New To Video Banking? Here’s What You Need To Know

If you're like most adults, your everyday life has been changed significantly in recent years thanks to advances in modern technology. You've probably also very aware that the technology has reduced the need for face-to-face communication in many aspects of daily life. Some restaurants, for instance, allow customers to place orders using digital screens on their tables that send the order back to the kitchens. You can plan a vacation, purchase movie tickets, order groceries, stock up on household supplies, and perform banking transactions without having any human contact whatsoever.

You've probably used an ATM for at least a couple of decades to withdraw cash, check your balance, and even make basic deposits. However, you're probably also highly aware of the limitations involved in using a traditional ATM. Fortunately, technology has recently improved on that experience by providing banking customers with the option of using video banking. As its name implies, video banking involves the capacity to deal directly with a bank employee instead of simply interacting with numbers on a screen. Following are just several of the many advantages of video banking solutions.

Enhanced Functionality 

As mentioned previously, it's possible to perform basic functions such as withdrawals, account transfers, certain types of deposits, and balance inquiries. Video banking's enhanced functionality allows processes such as real-time check cashing and receiving withdrawals in the denominations of your choice — most ATMs typically only dispense cash in the form of 20 dollar bills. Users of video banking devices also enjoy higher withdrawal limits than their counterparts using traditional ATMs. Other functionality benefits of video banking include the ability to withdraw funds or make other transactions even if you have lost your debit card. You'll also be able to gain immediate access to banking representatives even when you're on a business trip or a vacation halfway across the globe. 

24-Hour Access

If you're like most people, visiting a bank during traditional business hours isn't always possible — and even when you can, the transactions are usually rushed and involve more time spent standing in line than interacting with a bank employee. Video banking allows you to conduct banking business on your own time frame, even if it's the middle of the night.

Not all financial institutions have video banking systems in place, but this is very likely to change significantly in the next two or three years. If your bank doesn't yet have video banking, be sure to ask about their future plans for offering this service.