Wide-spread acceptance of chat-enabled support and instructional YouTube videos combine with an acute shortage of skilled employees to open the gates for video teller offerings. And the pandemic just accelerated these trends. Recent research supports the acceptance of the emergence of video banking.

According to a report by ResearchandMarkets.com, the global bank kiosk market (which encompasses video teller), is expected to grow at a rate of 12% annually, from $744 million in 2021 to more than $1.3 billion by 2026. The improvements in customer service and growing demand for digital banking services will spur integrated kiosk solutions in the banking industry in the future.

The technology defined

To level set, video tellers offer video-based interactive technology that allows customers to conduct transactions and banking services driven by a centrally based teller in a highly engaging real time video/audio interaction. Bank kiosks can provide video teller platforms with integration between with core banking systems increasing self-service functionality for branch customers and broadening the capabilities of centralized interactive teller staff.

Due to the convergence of consumer preference for self-service, and the reluctance of some consumers for in person human-to-human interaction, financial institutions are embracing these types of automated solutions. 

ITM and video teller benefits

Video tellers via integrated teller machines (ITMs) provide a new and convenient way for customers to bank. ITMs provide an in-branch banking experience without ever having to leave a customer’s car. Customers can now interact with tellers via live video streaming to make deposits of cash or checks, cash checks, make loan and credit card payments, withdraw funds and transfer funds. Exact change is available for check cashing.

Video teller technology gives customers the ability to interact with a live video teller from a centralized location, extending the reach of a bank’s most capable client facing staff. This can help financial institutions expand into new, alternative markets.

 Video tellers also help bankers solve pressing business challenges by helping:

• Extend and leverage the knowledge of the bank’s most capable retail client support and sales staff
• Lower staffing costs at remote locations
• Enable deeper customer experiences
• Increase sales and revenue growth
• Extend teller hours and availability
• Maintain personal relationships

The key to creating value with this technology is innovative kiosk integration with your core banking platform. This integration should provide insight to the bank staff behind video and kiosk banking services, helping them extend customer service in a highly automated fashion..

Video teller and kiosk integrations – efficiency with a twist

Video teller, video teller ATMs and integrated kiosk solutions are a fantastic way to leverage your bank’s staff. The key is to provide the right information to your front-line employees, such as a 360-degree view of customers that enables the video teller to immediately personalize an interaction—creating exceptional customer service with increased efficiency.

Driving value with API technology

Financial institutions considering video teller kiosk teller integration should explore application programming interfaces (APIs) to seamlessly enable functions such as authenticating and retrieving customer and account information. Bank customers should be able to retrieve any information required for executing transactions.

Integration of video teller and kiosk platforms with your bank’s core technology extends the efficiency and customer service capabilities of the self-service solutions. A video-based teller performs transactions integrated with your core ecosystem that keeps customer data coordinated and consistent on one system of record.

Advantages of video teller and kiosk integration include:

• Fewer transaction errors through greater consistency
• Minimal changes to existing core systems
• The speed of development with APIs and open banking
• Increased customer service via automation

Find a partner to help implement video teller and integrated kiosk solutions

Community bankers should seek technology-enabling partners who can standardize and configure your institution’s software and hardware solutions for optimal availability, security, and performance. And provide end-to-end support of the complete video teller solution.

With banks today struggling to extend the reach of their most capable client-facing employees and expand their retail footprints economically, video teller banking delivered with ITM technology present an attractive option.