Newsroom
April 21, 2014
Post article: VTMs less costly than new branches
April 22, 2014 – Video teller machines are touted over brick and mortar for some institutions' expansion needs in an article by The Washington Post's Capital Business.
VTMs allow users to communicate face-to-face on screen and cost about the same as an ATM, the article says. The technology, which allows real-time communication between a financial institution and consumer, is described in the article as a less-costly way to deliver services more broadly.
The article is accompanied by a photo of a VTM transaction underway at a local credit union.
NAFCU has long urged NCUA to treat virtual teller machines as "service facilities" for purposes of certain expansions. In 2012, the agency wrote in a legal opinion letter to NAFCU that a VTM can qualify a service facility for purposes of satisfyingNCUAchartering rules regarding select-group additions and underserved areas.
The Post article, which ran Sunday, quotes Brian Bailey, a vice president at NCR (a NAFCU Services preferred partner), discussing smaller institutions' use of such machines to strengthen their presence. Bailey is quoted noting that community banks and credit unions are among the earliest users of VTMs but that larger banks, such as Bank of America and U.S. Bank, are also starting to use them.
VTMs allow users to communicate face-to-face on screen and cost about the same as an ATM, the article says. The technology, which allows real-time communication between a financial institution and consumer, is described in the article as a less-costly way to deliver services more broadly.
The article is accompanied by a photo of a VTM transaction underway at a local credit union.
NAFCU has long urged NCUA to treat virtual teller machines as "service facilities" for purposes of certain expansions. In 2012, the agency wrote in a legal opinion letter to NAFCU that a VTM can qualify a service facility for purposes of satisfyingNCUAchartering rules regarding select-group additions and underserved areas.
The Post article, which ran Sunday, quotes Brian Bailey, a vice president at NCR (a NAFCU Services preferred partner), discussing smaller institutions' use of such machines to strengthen their presence. Bailey is quoted noting that community banks and credit unions are among the earliest users of VTMs but that larger banks, such as Bank of America and U.S. Bank, are also starting to use them.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.