Community Bank Is Upgrading Its ATM Network with Advanced Interactive Teller Machine Technology
We spend a lot of time in these articles talking about the much-portended demise of the physical bank branch and how we might either prepare for a branchless world or prevent the coming of one.
However, one aspect of the physical banking experience which we don’t spend us much time discussing is that which relates to the humble automated teller machine (ATM). These handy devices have been helping customers acquire cash 24 hours per day, seven days a week, since they first burst onto the scene in 1966 with a little-known Japanese invention dubbed the Computer Loan Machine.
However, as cash use has steadily declined in favor of contactless cards and other forms of quick and easy digital transaction, ATM use has been falling in recent years. This is leading innovative bank brands to revamp ATMs into altogether more fully featured devices.
Community Bank
One such banking brand is Washington, PA based Community Bank, which has recently embarked on a quest to replace its network of ATMs with its more modern and digitally enabled equivalent – the Interactive Teller Machine (ITM).
To achieve the Herculean task of installing the new network of ITMs, Community Bank has partnered with Charlotte, NC headquartered, financial technology brand, QDS.
"We are incredibly excited to work with Community Bank," said CEO of QDS, Sean Farrell. "John and the team at Community Bank have a wonderful vision to extend hours and offer enhanced transactions across their channels to drive an amazing client experience in their market."
ITMs are designed to provide customers with something resembling the physical customer teller interaction, albeit through digital means. When they activate the machine, customers are connected to a real Community Bank teller, working from a remote location – either from home or a dedicated customer service center. The teller is then able to interact face-to-face with the customer – thanks to the inclusion of a HD video screen – just like if they had walked into a brick-and-mortar Community Bank location. The service will even be able out of regular business hours, essentially creating a 24-hour bank branch on the curbside.
Community Bank even plans to upgrade the ATMs at three banking locations it closed in June 2021 – indicating the power of these machines to provide physical banking services to communities which are no longer served by a physical branch.
"Together with QDS, we have developed a plan to extend the hours of our banking services, while improving our client experience and creating efficiencies throughout our operations," said President and CEO of Community Bank, John Montgomery in a press release. "This initiative is one example of our commitment to delivering the technology our clients want and investing in our future as an independent community bank in our markets."
Interactive Teller Machines
Not content with upgraded its entire network of ATMs to the new and more advanced ITMs, Community Bank and QDS will also be installing innovative cash recycler devices and other cash handling solutions throughout its network of branches and commercial client base.
A cash recycler is a complex machine that handles a couple of simple, but important tasks -accepting and dispensing cash. It also stores money securely, keeps an accurate accounting of cash on hand, and automates the cash cycle. Community Bank foresees the installation of this technology as being a key step in improving its operations, effectiveness, and the reach of its key services, as well as freeing staff to focus on client relationships and serving their needs more closely.
"At QDS we are extremely focused on our clients achieving the results they set out to achieve," concluded Farrell. "Based on the vision of where the bank is heading, it was obvious early on, that our expertise was a great fit for helping Community Bank reach their goals. My job is to bring excitement and align our team to deliver an amazing project experience to Community Bank and most importantly make them incredibly successful for their clients. We have such a passion for this and can’t wait to get started."
Final Thoughts
The ATM has been diligently serving customers for decades, providing convenient ways to access cash when banks were closed – such as when getting that last round in on a late night on the town.
However, now cash is less of a concern and the closures of bank branches more so, repurposing these machines as mini-digital-banks provides a positive and exciting prospect for the future of physical banking services.
Making the Numbers Work: Selling Your Institution on the Power of ITMs is set to be a keynote topic at Future Branches Boston 2022, taking place in July at Westin Copley Place, Boston, MA.
Download the agenda today for more information and insights.