Editor's Note: This is Part One in our Banking Technology Buyer's Guide Series - a multi-part series devoted entirely to banking technology strategies, trends, and how to find the right equipment mix for your branch of the future.
Banking technology continues to shape the banking industry and is a cornerstone of any branch transformation or remodel project.
Consumers expect financial institutions to step deeper into the digital age to offer better experiences, more personalized relationships, and easier convenience.
On the flip side, FIs know they need technology to better engage with their clients and have more meaningful transactions, but investing just for technology's sake won't deliver effective results.
The right strategic mix of technology is key, but where do you start in evaluating what's right for your branch network? What are all the different options out there and what is really making an impact in branches today?
Banking technology is more than just adding a few digital signs and tablets. That can be a start, but a true Branch Transformation requires the right strategic mix of several different elements.
To start our series, let’s first cover the major components of what falls into the Banking Technology and Equipment piece when working to redesign your branch network.
1. Digital Signage
When most bankers consider implementing new technologies, the first thing that comes to mind is digital signage. Digital signage IS a key player for introducing new technologies during a branch transformation project, but it's more than just adding tablets. Up and coming digital signage options now include dynamic screens, interactive touchscreen kiosk/displays, community boards, tablets, Expert Nearby video conferencing, and easy to use content management systems. Part 3 of our series will be discussing the benefits and features of all of these in more detail, but this is a gives you a baseline list of what’s out there and working for banks and credit unions across the country.
2. Cash Machines
The ATM has come a long way and the newest ATMs and cash automation machines are an integral part of the banking technology innovations enabling the “branch of the future.” Again, we will cover these more in-depth later in the series, but a quick dive into what’s on the market right now making a big impact for branches includes Teller Cash Dispensers (TCDs), Teller Cash Recyclers (TCRs), Personal Teller Machines, Assisted Self Service Machines, Envelope-free ATMs, and Deposit Image ATMs.
3. Software
Software is now a key component of any banking technology investment to completely redefine the way a branch does banking. The newest software changing the landscape includes Remote Teller Assistance that allows staff to conduct cash transactions from anywhere in the branch, customer flow and tracking systems to monitor how people are moving through the branch via heat map tracking capabilities, and Cash Flow Manager software to connect all Recyclers and Dispensers together while getting real-time analytics to determine if they are being used effectively, properly deployed, and insight into how cash is moving through the network.
4. Miscellaneous Hardware
All of these new technology advances are opening doors for the way branches can be built and designed. To get the full value and capabilities of new banking technology, several miscellaneous hardware and equipment items must be included. Teller Towers, open vestibules, new drive-up window layouts and technology, new vault systems, safes, and instant issuance credit/debit card machines complete the branch of the future that invites clients to better engage with your branch staff.
To sum it all up, we’ve put together a cheat sheet that lists all the banking technology options, equipment, and objectives discussed here.
* Stay tuned for Part Two of our Banking Technology series where we will discuss why these banking technology elements are important for your branch network and what they can accomplish for your brand.
With so many technology options, it’s important to find the ones that match your unique plans and goals. Come see the latest banking technology and equipment in action at our Ideation Center, a playground for bankers, and together we can identify your specific needs.