Coastal Federal Credit Union was recently nominated as a Disruptive Innovation Award finalist for the BAI-Finacle Innovation Awards for fully integrating its Personal Teller Machine (PTM) system in all branches. Coastal was the only credit union and one of only three U.S. financial institutions to be considered for an award. Coastal recently completed a three year long project to fully convert branches from traditional tellers to PTMs, making the credit union the first financial institution in the world to transition to a 100% video banking system.
“To even be nominated for an award like this demonstrates our ability to innovate effective financial solutions to better serve members.” said Larry Wilson, Coastal’s President and CEO.
The technologically-enhanced interface allows tellers to provide traditional financial services to multiple branches from a single remote location for faster and more convenient service. With all branches fully converted, Coastal has been able to expand service hours by 86% while creating a 40% increase in savings on staffing.