We live in a technological world where every part of our daily life is constantly being upgraded. So, why not our banking?
Fully automated banking may sound odd at first, but more and more branches are upgrading to do away with tellers and give customers a much more streamlined experience.
This article will go over some of those shifts and look at why they will lead to a much cleaner banking experience.
More Efficient Data and Less Errors
One of the biggest advantages of automation in banking is the ability to process data in real time. Banking is a large business, and there are a lot of different calculations that need to be made. While humans can look at the numbers, that can often take quite a while and may lead to errors.
In contrast, automation allows for gigantic chunks of data to be processed extremely quickly. That then causes less mistakes, which is especially important when it comes to large transactions or calculating loans.
On that note, automation in banking also leads to a decrease in general risk. Machines can read various data inputs and figure out fraud much more easily than humans, which then leads to better trade monitoring and more intelligent cash management.
Applying automation to cash flows also allows machines to learn cycles and gives them a way to help people balance their cash more effectively.
A Better Customer Experience
A big bonus of automated banking is how easy it is to use. Everything is connected through smartphones these days, and adding your banking to that process is a no brainer.
There are several parts to automated baking, and one of the biggest is the plan to create new ATMs that will replace human tellers.
These machines (including the Bank of America automated teller) are not only sleeker than old models, but they easily integrate with different banking apps to offer all the services you may be used to.
Though some may resist that idea, it makes your life much smoother.
The new automated system (which is currently in the works for several larger banks) will allow you to set up cash withdrawals on your phone and then pick them up at a nearby ATM anytime within the following 24 hours. Such machines will also have flexible dollar bills ($1’s, $5’s, $10’s) in addition to the standard $20’s.
That feature saves you a lot of time and makes going to the bank a much quicker process. There will even be cardless transactions that are done entirely from your phone. These are much more secure than traditional methods and help improve security.
The Increased Size of the XTM
The final ATM upgrade that may come from automation is the XTM, or “Extreme ATM.”
This idea, which is currently coming from Bank of America, gives customers a much wider and clearer screen that creates a smoother process.
Going to the bank can take quite a bit of time. The above shifts help speed up the process, giving you more time in your day.
The Pros of Automated Bank Reconciliation
The final benefit we will cover in this article is automated bank reconciliation. That term refers to a process where you can upload an electronic bank statement (provided to you by your bank) to immediately move it into the system.
As with the above upgrades, this cuts down on time. Instead of manually putting your account transactions into a spreadsheet or other document, you can quickly move information right into the system.
This form of automation makes it easy to store your information in one place.
All you have to do is follow a few easy steps.
For automated bank reconciliation, you simply need to get your statement, save it to your computer, and then import it. There’s really nothing more to it. Some systems even have a button you can click to send it off right away. Every bank uses the system a bit differently, but they can all instruct you on how the process works.
The Bright Future of Bank Automation
Our world is all about technology, and the new shifts towards automation in banking are going to make branches that much more efficient.
Some proposed technology, like the Bank of America automated teller, is working towards automating the entire branch, while others are about packaging your banking experience into your smartphone.
As time goes on, bank automation will become more and more prevalent. In fact, a JLL study estimates that U.S. bank branches will decrease by 20 percent in the next five years.
Many new ideas are currently in the works, and many will go into practice within the coming years. That means better banking at a branch, as well as more efficient work at home. The new systems will not only use automation in a brand-new way, they will help make your life much easier.
Feature image via Finextra