How Video Banking Can Benefit You

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Creating A Great Financial Plan

When it comes to taking care of your home and family, a huge priority should be taking care of your money. A few years back, we found ourselves really struggling to make ends meet, and I knew that I had to do something in order to make things work. I started cutting back a little at a time, and I was able to find some extra money in the budget to start saving. This blog is all about creating an excellent financial plan and making things work with what you have. I know that these tips helped me, and I am confident they can make a difference for your family.


How Video Banking Can Benefit You

24 May 2019
 Categories: Finance & Money, Blog

If you've always been keen on the newest banking technologies and are happily using mobile check deposit and other banking app features in lieu of visiting a branch in person, you may be surprised by some of the changes you'll notice the next time you travel to your local branch. In many parts of the country, as well as worldwide, video banking is replacing ATMs and even human tellers as the newest frontier toward secure, accessible financial services. Read on to learn more about this innovative development in banking and how you can use it to your benefit.

What Is Video Banking?

Video banking allows human staffers to conduct banking transactions with customers without being physically present at the bank branch. Some video banking kiosks are essentially just ATMs with a video and audio feed, while others are even more complex. Video banking kiosks have a variety of functionalities, including the ability to accept deposits, dispense change (including coins, a technology not found in most of today's ATMs), process withdrawals, and account rollovers, and take just about any other action that you'd be able to accomplish with a photo ID and debit card.

Many of the banks that have adopted video banking have used this technology to replace either their existing ATMs, some (or all) of their tellers, or both. As this technology catches on, video banking may largely replace the services available at bank branches, although loan officers, retirement advisors, and other non-teller employees are likely to still have a physical presence in the building.

What Are the Benefits of Video Banking?

Two of the chief benefits of video banking are convenience and security. Many bank branches limit teller hours to "banking hours"; but if you have an after-hours deposit and want to ask some questions about your account, without video banking, you may be out of luck. By using a video banking kiosk, you'll be able to confirm that your transaction went through, ask questions, and provide any further information the bank may need to process your request.

The additional layer of security provided by a video feed (with a human at the other end) can also reduce the risk of theft or other crimes. Taking money out of an ATM can be risky, especially in "rough" parts of town; knowing that a bank employee's eyes are trained on you (and your surroundings) can provide some backup. Video banking kiosks are also less vulnerable to debit card "skimmers" and other devices that can steal personal financial information.