NCR Buys Stake in uGenius
uGenius Technology LLC of Sandy, Utah, a manufacturer of video banking solutions, is now partially owned by NCR.
Last year, the companies said, NCR and uGenius collaborated on what they called the first ATM that lets consumers talk and bank with a live, remote teller.
“In five years, bank and credit union branches will look nothing like they do today. We are on the verge of a dramatic reshaping of the consumer experience in the branch. Technology will play a powerful role in making that environment better and more convenient for consumers, while becoming more cost effective for financial institutions,” said Michael O’Laughlin, senior vice president, NCR Financial Services, in the Atlanta suburb of Duluth, Ga.
“Financial institution branches have changed very little in the past several decades–from simply changing where the teller sits to using clunky pneumatic tubes to transport pieces of paper just a few feet away. Today financial institutions have a great opportunity to break away from old thinking and use video teller technology to transform their retail banking business, economically increase their distribution, reduce costs and delight customers,” said Jed Taylor, president, uGenius Technology.
Terms of NCR’s equity stake in uGenius Technology were not disclosed.