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Banks looking to improve efficiency with ATMs of the future

The Bank of America has embraced new ATMs that offer consumers the ability to speak to a teller if they need extra assistance.

It is hoped that the system, which uses remote call centre employees to answer customers' questions, will improve efficiency and provide a better service.

The bank has started rolling the virtual tellers out in New York, Boston, Charlotte and a select group of other US cities. There are plans to expand their introduction further as they have been well received by customers, claims Bank of America.

However, the new Bank of America ATMs are not the only futuristic cash machines of the future in the US, as PNC and Chase and Citibank have also introduced innovative new designs to provide their customers with extra services such as mobile top-ups and so forth. Analyst Nancy Bush says banks ultimately see the ATMs as money-savers: "There is a very large need for banks to continue to control their costs, and of course branches, branch personnel, etc., are one of the banks' largest costs."

By Asim Shah