Video Tellers on Pace to Expand FOMs, Reach Underserved
Video teller machines, which the NCUA now considers service facilities when considering credit union field of membership expansions, are poised to take root on a wide scale over the next two to three years.
“Over time, it will become the standard that people expect. It will take years to achieve that because of the nature of the industry, but clearly it’s something consumers are embracing,” Gene Pranger, CEO and founder of hardware desig firm uGenius Technology.
The NCUA’s ruling will transform the way credit unions view their retail distribution network by opening their minds beyond branching into new ways to serve members and still provide a return on investment, Pranger said. Because personal teller machines provide members with real-time deposit verification and tellers with control over peripheral devices like scanning devices and cash dispensers, they provide more emotional comfort than ATMs.
“It’s an assisted-serve environment, not self-serve,” Pranger said. “The magic of the system is that the teller can control everything that is going on.”
American Heritage has seven PAT machines in operation that supplement its 26 brick and mortar branches. In the future, new branches will have PAT machines instead of teller counters, Foulke said.
“If somebody doesn’t show up for work, I don’t have to worry about an empty teller window. I can just go over to the call center and fill that void instantly. Same thing if they get swamped,” Foulke said. “Plus, you don’t have that down time when you have five or six people standing in the branch staring at each other.”