IS ITT the new ATM? The reality of Interactive Teller Technology


We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Tuesday, May 13th, 2014

By Guest Blogger Caitlin Watkins

The new interactive teller technology (ITT) is popping up in big banks and community credit unions alike. This service provides live human remote customer service in the renovated Automated Teller Machines (ATMs).This banking technology definitely has its benefits, but it also coincides with some setbacks.


Overall, the service is more accessible for consumers for a number of factors: tellers are available 7 days a week, for 12 hours a day, which is definitely beneficial for working families or for consumers who cannot make it to the bank during the day. This extended time means faster service and may mean quicker deposit turn over. It will also reach people in multiple languages. Tellers at a central service center will be on call to answer consumers’ questions on demand. Developers of this technology report that it will increase security of processing financial transactions.


As customers frequent bank branches less and less often, many financial institutions are innovating ways in which technology can increase client satisfaction and reduce operating costs.

Financial institutions are interested in pursuing these “ATMs of the future” in order to build deeper relationships with their customers by increasing convenience and hours. They are also seeking to facilitate a positive banking experience, not just a simple transaction, for people across generations.


Another goal, however, is to reduce up-front costs of hiring personnel and renting real estate for the physical presence at their branches. This can be detrimental to the employment opportunities available at bank branches. The personal teller machines can accomplish up to 80% of what a face-to-face interaction can do, and it is likely that banks will phase out actual tellers because of this innovation.

The FirstCapital Bank of Texas has just released its 24 Hour Virtual Teller Service, its own adaptation of the video software, to its clients in Amarillo, Midland, and Lubbock. All in all, Interactive Teller Technology has both positive and negative aspects. Until the system is fully released in the next 12 months, we will not be completely aware of all of its implications and capacities to revolutionize the ATM market.


What are your opinions about Interactive Teller Technology? Share your thoughts in the comments section below.

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