Valley National Bancorp, the holding company for US-based Valley National Bank, is set to upgrade automated machines at its 204 branches in early 2014, as part of its branch restructuring initiative.
The upgrades at the branches include Interactive Video Teller Machines (IVTMs), Enhanced Full Service ATMs and Cash Recyclers.
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The IVTMs will be available 24/7 in branch lobbies providing customers remote access to banking professionals through video conference and helping them perform complicated transactions.
The Enhanced Full Service ATM machines accept cash and check deposits differently than a traditional ATM. These machines directly take in cash from a slot titled ‘Cash’ and cheques from a slot titled ‘Cheque,’ rather than envelop method.
The Cash Recyclers perform basic banking transactions such as eliminating the need for personal bankers to count cash, reducing customer transaction time by 50% and improving accuracy, daily balancing and security by providing automated cash handling.
The bank is also enhancing its digital/online capabilities by integrating technology upgrades to its mobile banking such as remote deposit through the bank’s new mobile banking app.
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By GlobalDataThe restructuring initiative will allow the bank to streamline and enhance its customers’ experiences. Additionally, customers will be able to access their accounts on their smartphones, computers or use the automated systems.
Valley National Bank CEO, chairman and president Gerald Lipkin said in order to remain a competitive financial institution, their traditional branch network needs to adapt.
"These restructuring efforts will help Valley modernize its branch presence while still providing the convenient and personalized service our customers expect from us," Lipkin added.
