News

CUSO, kiosk-maker collaborate on self-serve shared branch solution

Source Technologies and Co-op Financial Services have taken the shared branch concept a step further by incorporating Co-op's shared branching platform into Source Technologies' personal teller machine.

March 1, 2016

Source Technologies, a provider of transactional kiosks, and Co-op Financial Services have partnered in a proof of concept that integrates Co-op Connect, the platform that powers Co-op Shared Branching, into Source Technologies' Personal Teller Machine.

The Source PTM is different than an ATM, and is meant to sit in close proximity to the teller line, a Co-op press release said.

According to the release, the device can automate nearly all transactions historically handled by tellers, including transaction authentication; multidenomination cash acceptance and dispensing; check processing; and official check issuance.

The Personal Teller Machine boasts a small footprint — one square foot — and a "projective capacitive" touch screen, the same technology pioneered by Apple for the iPhone.

By integrating via the Co-op Connect platform, deployment is made much swifter for credit unions of all sizes, the release said. Using the platform's shared branching capability, members of participating credit unions can visit another credit union's branch and conduct their business as if they were in their own home branch.

"Source Technologies' Personal Teller Machine has great potential for the growing fleet of self-service devices in the Co-op Shared Branch network," said Craig Beach, Co-op COO of shared branching. "However, this [concept] has the potential to reach far beyond shared branching. Not only does this provide members with a convenient in-branch experience, but transitioning member transactions away from the teller line and to self-service also helps our credit unions reduce operational costs and ensure members receive the high quality service they need."

"The role of the teller is changing dramatically from conducting routine transactions to handling loan inquiries, demonstrating technology and answering financial questions in a much more consultative manner," said Keith Hamilton, CEO of Source Technologies. "As more and more financial institutions move toward the 'universal banker' concept, Source Technologies' self-service solutions provide the branch a way to handle the simple transactions and meet the demands of today's consumer."