Trend of DIY banking catching on

(WPRI) - A new trend in banking technology allows customers to get their money at the click of a button on their smartphone or through a live remote video teller.

How about an ATM machine that will wish you a happy birthday, sell you stamps, and still dispense the money? It already exists.

Karmon Clay of Wells Fargo states, “Being able to choose what language you would like to be served in, you are able to choose how you’d like your receipt. You can order checks, you can even set an appointment for a personal banker to give you a call from the ATM.”

Instead of filling out a deposit or withdrawal slip, the information is fed right to the teller. All the customer does is present their ATM card at the pin pad, they swipe the card similar to the ATM, enter their PIN number and all their information flows to the teller screen.

Doug Johnson of the American Bankers Association states, “Think of it as like the airline. Think how much faster you get thru the line at the airline now as opposed to what you did in the past. But, there's always someone there in case you need assistance at the airline counter and the same is true of financial institutions.”

While customers love this new technology, banks and credit unions are in favor of it too because it cuts back on costs, but frees the teller up for real conversations about other services that could bring more money in the door.

The American Bankers Association says normally larger banks will use this kind of technology, but many smaller banks and credit unions are signing on just as quickly.