PHILADELPHIA, PA, August 27, 2013 /24-7PressRelease/
-- As technology changes, so does the future of banking, and Aristotle Halikias
makes sure that he stays on top of the latest developments. While banking used to involve going to a branch and talking to a teller, that is not necessarily the case anymore. With advances in technology, customers have more options. A recent article
on CNBC highlights some of the latest trends to hit banks such as interactive tellers and mobile ATM apps.
Customers have enjoyed the convenience of ATMs for around 40 years but now processes are getting more high tech. NCR has developed a system that combines the convenience of an ATM with the assistance of a teller. Customers can decide whether they want to make transactions themselves, or get help. If they choose to activate the interactive teller, a remote teller appears on a video screen and takes control of the system. The customer can decide how they want their check cashed down to the penny and the teller quickly disburses the exact amount. This process is faster than traditional bank service because the teller does not have to manually count the bills or enter the amount of the check. The ATM does this for them.
Customers can talk to the interactive teller who will give them real-time responses because it is an actual person on the other end. If they happen to forgot or lose their card, the teller can still give them access to their account if they show a valid driver's license. Willard Ross, chief retail officer at Coastal Federal Credit Union, explains the advantages saying, "They're more convenient, faster and safer - robberies basically go away with this - and they allow us to provide better service." He also notes that the credit union was able to extend it hours of service through the use of interactive tellers.
Another recent development is that of a mobile ATM app. According to the article, "Diebold, which makes more than half the ATMs in the U.S., just announced the first machines with Mobile Cash Access." Through this technology customers can preload their transactions onto an app on their mobile phone. Once at the ATM, they push a button that produces a QR code. By scanning the code with their phone, the ATM automatically completes the requested transactions. According to Thomas Ormseth, executive vice president of retail strategies at Wintrust, the process only takes about 10 seconds. Wintrust is the first financial holding company that will offer this technology. Because no card is involved, it improves security for customers because there is no risk of identity theft through skimming. Also, account information is stored in the cloud, not on the phone. Customers receive an email or text each time a transaction is made, so they can stay on top of any unusual activity.
"Both of these options change the way that customers interact with the bank," says Aristotle Halikias. "Banks are taking advantage of the technology available and using it to tailor their services to what customers are looking for. They are looking to build stronger relations. There will always be those that prefer going to the bank and talking to the teller, but interactive tellers and mobile ATM apps give them more options." Aristotle Halikias notes that these services are only offered at select banks, and it will take time before the technology becomes more widely available.
is chairman of the board of Republic Bank of Chicago. As such he oversees the general operations of the bank and ensures that things are running smoothly and that changing member needs are addressed. He has a strong interest in the future of the banking industry and the changes that are occurring. He strives to stay up-to-date with the latest trends and developments so that the bank can continue to provide high quality, innovative services to its members.