Cornerstone Bank executives pose for a photo at a ribbon-cutting for the bank's first interactive teller machine in Worcester. Photo courtesy of Cornerstone Bank.
Cornerstone Bank has opened its first interactive teller machine, or video teller-assisted ATM, in Worcester, which is a first of many, a bank executive said.
The new ITM is located at its Park Avenue branch in Worcester. The bank said it will gradually roll out more ITMs in some of their existing branches in Worcester, as well as new branches.
Cornerstone Bank EVP of Retail Banking Altaf Ahmed said local community banks see the need to offer technologies to benefit their communities.
“Banking local does not mean our customers [both current and future] have to compromise on technology, service, or expertise. In fact, a community bank can provide improved value since we know our customers and communities better,” Ahmed said in a statement. “Interactive Teller Machines or ITMs for Cornerstone Bank are part of our strategy of providing an enhanced and user-friendly customer experience. They allow customers to interact with a live employee through video at our drive ups enabling real-time assistance for various transactions and advice. Our investment in this technology also provides flexible hours with the evolving needs of the communities we serve.”
“This new technology offers our customers the best of both worlds. The ITM works the same as an ATM, but with the added capability to connect with one of our interactive customer service representatives via live video chat,” Cornerstone Bank CEO Todd Tallman said in a statement.
Aside from standard ATM transactions, the Cornerstone Bank ITM can be used for simple transactions done traditionally in a bank branch such as making deposits of cash or checks, performing internal transfers between accounts, and withdrawing cash in multiple denominations, including coins.
Other complex transactions that can be done in the ITM with a video teller’s assistance include loan payments or transfer of funds to a secondary customer with an account at the bank.
The machine can also scan IDs and perform transactions with the help of video tellers even without their debit card. All video tellers are located at Cornerstone Bank operations center in Southbridge.
“We want to provide our customers with as many secure options as possible to bank in ways that work best for them,” Ahmed said. “The ITM expands the offerings of a traditional ATM, is simple to use and offers greater versatility. It’s a technology that merges convenience with personalized customer service.”
