Virtual Tellers Might Be Coming to a Bank Near You

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.