The Bank Branch of the Future
The bank branch of the future is evolving as quickly as the technology that drives it. Retail banks are reducing their brick-and-mortar footprint and employing Interactive Teller Machines to replace traditional tellers while maintaining customer service levels and building loyalty. Customers still want their bank to provide “a person,” but they also don’t want to be confined to traditional banking hours and locations. That’s why Interactive Teller is defining the bank branch of the future.
When a customer approaches an Interactive Teller Machine, they have the option of self-service functionality, much like current ATMs, or they can choose to connect with a live, remote teller in a highly personalized, two-way audio-video interaction. Via secure interactions, the teller can perform 95% of the duties they would if the customer had walked into the bank, including deposits, withdrawals, check cashing and more. In essence, the teller has control of the ATM and is able to provide personalized service as if the client was in a branch location. The teller may be located at a centralized customer service center (or even at an equipped home office) and may be responsible for more than one Interactive Teller Machine.
Interactive Teller technology provides a number of advantages to both banks and their customers.
- Expanded network locations
Customers cited convenience as a primary importance in bank choice and loyalty. Interactive Teller allows banks to be in more locations at a lower cost than traditional brick-and-mortar. The lower cost of an Interactive Teller Machine also allows banks to “test” a market or a site before undertaking the expense of building a brick-and-mortar branch office.
- Expanded hours
Interactive Tellers also allow banks to provide extended hours without the cost and risks of extending the hours of the branch location.
- Highly personalized service
Live tellers provide outstanding customer service with highly interactive face-to-face conversation and transactions. Face-to-face interaction can also help deter fraud and theft, with visual identifications by a live teller.
- Highly personalized marketing
In addition to personalized interactions, banks can also personalize sales and service messages through the Interactive Teller to each individual customer, allowing banks to continue to increase profitability through cross-promotions and cross-sell opportunities.
- Increased teller productivity
Research commissioned by NCR revealed that only 10% of teller time is spent actually interacting with customers. Costs related to teller time can also be up to four times greater than those associated with an ATM. Centrally located Interactive Tellers help migrate transactions away from onsite tellers without reducing levels of customer service. Onsite tellers are then freed up to provide better service to customers who walk into the bank looking for something other than simple transactions. Banks can also deploy staff more efficiently.
- Eliminates risk
Security concerns arise for banks when a teller or staff member is alone in a location, when there are a limited number of employees on site or when banks offer extended hours in less secure locations. Interactive Teller removes tellers from these potentially risky situations and places them in secure, centralized locations. Highly advanced security technology, including remote video monitoring as well as alarm and detection, ensures that Interactive Teller locations are secure for customers.