Interactive Teller Machines

CMB 636

May 4, 2015

A new innovation that has evolved from the Automatic Teller Machine, (ATM) first seen in the Unites States in 1969, is the Interactive Teller Machine (ITM). (Wikipedia 2015) An Interactive Teller Machine (ITM) looks like an ATM, the difference is that customers will have a real time, face-to-face conversation with a teller at the machine. Using video cameras, images are transmitted to the personal teller located at a centralized location. Cameras at centralized location transmit the personal teller’s image back to the customer. Sound is carried through built-in speakers and a handset is available when using the machine in the lobby. The personal teller can guide the customer through every step of their transaction and answer questions about accounts. (Visterra 2015)
The ITM uses two-way video that will allow the customer to see the Teller while allowing the Teller to see the customer. The ITM has both speakers and a built-in microphone for traditional communication, or the customer may pick up a receiver to allow for a more private dialogue.(Visterra 2015)
In the lobby, the customer and the personal teller can see and hear each other using a video camera and speaker. Their conversation is just as private as if they were talking to a teller in the branch, if the customer prefers greater privacy, there is handset.
At the drive-up, the customer and the personal teller can see and hear other using a video camera with built in speaker. Thier conversation is just as private as if the customer were talking through a speaker at our traditional drive-up. When speaking with a personal teller on an ITM, their transaction is as secure as if the customer were doing a face-to-face transaction. They are processed exactly the same. For security purposes, transactions can be recorded. the customer will be asked to scan in their ID for proper identification, and a digital signature will authorize their transaction request. Almost every transaction the customer can do with a face-to-face teller can be done on a ITM. The customer can make deposits, withdrawals, transfers, loan payments, cash checks, and more! There are no envelopes or forms to fill out. ITM's cannot accept nor dispense coins. If the customer cashes a check that includes change, the amount of the change will be deposited into the customers account and provide the whole dollar amount of the check in cash. Depositing cash or cashing a check at an Interactive Teller Machine is as easy as doing it with a teller inside a branch office. There are no envelopes needed, the customer insert the check or cash directly into the deposit slot. For cash, the machine reads and counts each bill and displays the deposit amount on screen for verification. When depositing or cashing a check, an image of their check will appear on screen. The customer tells the personal teller what the customer would like to do next…deposit, receive cash back, make a payment, etc. Everything is displayed on screen to ensure accuracy. At the end of their transaction, a reduced image of their check is printed on their receipt for their records. (Visterra 2015)
When the customer has more than just a typical banking transaction to make there will be additional staff standing by to help the customer. With the in-branch staff the customer can open accounts, apply for loans, and any of their other banking needs. (Visterra 2015)

Benefits
Interactive Teller Machines provides the customer with greater convenience, similar to when Online Banking was introduced. The customer will now be able to do their banking at non-traditional times or experience faster in-branch banking at busy times of the day by accessing a live, remote personal teller. Staff will be safer and more secure because they will be remote and not physically handling cash, thus creating a discouragement to potential robbers. (Visterra 2015) Banking institutions are