Virtual Tellers Might Be Coming to a Bank Near You

ATM Keypad
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More banks are embracing advances in technology by implementing interactive teller machines. If you visit one of the new machines, you’ll be able to conduct banking transactions through a two-way video that connects to a teller in a remote location.

This cutting-edge technology is being used more by financial institutions looking to reduce costs. The price for implementing video tellers is roughly $50,000.

Consumers will be able to make withdrawals and deposits as well as utilize signature pads and audio and video to communicate with a teller. Checks can also be cashed.

The Washington Post reports that revenue from the use of interactive tellers should reach $100 million this year. Early adopters have been mostly credit unions and Community banks.

The virtual tellers do have some limitations, however. If you want to open a bank account or apply for a loan, you’ll have to communicate with a bank employee in person.

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