Last Updated: February 09, 2023

Streamline Banking and Offer Convenience to Customers with Self Service Banking Kiosks message: Let us do the work for you. Answer a few short questions & get cost estimates for your needs from trusted kiosk/POS companies who service your area. Our service is 100% free!

When banks began offering customers ATMs, they made the self-service kiosk an everyday part of life. Without the prevalence of the automatic teller machine, it's unlikely people would have adapted so quickly to today's world of self-checkout grocery stores, ticket kiosks, and more.

Banks now have the opportunity to take banking to the next level with self-service banking kiosks. These machines automate a wide variety of services beyond simply dispensing cash like their ATM predecessors.

The Future of Banking

Since the first ATM hit London in 1967, the underlying technology has changed little. Neither has their use, with customers typically using them only to withdraw or deposit funds.

With the advent of Wi-Fi and smartphones, the average consumer now conducts the vast majority of their banking needs without ever setting foot inside a bank. With direct deposit and automatic bill-pay, there's little need.

In spite of the money and resources banks have focused on building their online banking presence, they still realize the importance of a retail branch location. After all, this is where new accounts are born, and where the actual employees handle customer issues. Downsizing after the financial crisis in 2008, though, closed many branches, or moved them to smaller locations.

This is where self-service banking kiosks enter the picture. They offer bank branches the wherewithal to work with customers when the human touch is necessary, but also provide a technical solution when it isn't. This helps maximize reduced personnel as well as reduced space.

Personal Teller Machines differ from ATMs because they allow customers to complete over 80 percent of the same transactions that a teller would conduct, but in much less time.

Compare Banking Kiosk/POS Prices

Fill out our 30 second free form to receive competitive pricing from pre-screened kiosk point of sale dealers. No commitments. Our service is always free!

Personal Teller Machine Features

In addition to traditional ATM functions, a PTM (personal teller machine) allows customers to transfer money, print checks and statements, purchase money orders, cash checks, and access their online bank account. What's more, customers get this service 24 hours a day, seven days a week, not just during the bank's regular business hours.

Your clients get the service and convenience they've come to expect, and your bank saves money.

The kiosks are large, around five feet tall, and weigh close to 300 pounds. They're standalone structures that hold the CPU, monitor, and printer. Some include an external keyboard, mouse, and scanner.

Additional features include audio and video capabilities, plus privacy screens and proximity sensors.

Reduce Wait Times while Increasing Productivity

Most financial institutions offering PTMs include an on-site unit as well as a remote unit, typically in a retail outlet such as a convenience store. On-site locations may include an outdoor drive-thru option, such as a traditional ATM. Alternatively, you find an indoor unit in an entry or lobby area that remains open during off-hours, but separate from the bank.

During peak business hours, the on-site portal gets customers in and out more quickly, reducing wait times for clients and the burdens on staff.

How it Works

Instead of waiting in line, customers use the personal teller machine. To start, they scan or swipe their personal identification and bankcard. Then, they simply follow the instructions on the screen to complete the transaction. Even adding in the time to print out a receipt, the customer finishes and is out the door in moments.

These kiosks also increase the number of customers signing up for promotions and special offers, thanks to how much more quickly customers complete the requisite paperwork through the PTM.

With verified ID and bankcard information, you also don't need to worry about fraud.

Average Costs

With so many variables as to features and capabilities, costs for self-service banking kiosks vary widely. The starting price for just the hardware is around $3,000, but rises to around $35,000 for highly customized models.

On average, the hardware costs between $3,000 and $8,000. This price includes the CPU, full enclosure, touch screen, keyboard, printer, and card reader. Sometimes, this includes basic software, but you will almost definitely need to customize the software.

Software customization also varies widely in price, again due to varying levels of customization. Prices start around $3,000 and go up to around $20,000. In addition, you must pay licensing fees for each kiosk, which typically run between $300 and $500.

The standard warranty on the kiosks lasts for one year, and covers hardware only. An extended warranty that includes a maintenance package and lasts three years costs, on average, about 20 percent of the purchase price. Since this covers anything that might go wrong with the unit, most bank operators feel the extra cost is worth it.

Find the Best Kiosk Point of Sale System Dealers Who Will Compete for Your Business

Compare Banking Kiosk/POS Prices

Fill out our 30 second free form to receive competitive pricing from pre-screened kiosk point of sale dealers. No commitments. Our service is always free!