ATMs have come a long way since they were introduced by Citibank in the early 1970s. The ATM has helped minimize staff interactions with customers for routine transactional business in the branch while delivering on 24/7 convenience even at remote locations. Over the decades, technology has supported improved functionality not only for the consumer but also as an additional channel for banks to market products and service to customers.
Now, Chase has introduced self-servicing kiosks which are truly next-generation ATMs. Surprisingly, they also support the Chase business focus on mass affluent customers and prospects.
According to Bank Innovation, the Chase self-service banking (SSB) kiosks are being rolled out hand-in-hand with instant debit card issuance capabilities. The kiosks, which have an upscale look that includes much larger display screens, will:
- dispense coins and any denomination of bill the user requests,
- permit differing levels of withdrawals based on personal account limitations,
- allow for check-cashing and
- incorporate future technologies needed for near field communication (NFC) readers and bar-code readers.
As with Citibank’s Union Square state-of-the-art branch, Chase’s SSB reduces human interaction around many transactions and saves money as a result. Customers appreciate skipping teller lines, as well, according to a blurb in the Chicago Tribune.
The win-win goes beyond savings of time and money, however. The ATM features help Chase customize even the automated banking experience. In addition to demanding convenience, high-touch affluent customers expect personalized attention. Chase can give mass affluent customers special treatment they’re used to, and it can do so without alienating those who have lower daily withdrawal limits since the ATMs differences are transparent customer to customer.
Affluent customers are among the most untethered consumers: they prefer to use technology. Therefore, we predict it may not be long before the NFC capabilities of the SSB kiosks are called into play. And watch for updated user interfaces for SSB as Chase will seek to continue to enhance the customer experience. Media Logic’s work with affluent consumers suggest that brands who have the ability to market and service the segment across channel preferences – both digital and traditional – are most likely to appeal to this highly coveted segment.