Definition of self-service banking

system in retail banking whereby consumers perform many routine banking transactions themselves, without going to a bank teller. The supporting theory is that many banking services, such as account withdrawals and deposits, can be automated, generating a stable, and growing, source of core deposits at low acquisition cost. At sufficient transaction volumes, self-service banking lowers the cost of serving the customer and provides greater customer convenience, because consumers are no longer restricted to doing their banking during business hours and have access to their accounts through automated teller machine networks.