Video Banking and the Future of the ATM Industry
With self-service expanding from ATMs to computers to cell phones, technology has paradoxically enabled a return of personal service to retail financial transactions. The concept of video banking has come of age, linking consumers and tellers in face-to-face interactions, enabled by a remote video connection.
Video banking combines self-service with personal interaction from a teller at a distant location. The remote teller completes the transaction and answers questions the user might have. Video banking provides a more efficient and personal level of service, bridging the gap between self-service and full service.
"The days of going to the bank to pay your bills and chat with a teller are gone in most communities," said Bob Meara, senior analyst for New York-based firm Celent, a research and advisory firm.
ATMs offer convenience for consumers in terms of time, place and transactions. But the personal touch is missing, Meara says.
And that's where video banking comes in.
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