In this article, we'll discuss the interactive teller machine (ITM) and its role in the financial world.
Today, many people rely on mobile apps and their financial instruction’s website to conduct their banking functions. While people still rely on ATMs to withdraw money or deposit checks, many intuitions like credit unions now offer video tellers.
An automated teller is especially helpful for credit unions and online banks because these institutions either serve local communities or have fewer operating costs. Credit unions do not have outside stakeholders like regular banks.
Instead, their members own them. Therefore, credit unions typically offer higher interest rates on checking and savings accounts, along with lower loan rates.
Online banks also offer similar rates because they have no physical location. Now, these intuitions may pass on additional savings with the technology that provides face-to-face communication but with a twist.
The first ATM came into the banking world on June 27, 1967, in North London. In 1969, a US-based bank installed one at a branch in Rockville Centre, N.Y.
Without that invention, we would not have assisted video tellers, which came to prominence in 2013. As ATMs continued to expand their capabilities, the idea formed that a machine could feature the efficiency and flexibility of an ATM, but with the function of a teller.
In that sense, video tellers have become the next iteration of the teller line and the ATM.
Rural areas were the first to adopt interactive teller machines. These areas continue to use them because they provide a cheaper option when compared to a human teller working from a branch location.
Currently, interactive automated tellers serve smaller towns with fewer people and intuitions that lack the ability to maintain numerous branch locations. Lower-populated areas have less foot traffic, so keeping a branch open does not remain a cost-effective option.
We would not have the interactive teller machine without the ATM. However, customers should know that an interactive video teller does not solely function as a cash machine, though some features overlap.
Automated bank tellers first dispensed cash. Now, they serve a wider range of banking needs. They provide account balances, allow people to deposit checks into checking accounts or savings accounts, and automated tellers make it possible for people to transfer money between accounts.
Now, some ATMs have more technological advances like touch controls and sound to help the hearing impaired. When an automated teller uses video as a way to connect customers with bank staff, the machine transforms into a personal assistant teller, making the machine a subset of the automatic teller.
Both types of machines let you withdraw cash or deposit money. However, an assisted teller machine connections you with bank staff when needed.
Furthermore, an interactive video teller helps with: