What is Kiosk Banking? Definition & Advantages of Kiosk Banking

Posted on Tuesday, November 5th, 2024 | By IndusInd Bank

In the last few years, online and mobile banking have revolutionised the banking industry. It has made banking seamless and more convenient for customers. However, there are many who still prefer a more physical approach. This is where kiosk banking steps in, bridging the gap between traditional banking and digital convenience. For the uninitiated, a kiosk is a small stand or booth that provides information or services. 

Kiosk banking is especially relevant in regions where traditional banking services are less accessible. This model allows banks to extend their services to remote areas. With kiosk banking, customers can access essential banking services without having to visit a full-fledged bank branch. 

Let’s explore more what kiosk banking is and its various aspects. 

What is Kiosk Banking?

• It is a service model that enables customers to access basic banking services in non-banking areas. Customers can access these services through a small, self-service kiosk or booth located near them. 

• While kiosk banking is mostly associated with rural areas, you may also come across bank kiosks in malls, commercial spaces, and other areas. 

• These kiosks act as mini-bank branches and are run by bank representatives. Their main aim is to offer financial services to people in areas where traditional banks are not easily accessible.

• Thus, you can understand the meaning of kiosk banking as a bridge that connects unbanked or underbanked populations with formal banking services. 

Now that you know what kiosk banking is, let’s look at the services and benefits you can avail with it. 

Services and Features Offered by Kiosk Banking

Some of the key services and features offered by kiosk banking include:

1.      Account Opening

Customers can open a basic savings account through a kiosk. You can reach out to the bank representative at the bank for assistance on the process. Most bank kiosks will allow you to open a zero balance savings account as well. 

2.      Deposits and Withdrawals

Kiosks allow customers to deposit and withdraw money from their accounts. Customers can carry out these transactions through biometric authentication. This ensures security as well as ease of use.

3.      Fund Transfers

Kiosk banking allows customers to transfer money to other accounts, both within the same bank and to accounts in other banks.

4.      Balance Inquiry

Users can check their account balance and view mini-statements to keep track of their transactions.

5.      Loan Applications

Some kiosks also allow customers to apply for credit. Customers can submit applications along with relevant details and documents at the kiosk to get approval for their loan. 

Benefits of Kiosk Banking

After knowing the meaning of kiosk banking, you would know that it is very beneficial. Here are some ways it can benefit customers and banks:

1.      Financial Inclusion

One of the main benefits of kiosk banking is that it brings banking services to areas where traditional banks are not present. This helps in promoting financial inclusion as the unbanked population can also access banking access.

2.      Convenience

Kiosk banking is not only accessible but also convenient. Customers do not need to travel long distances to reach a bank branch. They can perform essential banking transactions at a kiosk located in their neighbourhood or village.

3.      Cost-Effective

Setting up a kiosk can be a more cost-effective affair than opening a full-fledged bank branch. This can allow banks to expand their reach without incurring high expenses.

4.      Employment Opportunities

Kiosk banking can create employment opportunities for local residents. They can get employment by operating the kiosks or setting up a kiosk in their shop/neighbourhood.

5.      Ease of Use

Kiosk banking is designed to be accessible and user-friendly. Features like biometric authentication make it easy for customers to access banking services.

6.      Extended Banking Hours

Some kiosks may operate beyond regular banking hours. This allows customers to perform transactions and access services at their convenience.

7.      Multilingual Support

In India, many kiosks offer services in multiple languages. This allows people from various backgrounds to use the kiosk and become financially capable. 

Also Read: How to Save for Your Retirement with a Savings Account

Conclusion

Kiosk banking is an innovative and accessible approach to banking. By knowing the meaning of kiosk banking and its benefits, you can also take advantage of this convenient banking model. 

Just like kiosks aim to make banking accessible, IndusInd Bank’s online banking services also make it easy for customers to access their bank accounts from anywhere. From online saving account opening to fund transfers to bill payments and beyond, IndusInd Bank has made it easier than ever for its customers to manage their finances. 

What’s more, you can also open a zero balance account with no minimum balance requirement in an instant. So, start opening a zero balance account online now and make banking easy and accessible! 

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.