The one millionth member session for $75 transpired in less than two minutes, and occurred less than two years from when Coastal first began implementing uGenius technology into its multi-branch network spread throughout North Carolina. The previous session, number 999,999 was for $33,700, an indicator that uGenius Personal Teller Machines frequently handle transactions of all sizes and types, just as any member would at a traditional teller window.
"Coastal Federal Credit Union was the first financial institution to join us in developing a new way of banking that fits the service needs of today's busy consumer and the industry that serves them," said Gene Pranger, creator of the uGenius Video Banking System. "Having reached this significant milestone within Coastal is a true testament to the fact that consumers like using the personalized technology and that it's here to stay as the financial industry looks for ways to improve business models and efficiencies while building a competitive market edge."
Over 100 uGenius Personal Teller Machines have been deployed in the banking and credit union marketplace in the United States, Canada and most recently in Australia - and that number is expected to grow dramatically this year. By leveraging the technology, Coastal Federal Credit Union has been able to expand its hours of service by 44% while reducing labor by 40%. Another uGenius client, Mid-Hudson Valley FCU in upstate New York, uses the uGenius Video Banking System to provide 24/7 access to live teller service, a first in the industry globally.
"The blend of technology and assisted service is taking place across many industries," said Chuck Purvis, Coastals EVP/Chief Operating Officer. "You see it in grocery stores and airports the most. It's expanding in banking with our uGenius Personal Tellers, and none too soon. When we combine the power of personalized service with business efficiencies, everyone wins. This technology has allowed Coastal to move forward with key strategic goals to serve our marketplace better through new branch deployments and design, and in establishing a centralized Teller Center."
Randy Lamm of Cary, NC was Coastal's one millionth PTM user. He indicated that he's a frequent user and often takes advantage of the PTMs' extended-hours capabilities, allowing him to use a branch near his home if he can't find time to use the location that's nearest his job.
"Overall, I've been pleased with it (the PTM system)," said Lamm. "It threw me for a loop at first, but once I tried it, I never had a problem. It's very convenient, and I'm usually in and out in no time."
The uGenius Video Banking System revolutionizes the delivery of traditional teller services. The customer or credit union member uses a fully-functional remote unit called a uGenius Personal Teller Machine (PTM) that directly connects to tellers who can be hundreds of miles away in the bank/credit union's central video call center. The PTM allows the teller and customer to conduct virtually any type of banking transaction, including cash and check deposits, check cashing, transfers, and payments remotely. To initiate a transaction, a customer requests a teller by pressing an on-screen button, the request is routed to the financial institution's next available centralized video banking teller. When a teller accepts the request, a video conferencing connection is made between the teller and the customer at the PTM. The teller then uses uGenius software to remotely control the PTM and conduct the banking transactions for the customer just as if they were at a traditional teller counter.
Maintaining and expanding a profitable branch network is a critical component in any retail banking strategy. Research shows that 25 percent of all new customer relationships and deposits come from branch locations that are four years old or newer. However, construction, real estate, labor, and overhead costs along with declining branch traffic make it very difficult for financial institutions to justify building traditional branches. By offloading teller transactions to a centralized location, uGenius Video Banking solutions allow financial institutions to build smaller branches with staff focused on sales and product delivery vs. transaction processing. This offers the best of both worlds: more low-cost branch locations delivering higher margin products and services and up to 24/7 access to personalized transaction services.
To learn more about this revolutionary technology and to see testimonial and explanation videos, please visit www.uGenius.com.