NCR Corporation (NYSE: NCR) today announced a strategic investment in uGenius Technology, LLC, a Utah-based pioneer in video banking solutions. NCR has taken a minority equity stake in the company. In 2011, NCR and uGenius collaborated to build the first ATM that lets consumers talk and bank with a live, remote teller, which will let bank branches stay open longer and offer more services to their customers. Terms of the investment were not disclosed.
“In five years, bank and credit union branches will look nothing like they do today. We are on the verge of a dramatic reshaping of the consumer experience in the branch. Technology will play a powerful role in making that environment better and more convenient for consumers, while becoming more cost effective for financial institutions,” said Michael O’Laughlin, senior vice president, NCR Financial Services. “We’ve already seen significant interest from financial institutions around our joint solution with uGenius, called the NCR APTRA® Interactive Teller, and this investment strengthens our relationship with them.”
NCR’s APTRA Interactive Teller is using uGenius’ video banking technology to give consumers a choice to conduct teller transactions with the assistance of a live, remote video teller. Or, they can use the NCR SelfServ solution for traditional ATM transactions.
The efficiency and security created through the centralization of tellers enables financial institutions to transform their branch locations into more effective service and sales environments. APTRA Interactive Teller lets financial institutions offer up to 24 hour access to teller services, build new small-footprint branches, and provide full teller services in areas not served by branches, all while taking advantage of the advanced features of NCR ATMs such as intelligent deposit, bill pay and new account or loan initiation.
“Financial institution branches have changed very little in the past several decades – from simply changing where the teller sits to using clunky pneumatic tubes to transport pieces of paper just a few feet away. Today financial institutions have a great opportunity to break away from old thinking and use video teller technology to transform their retail banking business, economically increase their distribution, reduce costs, and delight customers,” said Jed Taylor, president, uGenius Technology. “We’re excited about the role of video banking in the evolution of the bank branch, and we believe our strategic partnership with NCR will help us bring this technology to financial institutions around the world.”
NCR offers a broad range of technology solutions and consultative services to help financial institutions rethink their branch model. For more information on NCR Branch Transformation, visit ncr.com.
