ITMs: Benefits, Challenges & Video Privacy Issues for Credit Unions
For the past more than a decade that I’ve been a part of the video technology and communications industry, I have experienced many periods of rapid development and acceleration of interesting use cases. However, nothing comes near the innovative and sometimes turbulent adoption of, and transition to new technologies that were required for both new and traditional businesses to address the changing market conditions that were accelerated by the pandemic.
ITMs are also widely adopted by the banking industry.
With the adoption of VCam as an integral part of many of these solutions, we’ve had a frontline seat to see remote video communication taking an even stronger hold in businesses and industries that have traditionally moved slower when it comes to adopting new technologies and workflows.
Interactive Teller Machines (ITMs) are advanced versions of regular ATMs, which allow customers to not just perform self-service actions, but also to connect with an actual bank teller in a remote location through integrated communication software in the ITMs, in order to be assisted with more complex transactions. ITMs are not a new invention by any means, but we’ve seen the adoption recently explode in the banking industry, especially by credit unions who have quickly realized a range of benefits from more widely introducing ITMs into their daily operations.
In my experience, ITMs have significantly transformed the banking sector. These advanced machines combine the quickness of traditional ATMs with the personal touch of live teller conversations. Like all technological innovations, ITMs bring their own set of advantages and challenges.
Based on observations and conversations with credit unions and banks that are currently using VCam with their ITM solutions, I’ve aimed to collect in this article some of my key insights into the benefits, the obstacles, and the important topic of privacy, in relation to ITMs and video interactions.
CDC Federal Credit Union illustrates perfectly in their promotional video how privacy can be a concern for their agents.
Top 6 Transformative Advantages of Integrating ITMs in Credit Unions
Enhanced Customer Experience:
Interactive Teller Machines provide an integrated mix of digital convenience and human interaction. Customers can perform routine transactions and, when needed, connect with a live teller for more complex tasks or queries.
Operational Efficiency:
ITMs can handle a wide range of banking tasks, and several ITMs in many different locations can be operated by the same staff, reducing the need for in-person tellers and allowing credit unions to serve more customers with fewer resources.
Extended Service Hours:
With ITMs, credit unions can offer extended banking hours for more complex transactions that are usually only offered during office hours, as live tellers can assist customers from centralized locations, serving multiple branches.
Cost Savings:
By reducing the need for physical branches and staff, credit unions can realize significant operational cost savings for themselves, their staff, and their members.
Wider Location Coverage and Versatility:
ITMs can be deployed in various locations, including remote areas, offering services even in regions with limited branch access.
Employee Convenience and Flexibility:
Credit union staff can work from local central locations or even from home, to service members in many different regions and locations as everything is handled online.
Decoding the Key Challenges: ITMs in the Credit Union Landscape
Privacy Concerns with Video Interactions:
One of the standout features of Interactive Teller Machines is the ability to have video interactions with live tellers. However, this raises privacy concerns. If these interactions are recorded, they must be securely protected to prevent unauthorized access. Additionally, there's the potential for eavesdropping or interception if the data transmission isn't adequately encrypted.
Initial Setup Costs:
The initial investment required for ITMs can be substantial, especially for smaller credit unions. This includes the cost of the machines, infrastructure, and training staff. Given the substantial initial investment, it is important for credit unions to maximize the long-term value of the solution and to get their members’ support to use the ITMs on a regular basis, while feeling comfortable and secure to do so.
User Adaptability:
Not all members are tech-savvy. Some might find the transition from traditional banking to using ITMs challenging, necessitating user education and support. Some members may also be wary of using video technology in general and may worry about the security of their conversations. Ensuring that the video teller agents always represent the credit union in a professional manner while representing the brand through the use of virtual backgrounds is an important step in getting member buy-in.
Maintenance and Updates:
Like any technology, ITMs require regular maintenance and software updates to ensure smooth operation and security.
Credit Unions & VCam: A Partnership for ITM Excellence
When it comes to Interactive Teller Machines, the importance of privacy and security cannot be overstated. The need for a high level of privacy necessitates the use of custom communication software that is tailored specifically for use with ITMs and which is designed with the highest level of security in mind. Given these requirements, the integrated communication solutions in ITMs may need to offer a less versatile set of features than more mainstream communication software like Zoom and Teams.
VCam: The premier tool for background removal and enhanced privacy.
With VCam, we aim to bridge this gap by providing extended features and convenience to virtual tellers without compromising security or adding operational costs. Our state-of-the-art background removal technology and team management tools, allow teams of video tellers to centrally set the customized virtual backgrounds that are used by all staff and to achieve the best quality of background replacement available.
The VCam application itself is installed and operates on the local machines of the video teller agents, and can never interact with the actual video calls, which completely eliminates security concerns compared to software that needs to operate server-side or interact with the video call itself. Additionally, VCam does not increase server costs for the video communication solution since the AI-driven background removal technology in VCam also operates entirely on the local machine rather than in the cloud.
Further, when agents engage in video interactions, there's a need to shield both the agent and the customer from potential distractions or sensitive backgrounds. VCam provides that layer of privacy, ensuring that each interaction remains focused on the task at hand.
Redstone enhances its corporate image using branded backdrops.
Branding, too, plays a pivotal role in how credit unions are perceived. With VCam, credit unions have the opportunity to consistently showcase their brand during video interactions. This not only reinforces brand identity but also instills a sense of trust and belonging among members, making them feel they are truly part of a professional institution.
Lastly, professionalism is more than just a buzzword; it's a commitment to excellence. VCam ensures that every video interaction exudes this commitment. By eliminating background distractions and offering a clear, focused video feed, VCam ensures that members always receive a professional experience, further solidifying their trust in the credit union.
In essence, as ITMs become a staple in credit unions, integrating tools like VCam becomes not just beneficial, but essential.
In conclusion, the journey of Interactive Teller Machines in credit unions is one of innovation, adaptation, and continuous improvement. While they offer numerous advantages, it's essential to address the challenges head-on, especially concerning privacy in video interactions.
VCam emerges as a vital ally in this journey, ensuring that credit unions can provide a secure, branded, and professional experience to their members. As we move forward, the synergy between ITMs and tools like VCam will be instrumental in shaping the future of credit unions, making them more resilient, efficient, and member-centric.
I, for one, am excited about the possibilities and remain committed to supporting credit unions in their quest for excellence.
