Valley National Bancorp. announced Tuesday a five-year restructuring plan in which it will modernize many of its 204 bank branches. Branch upgrades are expected to include interactive video teller machines that let customers interact with remote tellers.
The New Jersey bank is currently developing the back office software for its forthcoming video teller machines, but has not decided how many machines it will buy. A spokesperson said the bank will mostly likely put a machine in most of its branches.
Banks and credit unions nationwide have been testing video kiosks to offset operational costs. Often, a bank will centralize its video tellers.
Valley National Bank said future branches will also be staffed with employees who can open accounts, process deposits, and cash checks, among other services.
Branch enhancements come as the bank invests in its mobile and online banking, too.
In the next few weeks, Valley National Bank will introduce a mobile app that provides remote deposit and branch hours and location information. The bank is also looking to enhance its website so that consumers can open accounts online.
"Over the past five years we've seen an increasing demand for a digital and self-service banking experience," said Valley's First Senior Vice President Andrea Onorato, in a press release. "Since 2008, like most banks we have realized a decrease of in-branch transaction volume. At the same time, our electronic payments have soared. We are adapting to these emerging demands to engage more 'tech savvy' customers in today's banking industry."
The bank also plans to enhance its ATM software and introduce cash recyclers.
The bank expects the technology and infrastructure to cost several million dollars a year.