The banking industry is slowly making a shift from brick and mortar offices to video banking. If you haven't seen a video banking machine, it looks similar to a regular ATM, but has the ability to connect you with a live teller if you have more complex transactions or need assistance. Some banks are even extending their video banking services to their mobile applications, allowing you to turn your smart phone or tablet into a miniature video banking machine.
While video banking allows banks to cut costs by hiring fewer tellers and supporting fewer full branches, what benefits can you expect? Here are just a few.
Longer Banking Hours
Most video banking machines work 24/7. This means that you will be able to cash a check late in the evening or on a Sunday, which can be helpful in emergency situations or when you simply can't get to the bank during working hours. This is possible because a single overnight teller can work multiple machines as once from a remote location, making it cost-effective for the banking institute.
More Banking Locations
It is much more cost efficient to install an ATM rather than open an entire bank branch. This allows banks to offer more locations throughout a town or city. Additionally, it becomes possible to offer rural banking solutions at smaller grocery stores or mini-marts in areas where you would usually have to drive into the next town for your more complex banking needs.
Options for Exact Change
Most ATMs that feature video banking have other new features as well. One that may be popular with customers is the option to cash a check or make a withdrawal in amounts that are not offered by most ATMs. While most ATMs require you to withdraw in tens or twenties, video machines often have coin and dollar bill dispensers, allowing you more flexibility when receiving your money.
Shorter Wait Times
At a bank, you must wait in line for a teller to serve you. However, with video tellers, you may have access to a teller faster. With more machines in more locations, it is less likely that there will be a bottle-neck during prime banking hours.
In the next few years you should expect to see several changes in banking technology. Besides video banking, you may see more cardless ATMs and more mobile application features. While they may take time to get used to, these features will ultimately give you more control over your banking.