The advantages of multi-function kiosks
While vending kiosks held the largest share of the interactive kiosk market in 2021, the market for banking and financial services kiosks is expected to witness the highest growth of the Compounded Annual Rate of Growth (CARG) of 6.3% by 2027. The sector is projected to grow from USD 28.8 billion in 2022 to 39.2 billion by 2027.
The growth in this market is attributed to the ability of these kiosks to reduce manual tasks, minimize human error and be cost-effective solutions for financial institutions to offer fast and seamless performance. Interactive kiosks for the financial sector offer extra convenience to customers and save service costs for banks, credit unions and independent service operators (ISOs).
As we head for an increasingly cashless society, multi-function kiosks can act like ATMs on steroids. Apart from standard ATM functions, they can also include digital banking services such as bill breaking, loading cash into digital wallets, converting cashless payments to cash, and short-term credit lines. They can even offer preloaded gift cards! When you include cash recycling functions, these machines can operate virtually autonomously, with minimal input from owners.
Self-service kiosks can even act as virtual tellers in remote locations allowing banks to offer services to underbanked areas, without the cost of setting up a physical location. While initial set-up costs for multi-function kiosks may be higher than traditional ATMs, the convenience and increased revenue that can be generated makes them a worthwhile investment.
Europe and some Asian countries such as China and India, seem to be ahead of the game with their healthy appetite for advanced automated technologies and self-service channels. With our partners GRG banking and our robust omni-channel processing capabilities, Global Processing Centre offers a selection of multi-function kiosks with the abilities to elevate your business to the next level. Contact us for more information on how advanced functionality kiosks can benefit your business.
