Remote tellers: A strategy for broadening banking options during social distancing

Given the current environment, for most banks and credit unions, dealing face-to-face with the customer has not happened since early March. How can financial institutions continue to provide a customer experience but maintain safety? Video banking. This technology allows financial institutions to meet customers' needs while still supporting physical distancing

Video technology allows banks to offer their customers many of the same transactions and services remotely as they do at a teller. This is an asset for full-service branches that have closed or cut hours or requested that customers use a mobile app, online banking or the ATM and drive-thru to conduct their banking.

Some services customers want are not available through these channels, leaving a gap in provision which video teller machines can help to fill. If customers prefer face-to-face service video banking is a way of bridging the gap between self-service and in-person.

A study by RBR, a strategic research and consulting firm with experience in banking and retail automation, cards, and payments, shows that by utilizing video banking financial institutions can provide teller services at self-service machines. These services range from being able to withdraw higher amounts to receiving mortgage advice, such as at Bank of America machines. Video ATMs can also offer a level of privacy. Singapore's DBS Bank deploys VTMs in soundproofed booths allowing customers to have their debit cards reissued, among other services. At Brazil's Saque e Pague's "unidade digital" remote video transactions are carried out in a private room in the branch ensuring customer transactions retain full privacy.

In many cases around the world, a customer's local full-service branch may only be reachable via car or public transport. The availability of video teller machines in more widespread locations therefore can ensure customer access to banking services when the ability to travel is limited, especially considering the pandemic.

According to the study, video terminals can act as an extension of the branch. In Canada, members of the First Ontario Credit Union can make loan payments, receive cash advances, and book appointments at self-service machines by connecting to a teller remotely via video.

In times of financial uncertainty combined with a need to curtail human contact, video banking technology offers the possibility to keep employees and customers safe, while continuing to provide necessary financial services. As social distancing becomes a way of life, video banking can help customers and employees stay safe without losing the human element.