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SALT LAKE CITY — Americans have used ATMs for over 40 years, but now a credit union in Salt Lake has become the first financial institution to use ITMs.
The Interactive Teller Machine can do much more than an ATM, with better speed and better efficiency. The newest University Federal Credit Union branch at the University of Utah says it's the first in the state to have one.
"It's cutting edge," said Jack Buttars, CEO of the credit union. "It's really bleeding-edge kind of technology, if you want to say it that way."
The technology allows bank or credit union customers to interact with a live teller through a video monitor.
"These machines can do everything you could do at a branch. There's no service we can't offer," Buttars said.
He said because a live teller controls the ITM, customers can cash a check in whatever denomination they need, including single dollar bills, fives, even pennies. Buttars said customers can do everything.
"Make your loan payments, you can check on your accounts, move money from one account to another. This is a full-service branch right here," he said.
The technology was developed and engineered in Draper, Utah, according to NCR global solutions manager Kurt Forsberg.
These machines can do everything you could do at a branch. There's no service we can't offer.
–Jack Buttars, CEO, University Federal Credit Union
NCR has installed its interactive tellers at over 170 credit unions and banks around the country. Forsberg said the technology allows financial institutions to increase their presence without large storefronts.
"Sometimes it's very, very difficult for institutions to get into other locations because it's so costly," he explained. "To be able to deploy one of these machines and to have a presence in the area, that means a lot to members, customers."
Remote tellers don't have to count the cash or input check amounts. The machine does that for them, making transactions much faster. That is, unless they're dealing with patrons who marvel at the technology.
"A lot of people are interested in the technology," Buttars said. "We're finding people are interested to find out how it works. So there's a lot more conversation beyond just the transaction when members use this technology."
The remote tellers are stationed at the credit union's headquarters several miles away, but they could be 1,000 miles away. All it really takes is a solid Internet connection.
The machines can also function just like normal ATMs. The consumer can decide if he or she needs help from a live teller.
