Why Financial Institutions Are Embracing Digital Receipts
Today’s consumer has a digital-centric mindset. Many businesses are shifting their strategy to cater to this mentality. Financial institutions (FIs) are re-evaluating experiences based on a digital focus, and nothing can be overlooked in its current state, including something as simple as teller receipts. To create an omnichannel modern banking environment, FIs must examine where opportunities exist to elevate interactions and meet or exceed consumer expectations.
An opportunity to modernize processes lies within teller transactions and receipt delivery. Kinective was among the first providers to deliver eReceipt capabilities to financial institutions several years ago. Since then, we have continually enhanced our product in response to customer feedback as well as our own analysis of use cases beyond the financial services world to develop eReceiptsPlus, a patent-pending cloud-based technology designed to transform the consumer experience during teller transactions.
Let’s explore why now is the ideal time to move forward with an advanced eReceipt solution.
Expectations Established Beyond Banking
Many consumers more than likely experienced their first taste of a next-generation checkout process at a retail store.Similar to other consumer experiences, retailers set the expectation for the modern checkout, enabling service reps to complete a sale on the store floor at the point of customer engagement.
A retail environment may also have been the first place a shopper heard, “Would you like me to email your receipt?” This option has since become relatively common at fixed checkout counters as well, not to mention in the seamless experience offered by Square.
By matching the modernized capabilities found in other areas of our lives, financial institutions have an opportunity to update their image and earn additional business in the process.
Digitally Centric, Without Compromise
Our eReceiptsPlus solution allows for customization across the entire institution. It’s not a one size fits all technology and doesn’t require an either/or decision for FIs. Banks and credit unions don’t have to eliminate paper receipts entirely. Physical copies can remain an option for those consumers who prefer to receive them. Other customers will appreciate the eco-friendly option, eliminating a paper slip immediately destined for the trash.
Branches can capitalize on having reps available on the lobby floor to help customers quickly execute straight forward transactions. Digital receipts can also reduce the cost and clutter of placing printers and signature pads at each workstation if they choose.
eReceiptsPlus is the Solution
Our original eReceipts offering has evolved to the point that we have renamed the latest edition eReceiptsPlus, in recognition of three primary advancements:
- This fully cloud-architected solution relieves FIs of the burden of on-premises hardware management while simultaneously improving scalability and simplifying updates and security;
- It can now be delivered to customers via SMS/text, in addition to existing email and print options; and
- Perhaps most importantly, IMM’s patent-pending technology enables an embedded signature to be captured on demand, when appropriate, on the customer’s own device, as well as via an FI-provided tablet or signature pad.
In a digital-first world, FIs need to take a step towards updating receipt collection and delivery to keep up with consumer demand and foster a digital environment.