There are some exciting and innovative times ahead for the banking industry. The world's financial organisations always looking for new ways to offer customers the sophisticated levels of service they want while simultaneously cutting costs, and one exciting area of development is branchless banking.

Customers are already extremely familiar with the functionality on offer at the average ATM machine and a large proportion have also got to grips with all of the excellent services available through online and mobile banking. Now, there are engineers and inventors quietly working on ways to boost the brilliant services provided by these technologies, making it possible for people to find a full range of banking functions on offer from a computerised terminal.

There was once a time when such a proposition seemed unlikely to take off, but that was long before the days of self service checkouts at local supermarkets and swipe cards to get on and off public transport. As the world becomes increasingly technologized, a far greater portion of the population is highly computer literate and on the look out for all innovations that can help them better utilise their free time.

The convenience of branchless banking services is one of its major selling points. The ability to access financial details on the go or at a conveniently placed ATM machine rather than having to set time aside to visit a physical branch is something that greatly appeals to today's time-poor workers. What's more, the range of different online and computer facilitated services available means that there are a good range of options for people to choose from.

While some customers will always prefer the option of speaking to a teller, others welcome the anonymity of sorting out their finances at a fully functional ATM machine or paying bills via their phones. It's up to banks to consider the needs of their far reaching customer bases and provide the most appropriate service for them all. As technology continues to grow, it is increasingly likely that more and more customers begin looking for branchless solutions for their banking needs.

Retail teller machines are huge development when it comes to the potential of branchless banking. These, unlike ATM machines, tend to be cashless, and are instead designed to talk customers through the various policies and services the bank offers in a no pressure environment. This will appeal to customers who want to learn about the products open to them, but who want to have plenty of time to consider their options as well as avoid a potential hard sell.

RTMs can already reduce queues and pressure in bank branches and the fact that they could be installed and maintained in areas where a full branch isn't feasible means they're sure to offer ever greater options to customers in the future. The further development of RTM and ATM software designed to simplify financial services will help make it increasingly easier for the average customer to get the information and services they need while also helping banks cut costs.