Financial Kiosks for Bill Payment, Prepaid and ATM Services

Referencing the Gartner Research 2008 KIOSK Benchmark Study, bankers have historically sides-stepped the lower income banking market, citing the high costs of providing teller, account, and lending services for small accounts. The low-to-moderate income segment, “The Unbanked,” is currently estimated to be 78 million individuals in the US, representing $13 billion in annual spending.

Specialized automated banking kiosks are turning the unbanked into an increasingly bankable population offering ATM functionality, pre-paid debit cards, check cashing, money orders, money transfers, and bill payment acceptance. Additionally, "(Banking) clients with more products tend to show more loyalty and generate higher profits, reinforcing the virtuous cycle of increased wallet share and customer profitability."

Further, many companies outside of banking are sharing in the struggle to find new cost reductions and increase revenues. According to EPRI, the average cost of accepting a payment for a bill in person is $6, which has prompted the need for more cost efficient methods of bill collection. Increasing cost reduction concerns have resulted in fewer remote branch locations, and a rise in self-service kiosks for a more efficient alternative to bill payment and other financial functions.

Successful bill payment and multi-function banking kiosk solutions have been deployed by KIOSK clients in retail / C-Stores, cable and utility services, and other non-traditional venues.