What is a bank passbook printer?
A bank passbook printer is a self-service, automatic kiosk where a customer can put their passbook and get it printed with up-to-date account transaction information and is usually placed in banks. There is usually a magnetic strip placed as a barcode on the passbook, which is recognized by the kiosk and hence retrieves all account details to print on the passbook.
Features of self-service passport printer
Some of the best features of this product are:
- These are completely automatic and have the ability to flip, update, and align the passbook without any human help.
- It has very technologically advanced software as the customer just has to put in their passbook and don’t need to intervene in any kind of way.
- The pause book reads a barcode and retrieves the account information of the customer.
- It is a very simple and highly convenient process.
- These services are usually available 24 into 7, usually placed in open lobbies and ATMs.
Why do customers need the facility of passbook printing?
Passbooks are a great way to keep track of finances for the consumers. So bank passbooks are an integral part of such records. Pause books are provided for all kinds of accounts, like current accounts, savings accounts, PPF and even recurring deposits. So the customer can update their account for any purpose. Also, in banks, there is usually a long queue for different services. Passbook printing is not one of them. Such passbook printing kiosks help consumers a faster way to update their passbooks.
How does a passbook printing kiosk work?
You need to get the barcode sticker from the bank branch office and choose the language you want it to be printed in.
The passbook needs to be inserted with the last printed page of the passbook.
If printing is still left, then you need to turn the page or it may be a fully automated machine that will turn the page by itself.
This is how you can update your passbook in very little time and in a hassle-free manner.
The current market for bank passbook printers:
In recent times, India has been very quickly adapting to kiosk services including bank passbook printers. It was mainly driven by the major metropolitan cities installing passbook printing machines, cash deposit machine machines, etc. The banking, financial services and insurance sector have seen the largest number of kiosk users since 2017. This is because, over the years, Indians prefer to visit such self-service kiosks than visiting the branch every time a need arises. Since 2017, the southern states of Karnataka, Tamil Nadu, and Andhra Pradesh have shown the highest demand for such kiosks.
Why do banks need self-service passbook printing?
Usually, the passbook printing kiosks, which are placed outside banks, are multi-featured. This is because they can help with a lot of different things, like NEFT, cheque book request, stop payment request and obviously passbook printing.
Why do customers need passbook printers?
- It saves time and allows customers to access banking services beyond official hours. A lot of consumers might find it really annoying to stand in long queues and it is also not possible for all consumers to have enough time to spend at the bank to get basic services. Even though Internet and mobile banking services are being used nowadays, a lot of customers may not be comfortable with that. So these kiosks can help to carry out such transactions very easily.
- Such kiosks are usually placed in ATMs but play a much bigger role in helping the banks to create brand awareness, as usually kiosks are placed in places that generate heavy traffic. It allows smaller banks to advertise themselves in a very cost-effective manner. It also promotes customer satisfaction, so it also helps in generating leads for the bank.
- This is not a debut project, rather, it is an established project which is even backed by the government. The government has recently introduced information kiosks in various places like railways and bus stations, which allows delivering information to the public. Similarly, banks using such kiosks is not something new, as it has already been deployed as ATM’s for public use.
- It is very easy to use. Usually, the passbook printers do not need any kind of information to be input by the customer. The printers are designed in a way to read the barcode and retrieve information by themselves. Some of the past books are also advanced enough to turn the pages by themselves. They also sometimes have a grayscale lining so that it is easier to understand and read.
Reports have shown that since 2018, there have been almost 2 million users of such kiosks deployed by the banks. It is only to be expected that the use of such kiosks by the banks will increase over time. SBI has recently revealed that they expect to install almost 2500 self-service kiosks by 2024.
A passbook printing kiosk is a very important service bank should be providing to their customers, due to the rise in demand for such services and the preference over visiting a branch to using such kiosks. In forecast statistics, it can be seen that until 2024, consumer’s demand for such kiosks will only be on the rise. So it is only advisable for the banking sector to invest in such kiosks more. With customers usually relating satisfaction with a brand, it is important to cash out on that opportunity and generate long-term loyal customers.