News

Bank branches test service-stretching technologies

May 15, 2012

The Wall Street Journal is the latest to note the changing bank branch landscape. In a story yesterday, the Journal took a look at "the latest technological advances designed to make banking more efficient for the declining number of consumers who still use brick-and-mortar branches, while cutting costs at the same time."

Some of the article's observations:

At Wells Fargo — a keyboard at the teller window that lets customers request an email receipt (coming this summer; funds transfer functionality coming later).

At JPMorgan Chase — a machine (currently in test) installed in branches that facilitates transactions — such as check cashing — that can't be done at the bank's ATMs.

At Coastal Federal Credit Union in North Carolina — video screens in branches connect customers to call-center tellers who authorize transactions and dispense cash. Bank of America is also testing the technology

"Branch managers don't have to worry about manning the teller operations anymore, so they can be totally focused on the members who walk in," Willard Ross, chief retail officer for the credit union, told the Wall Street Journal. He said that as a result, product sales have nearly doubled in the branches.

For more on this topic, visit the bank automation research center.