Nov. 26, 2012
A Chase Bank branch in Chicago recently installed self-service banking kiosks, joining the 99 other locations nationwide that have machines. Chase has more than 5,000 branches and plans to deploy the self-serve ATMs to most locations, according to equities.com.
The ATMs, which Chase said are "akin to self-service supermarket checkouts or airlines check-ins," significantly reduce the cost per transaction, from $4 for teller interaction to 59 cents at an ATM, the article reported. In May, New York-based Chase told analysts that new digital and branch technology will help it save as much as $500 million a year. Chase also has estimated that its teller lines deal with about 1 billion pieces of paper annually.
Chase began testing self-service kiosks in early 2011 at about 10 branches nationwide. As of February, Chase told investors that more than 90 percent of customers who once asked a teller to withdraw cash were now doing it themselves at the kiosks.
"Over the next two to three years, we're going to introduce a lot of new technology into the branches and ATMs, and that's going to generate head-count savings for us and it's going to encourage more transactions going mobile and ATM and other forms of self-service," Todd Maclin, co-chief executive of Chase's retail business, said at the bank's February investor day. "Branch and ATM self-service has the capacity to be a game changer for us."
Read more about ATM installations.