An Automated Teller Machine or more commonly referred to as ATM, has truly revolutionized the banking sector. But NCR, the company that makes these machines has incorporated a new innovation that could soon make bank branches obsolete.
NCR Corporation India, will soon unveil a newly developed ATM that will allow walk-in customers to have a live video-chat with their respective bankers. Being referred to as an ‘Interactive Teller’, this ATM will have in-built hardware to allow a conversation with bank executives via video-conferencing. NCR is already comparing the machine with an actual bank,
“This machine is ideal for the new banks. If there is an executive along with the ATM, this is as good as a bank branch.”
Banking has surely come a long-way, but this innovation has the potential to significantly improve the ‘Financial Inclusion’, especially from the rural region. This is because, with the ability to have a conversation with another human being, people who are not familiar or aren’t comfortable with operating such sophisticated electronics, could easily operate their bank accounts, without visiting any bank branch.
With precisely this aim, the Indian Government had made it difficult for newer entrants in the Banking Sector. The Government insisted on opening several low cost branches in unbanked areas. This was a highly cost prohibitive clause. But with this ATM, new banks can easily deploy such machines and have a centralized customer handling cell that would interact remotely with the customer who opts to talk with the bank executives.
This ATM even improves vastly upon the traditional and now archaic banking practices. Instead of depositing cash in envelopes, which has to be physically verified, this ATM will accept currency notes, which will verified in real-time and the customer will be able to instantly get confirmation of the deposit. It can scan identity cards and other documents, record the account holder’s signature on a touch pad and print passbooks and issue bank statements.
Banking via ATM is surely a very promising sector and since RBI had recently allowed newer entrants, such innovation could truly bring banking to the unbanked rural segments. Do you think mobile banking will now have a significant impact?
Image Source | ncr