More banks are embracing advances in technology by implementing interactive teller machines. If you visit one of the new machines, youâ€™ll be able to conduct banking transactions through a two-way video that connects to a teller in a remote location.
This cutting-edge technology is being used more by financial institutions looking to reduce costs. The price for implementing video tellers is roughly $50,000.
Consumers will be able to make withdrawals and deposits as well as utilize signature pads and audio and video to communicate with a teller. Checks can also be cashed.
The Washington Post reports that revenue from the use of interactive tellers should reach $100 million this year. Early adopters have been mostly credit unions and Community banks.
The virtual tellers do have some limitations, however. If you want to open a bank account or apply for a loan, youâ€™ll have to communicate with a bank employee in person.