NEWS

As the digital age advances, the banking sector is also evolving, with branch transformation being a key area. The pandemic has accelerated this process, creating both challenges and opportunities for banks. Transaction Systems’ CEE CEO, Panagiotis Chalkias’ keynote speech during the BankTechShow, elaborated on the drivers and challenges of branch transformation and the branch of the future, with new service delivery models.

While many have predicted the disappearance of bank branches, according to Panagiotis Chalkias they will be with us for a long time to come, but their form, size, and function are constantly evolving. The transformation of bank branches is a major challenge of the digital age, and it’s important how it happens.

The transformation aims to ensure that, in addition to new service channels, branches meet the needs of different customer segments, enabling banks to retain their current customers while attracting new ones. Matching the shape and size of branches to different customer needs and harmonizing the channel mix is not an easy task.

Branch transformation is a systematic project to transform traditional branch operations into a customer-centric and user-friendly banking experience that is seamlessly integrated into a true omnichannel process, supported by technology.

“The key to transformation is how branches can become an integral part of the bank’s overall strategy” –  highlighted Panagiotis Chalkias.

Chalkias also highlighted the challenges of “omnichannel integration”, stressing that true omnichannel banking is achieved when all the different channels can work within a single framework. This is necessary to ensure the consistent value proposition and rules that customers expect.

“We have heard the term “omnichannel integration” too often. In theory, hundreds of people claim to be implementing omnichannel banking – in practice, I know of only 3-4 platforms that actually do it.” -said Panagiotis Chalkias.

Banks are constantly changing and improving in different segments of their business. If there is no single framework in which to plan and execute these changes, they will have no meaningful impact.

Another challenge of branch transformation is the re-design and re-sizing of the branch’s image. In many cases, these projects are limited to updating the decor, lacking a strategic and integrated approach.

However, Panagiotis Chalkias also acknowledged that there is no real golden rule when it comes to redesigning the branches. We can expect to see different types of branch models depending on the location and segment.

On the subject of technologies related to branch servicing, the Transaction Systems head highlighted the development of automated points of contact.

“In the past, the automated point of contact was just an ATM. Today it can be a machine that prints your new bank card on the spot. Today, recycling terminals are standard and devices specialized for large retailers are available to facilitate bulk deposit.”

As for the branch of the future, in addition to the 24-hour zone and the self-service transaction zone, it is expected to include a “smart” reception desk to help guide customers and a virtual showroom to help them experience products and services.

In addition, new approaches such as “Branch-in-a-box” or “Branch-out-of-branch” models will be introduced, where you can either do 100% of what you would do in a branch yourself or bank staff can take the tools needed to provide essential services with them.

At the end of his presentation, Panagiotis Chalkias also pointed out that branch transformation is not a one-off process, with no fixed start and end date. The biggest obstacles to transformation are legacy systems that can hinder the running of new-generation solutions and traditional procurement procedures and lack of commitment from project members.

In summary, Transaction Systems’ experience shows that branch transformation is not only a technological challenge, but also a strategic one, requiring a holistic approach by banks to meet the needs of the digital age.

The point of sale (POS) payment terminal has been a mainstay of merchant countertops with little change in functionality for decades. Now merchant payment solution providers, hardware vendors, and app developers are all focused on revolutionizing and bringing more value to the point of sale to turn it into a point of interaction (POI) for the merchant.

Check out this article from Transaction Systems’ latest presentation at PayTechShow, in Budapest.

Transaction Systems is pleased to announce its recent membership in the European Vending Association (EVA) as a Supportive Member. By joining the EVA, Transaction Systems (TRSYS) aims to leverage the association’s extensive network and deep industry expertise, gaining access to the latest market trends, technological advancements, and regulatory updates that are essential for maintaining a competitive edge in the rapidly evolving electronic payments and vending sector.

The company believes that EVA membership will not only enhance its visibility and credibility but also facilitate valuable partnerships and collaborations with key industry stakeholders. Through participation in EVA events and working groups, TRSYS hopes to influence industry standards and practices, ensuring that its solutions meet the highest industry requirements and customer expectations.

Erwin Wetzel, EVA Director General, welcomes the company to the EVA, saying, “a warm welcome to Transaction Systems. Cashless continues to grow year-on-year in vending in all European markets, and another solution provider for the sector joining the Association is always positive and beneficial. The unique market knowledge gained from the EVA reports, and the benefits of meeting machine operators through EVEX this October in Cannes, can truly help Transaction Systems in market visibility.

“Our advanced solutions streamline operations and enhance customer convenience. By embracing cutting-edge technology and industry expertise, Transaction Systems empowers vending businesses to increase sales, improve operational efficiency, and provide a superior customer experience”, said Panos Chalkias, C.E.O Central, South and East Europe, Transaction Systems. “Committed to innovation and reliability, Transaction Systems continues to drive the future of cashless payments in the vending industry, ensuring a seamless and secure transaction process for both operators and customers worldwide.”

By joining the EVA, Transaction Systems looks forward to contributing to the growth and development of the vending industry across Europe and beyond.

How is the retail payment experience evolving—and what’s next for merchants and consumers?
At the Baltic Payment Forum 2024, our CEO for Central and South East Europe, Panos Chalkias, shared insights on emerging technologies, new payment habits, and the transformation of transactions in the retail space.
🎥 Watch the full presentation to explore the future of payments here.

The future of customer-centric banking is here! As artificial intelligence and cutting-edge technology continue to shape the financial services landscape, the traditional bank branch is undergoing a revolutionary transformation. In this insightful article summarizing Transaction Systems’ Michal Mierzejewski presentation at the BankTechShow Conference, you’ll discover how AI-powered avatars, human advisors, and 24/7 self-service solutions are redefining the banking experience.

Explore the possibilities of the next-generation bank branch, where innovation meets customer convenience, and learn how these advancements are paving the way for a seamless and personalized approach to financial services.

Read the full article here to see how technology is bridging the gap between efficiency and human connection in banking.

Transaction Systems, Auriga Poland, and Self-Service Solution (SSS) Polska are pleased to announce the successful certification of GRG Banking’s Recycling ATM – H68V cash recycling equipment for handling payments in Polish Zloty (PLN).

This certification marks a significant milestone for GRG Banking’s entry into the Polish market, and enhances the deployment among Polish banks of cash recycling, cash-in, and cash-out solutions, thanks to the standardized mechanisms now in place.

One standout feature of the GRG Recycling ATM H68V is its unique 7-characteristic authentication process, which simplifies the categorization of Polish Zloty, resulting in a more efficient and streamlined customer experience. Furthermore, by deploying the H68V, Polish banks will be able to gain significant advantages, as these advanced machines are designed to enable quick and massive deposits and withdrawals of banknotes, offering a faster and more reliable service to customers. The H68V’s high-speed processing capabilities reduce wait times and enhance the overall customer experience. Additionally, these ATMs require significantly less maintenance, thus leading to reduced operational costs and downtime. This combination of speed, reliability, and low maintenance ensures a more efficient and cost-effective solution for banks, ultimately supporting their growth and customer satisfaction.

The achievement was made possible through the strong collaboration between Transaction Systems, Auriga Poland, and SSS Polska, showcasing a commitment to innovation and quality in financial technology solutions.

This certification arrives at an ideal time, as Transaction Systems and Auriga Poland are actively engaged in Requests for Proposal (RFPs) within the Polish market.

Commenting on the certification, Michal Mierzejewski, Business Development Director CEE, FinTech & Retail Solutions, for Transaction Systems, said: “We are excited about the opportunities this certification brings and look forward to further supporting the growth of secure and efficient payment systems in Poland.”