering services in the palm of your hand can help you win and retain customers.
The good news is that the self-service-banking-terminals are greatly taking advantage of these technologies, including artificial intelligence. SSBK kiosks are an inevitable reality for the evolution of banking and its proximity to customers. It is crucial that this technology is simplified to implement and at reduced costs.
Internally, the automation, digitalization, and integration of processes bring significant benefits to the compliance structures of banks. We know how difficult it is to leave our homes to resolve a commitment with the bank. Whether to pay bills or to make transfers, the bureaucratic process showed internet banking as a great alternative to carry out the transactions.
With the popularization of smartphones, financial institutions saw the opportunity to bring banking services to mobile devices. Due to the facilities of cell phones, such as using the digital bank wherever you are instead of taking long lines, it is natural for people to start using the new platforms, which have already shown results.
What is the importance of banking automation?
By using this important tool, it is possible to standardize processes and offer a better experience for your customers. And, with the help of self-service banking terminals, banking automation has gone ten steps ahead of the traditional banking process. With banking automation, financial institutions have efficiency gains in the operation and management of the business.
● Reduction of operation costs,
● Reduction of paper costs,
● The decrease in customer service time,
● Security in the release of checks, loans, and credit cards,
● Speed in granting credit and negotiating terms.
● Improved communication with customers and suppliers,
● Financial control security,
● Efficiency in workflow management,
● Speed in the evaluation of default,
● Agility in the identification of frauds,
● Reduction of accounting costs.
Consider your business priorities
There is no point in automating processes that will be irrelevant or useless for the institution. Define what is important to the business, to the customers and start implementing it from this assessment.
Use different approaches
With the right combination of technology integration solutions, it is possible to automate manual processes without losing information left as a previous legacy, avoiding losses and extra costs.
Prepare the IT department
Hire people with skills beyond the traditional ones. Train professionals who can assess the software market and identify the right solutions to develop internal systems integrated with business operations.
Maintain the security of customer and company data
Security to confidential data and transaction processes are of great importance when it comes to implementing new technology or machines to any institution, especially for banks. Financial institutions handle thousands of payments a day and store large volumes of highly sensitive customer data. Banks cannot take such risks. Selecting kiosk technologies with built-in security features and remote management capabilities to enable the immediate and universal application of patches and updates can help address this requirement. Financial institutions are always attentive to technological innovations. This is because the race for the best technologies has become fiercer.
The technology that allows us to store and process large amounts of information has already been applied by companies in the financial sector. One of the characteristics of the technology is the
possibility of crossing a large amount of data with different bases in a short period of time. To give you an idea, technology has allowed a bank to reduce its calculation time from 96 hours to just 4. These are just a few examples of how investing in technology innovation like smart kiosks by kiosk manufacturers can help.
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