Could People Replace ATMs?

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Giving up ATMs sounds like a step backward, but what if we upgraded them to ITMs — interactive teller machines?

Banking tech company NCR has developed video-equipped teller machines, NBC News says, and already has 350 in service. Raleigh, N.C.-based Coastal Federal Credit Union is an early adopter and has moved its teller jobs off-site. Now all 15 of its branches have only these machines, which are remotely operated by the tellers. Here are some of the benefits:

  • The machines operate as regular ATMs, including during “closed” hours, unless customers request live service.
  • ITMs can cash checks and provide the denominations you want, instead of all twenties.
  • They’re faster than counter service, because the machine does all the counting.
  • ITM deposits clear more quickly because tellers can verify them in real time.
  • They allow for longer hours. CFCU now operates 12 hours a day, seven days a week.
  • They reduce robberies.

Bank of America is testing machines with on-screen tellers in Boston and Atlanta, and plans to add many more through 2014. They could see widespread use within a year at a variety of banks, NCR vice president Brian Bailey told NBC News.

What do you think of ITMs? Would you rather talk to someone in person, or have quicker transactions and longer hours? Do you think teller jobs will eventually be outsourced like many customer service lines? Share your opinion on our Facebook page.

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Comments & discussion

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  • ModernMode

    If my credit union does this, I’ll be taking my business elsewhere.

  • Tom

    So a bank can lease a machine for $20k? a year. This includes all servicing and maintenance. The bank is responsible to keep it full and pickup contents. This can be accomplished using a security guard. No tellers salaries, benefits, retirements, vacation sick leave etc. Oh, and more unemployment for the lower than middle class! The bank of the future…all machines no people unless you need a loan or mortgage. Similar the the self help cashier machines at the grocery store. How often do you need assistance at one of these? Try to offer it a coupon or challenge a price or ask for senior, military etc discount. Oh boy!

  • athalonius

    Love it. I never walk into the bank anyway, everything done at the machine and now I can speak to someone at said machine when necessary. Great idea!