RALEIGH, N.C.-As Coastal FCU members ring in the New Year, they can also toast the fact that the CU has completed its deployment of video tellers, allowing it to serve members from 7 a.m. to 7 p.m. seven days per week ("
In all, 63 video tellers are spread among 15 branches, a process that took more than two years to roll out. Members can perform transactions such as deposits, withdrawals, check-cashing and more, all via video-conferencing, although branches still have traditional ATMs for transactions during non-business hours.
According to Marketing and Advertising Manager Joe Mecca, the strategy works especially well for CUs looking for efficiencies through scale. "The real benefit is when you get above 10 branches," he said. "It could work for a smaller credit union that was looking to extend hours or be a complement to an existing service, but we did a full conversion, and that really starts to pay out after you've converted 10 or more branches."
The new system has also helped with staffing. Coastal FCU has increased teller services by 86%, said Mecca, but reduced the numbers of tellers on staff by 40% to 50%. Mecca added that CFCU has also seen significant reduction in sick time among tellers, because they are exposed to fewer germs from members, but he did not have specific data to back up that statement.
"When we talk to members, they actually appreciate the teller being more focused on them," said Mecca. "Even though it's not a face-to-face experience, they do say it's a lot more private, because the teller is solely focused on them-there's not other activity going on around them." And, he added, the combination of technology and increased convenience has been a differentiator in a crowded financial market.
