Long Island Credit Union Opens Paperless Branch
The $2.5 billion, Westbury, N.Y.-based Nassau Educators Federal Credit Union is getting ready to open a 2,000-square-foot digital location with interactive video teller machines, which is a prototype for future branches.
NEFCU’s virtually paperless 13th branch, located in Bay Shore on Long Island, is set for its official Sept. 29 inauguration. The digital location, which did have a pilot run during the summer, will have no tellers onsite and is about half the size of its older branches.
The virtual branch features two interactive teller machines, a standalone ATM, a digital solutions center and digital rate board. Members can use touch-screen monitors to download product brochures, and access information about the credit union’s products and services. At night, all the machines transform into traditional ATMs.
“Our Bay Shore location has been built on an advanced digital platform, and will truly be a harbinger of what we plan on introducing for all our future branches,” Eileen Nolan, an EVP at NEFCU, said. The credit union expects the tech-centric atmosphere to help attract millennials.
NCR pointed out its Interactive Teller enables financial institutions to offer accountholders the benefits of both self-service video banking and the branch experience in one solution. The system combines video banking collaboration and remote transaction processing embedded within the ATM to give members the choice of self-service or connecting with a remote teller in a personalized, two-way audio/video interaction.
According to NCR, by migrating routine transactions away from the teller counter, Interactive Teller provides financial institutions with the benefits of lower processing costs, faster transactions and increased product sales and revenue growth.