By 2025, tellers will be gone. In their place: The Universal/Virtual Banker.

Part III in the BVS 'The Branch in a Digital World' Series.

---

In our last blog, we outlined a model for the Virtual Branch, combining the accessibility and convenience of call centers with the informed, attentive and personal approach that characterize in-branch interactions.

With more branch traffic moving to virtual channels and fewer cash transactions happening in-branch, the teller model is becoming increasingly obsolete. It's feasible to expect that, in the not too distant future, 'tellers' may cease to exist.

In their place will be experienced staff who are able to write loans and mortgages, open/manage accounts and handle major transactions whether remote or in person. These staffers will actually be tech savvy, people savvy universal bankers.

Let me emphasize: the virtual branch/banker will not replace your physical system; rather it will augment and support it. While your staff should be able to work from any location, the emphasis should be on the quality and breadth of services they can deliver in person and digitally.

Are you prepared for the successful addition of the virtual branch?

1. Do you have trained Universal Associates?
2. Do you have technology that supports:
   1. Sufficient bandwidth
   2. Secure video communication internally and externally
   3. Secure telephone communication internally and externally
   4. Customer/member text-to-staff capability
   5. Secure remote systems access for all staff members
   6. E-signature capability
   7. Electronic lending and deposit acceptance capability
   8. Electronic payment management capability
   9. Management of consumer profiles
   10. Training for how to work virtually and remotely
   11. Customer/member financial education
   12. Customer/member-focused website featuring the virtual branch

This dramatically changing landscape, significantly accelerated by the COVID pandemic, is presenting a fantastic opportunity to grow your institution by delivering services consumers want, how they want them, and where they want them in today's rapidly changing world.