ATM maker NCR has announced a strategic investment in uGenius Technology, a provider of video banking solutions. NCR has taken a minority equity stake in the company, believing that video banking could potentially transform the retail banking business in the next few years.

Commenting on the occasion, Michael O’Laughlin, senior vice president, NCR Financial Services said, “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. 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 uses uGenius’ video banking technology to give consumers a choice to conduct teller transactions with the assistance of a live, remote video teller.

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.

Terms of the investment were not disclosed.

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