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Video Teller Usage

During Covid, routine transactions were forced out of the lobby and the ATM and video tellers were able to handle the increased volume.

In the future, with consumer now comfortable with using more self-service, we should see continued demand for not only cash recycling ATMs but video teller technology.

5X

Banks and CU saw a 5-fold increase in of video call volume after Covid-19 began

48%

Pre-Covid, one ITM provider’s 5,000 plus banker survey interest level in video.  This has accelerated post Covid

82

Pop i/o video clients as of April 21st up from 52 at the beginning of March

Banks and Credit Unions have seen surging video call volume increases during the pandemic.  Closed lobbies have shifted volume to the drive thru and to digital channels.  Creditunion.com highlighted 2 CU cases and supplier demand:

  • Pioneer CU has 21 ITMs (including 17 in the DU) with 11,500 visits a month. That number jumped 5,620 in March.
  • Y-12 CU has 34 ITMs (including 30 in the DU). Pre Covid, daily ITM transactions were 1,500 to 2,500.  Today, the volume is 3,000 to 5,000.
  • The largest provider of ITMs in the CU space, also sees an acceleration in video teller demand. NCR shared that overall video call volume is nearly 5 times what it was pre pandemic.
  • Another ITM provider recently shared results from a recent December survey of over 5,000 respondents. Pre Covid, video technology interest was about 34%, growing to 48% by 2023. With self-service accelerating post Covid, the expected growth is now projected to be much higher based on banker feedback.

What is driving growth?

Migration of routine branch transactions to reduce costs will continue after Covid.  Customer comfort level with using video tellers to withdraw cash or deposit cash or check with the option of assistance has won many consumers and small businesses over during the pandemic.  Eliminating cash denom exchanges in the branches is also critical to reducing costly routine transactions.

We recommend banks and credit unions leverage trust accumulated during this crisis to offer clients a choice, self-serve of assisted video tellers.

ATM Integration Needed to Lessen Teller Withdrawals

Reason for selecting a bank teller over ATM. Past 30-day cash users.

Needed specific cash denomination
0%
Needed to deposit a check
0%
I don't feel safe at an ATM
0%
Other
0%
There was a long queue in front of the ATMs
0%
Had to pay a bill
0%
The ATMs were not functioning
0%
Needed to transfer funds between accounts
0%
Don't know how to use an ATM
0%
Needed a customer service issue resolved
0%
Needed to pick up a replacement card
0%
Needed a cashier's check
0%
Needed to obtain international currency
0%