Optimal Placement of Self-Service Banking Kiosks

In this digital era, banks are shifting towards providing online services to enhance customer experience and improve operational efficiency. We consider the critical issue of optimal placement of online banking kiosks to maximize user accessibility and customer usage. These kiosks enable customers to more quickly conduct self-service transactions while reducing the bank's cost of human tellers. The optimization criteria used include factors such as age of customers in the area (with younger customers more likely to use such services), location characteristics, the value of customers in the area, customer tenure and the area's population density. We formulate the optimization problem and use Machine Learning tools to solve. We show that, by leveraging data analytics, banks can significantly enhance service offerings, improve customer satisfaction and drive operational efficiency.

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Publication Details

Published
2024-11-04
DOI
https://doi.org/10.1109/ictmod63116.2024.10878131
Citations
1
Primary Topic
Sharing Economy and Platforms
Type
article
Field-Weighted Citation Impact
0.44
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article

Optimal Placement of Self-Service Banking Kiosks

Patrick Hosein, Julie Koon Koon
1 citations
Sharing Economy and Platforms
0.44
article

Optimal Placement of Self-Service Banking Kiosks

Patrick Hosein, Julie Koon Koon
article en
1 citations

Abstract

In this digital era, banks are shifting towards providing online services to enhance customer experience and improve operational efficiency. We consider the critical issue of optimal placement of online banking kiosks to maximize user accessibility and customer usage. These kiosks enable customers to more quickly conduct self-service transactions while reducing the bank's cost of human tellers. The optimization criteria used include factors such as age of customers in the area (with younger customers more likely to use such services), location characteristics, the value of customers in the area, customer tenure and the area's population density. We formulate the optimization problem and use Machine Learning tools to solve. We show that, by leveraging data analytics, banks can significantly enhance service offerings, improve customer satisfaction and drive operational efficiency.

University of the West Indies (TT)
Decent work and economic growth
Openalex Percentile: Top 24%
Sharing Economy and Platforms
0.44
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