Featured Article from Conferencing

Virtual Tellers Changing the Face of Banking


January 12, 2018

UnitedOne Credit Union is one of the first Wisconsin-based banks to implement an automated teller machine out of Sheboygan. It is set in an apartment complex, but will allow bankers to meet face-to-face with a teller, even if the teller happens to be several towns away.

“We continue to see increases in digital adoption year over year and our branch visits continue to decline modestly year over year," said Brent Tischler, director of retail banking at Associated Bank. "But the branch, in our mind, is still critically important. Most of our customers still go into our branch a number of times a year — even our customers who are actively using online and digital.”

When a survey was conducted in 2016, 86 percent of millennials said they would use automated tellers down the line. Though banking has been made more convenient thanks to phone apps and mobile devices, if a serious issue arises, the need to talk to a bank employee becomes a necessity. That is where digital bankers come into play for overall accommodation.

“People are becoming more comfortable doing transactions on their phones, taking pictures of checks to deposit them, and transferring money,” said Tammy Pelletier, chief operations officer at UnitedOne Credit Union. “When they come into the branch, they have a problem that they need answered, have a question, or need us to run numbers on a loan.”

Virtual tellers started out as a security measure, as it is impossible to rob from a bank that does not really exist. The truth is, it just looks like a standalone ATM until you push a button, indicating the desire to speak to a physical being. Eventually, this method became a way to save money, as one teller can respond to customers in a bevy of locations.

The first of these machines was installed in Boston in 2013 by Bank of America, and the trend continues to grow


Edited by Erik Linask