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uGenius CEO Gene Pranger on the latest technology for banking that allows consumers to talk to bank tellers through a video device.
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So we've been telling you the headlines big banks like Citi and Bank of America at UBS announcing job cuts by the thousands -- that number could continue to rise this technology evolves and replaces.
The traditional bank teller our next guest says the dynamics of bank branches are shifting and they ought to get on board of with video banking which is just what his company provides.
You genius founder and CEO Jean franc pair is joining us now how is Skyping with my teller -- -- this alone.
That's that's a -- a description this is the ability for a teller to see and talk to a customer but the teller is location and video call center as opposed to being inside the branch.
And so it has huge benefits from a cost efficiency standpoint from the financial institutions.
-- -- the software -- make the hardware and if I am a customer how to why use.
Well you would go up to a device and you would press -- start button.
And in device that you provide exactly -- I would have to buy -- exactly cut and the financial institution represented comes up on the screen and ask what type of transaction they would like to.
Do while they're at commissioning deficit to check deposit or -- a cash deposit.
They they -- the machine can accept cash think they can accept checks and they can also dispense checks and cash directly to the customer.
But why do -- need this -- let me let me just play devil's advocate I'd I'd pop out of my car jumped to the ATM might deposit my -- -- yes Citibank it reads your check if they don't even have to fill out a ticket anymore.
So you're asking me or any customer to put out some money to buy this device.
Don't have to do a heck of a lot of banking to to really make it worthwhile.
I I think that's an excellent question.
If you look at consumer dynamics what they're looking for is access and not everybody is using an ATM and sometimes people -- to talk to a live person.
-- that personal connection that's inside the retail bank that people need to have contact web.
And that's really -- investor interest and as well because that's adults relationship to other types of products and services.
They would -- to have access to you've heard this on video killed the radio star is is your technology gonna kill the bank teller.
It's not going to kill the bank teller I think what's going to happen is that as tellers begin consolidating inside these video call centers.
Many of these tellers are going to be re purpose to other types -- that activities.
-- they may be in the accounting function within the financial institution or if they're -- now.
On the will be -- on -- -- platform.
Now how many banks -- you signed up I know you have a big credit organization that's using you at the moment but have you gotten any of the big boys.
A credit unions are by far the largest on dollar bank in Pittsburgh is currently using that.
If you look at our pipeline for the next year two years you'll start seeing kind of a who's who list among financial institutions that will be deploying this technology.
Not just here in the states -- in Canada Australia New Zealand Turkey Brazil Germany.
How much does the device cost.
-- not the same cost as a full service -- cancels around 55 to 60000 dollars for the hardware and around five to 101000 dollars more that's for the bank pay for the bank.
What do you -- -- as the consumer doesn't cost you any -- god it allows you to be able to conduct a transaction on your returns I think one of the -- -- benefits of this system.
Is that instead of thinking hours -- operating from nine to five in the bankers kind of leave to go there into their golf game that's the theory that's no longer the case.
But in today's environment.
Now a consumer can access the bank on -- terms we have a credit union.
Up in case in New York this open 24 hours a day seven days a week talk about customer convenience well.
Especially when you've got something confusing what you wanna set up a recurring transfer and you can't figure it out on the web -- it's so nice to be able to.
Look at that person does it work with say for example a tablet that has a camera -- -- not -- -- -- any device.
That is our next phase -- -- -- is that we'll be taking it to the tablet environment will be -- -- an online environment.
We have another product that's called the Smart office so that they'll have the ability be able to talk to an investment -- a mortgage raptor and I cannot deposited check just by showing it.
But to -- well UB able do that online anyway you can do that through mobile application now actually today but in our machine actually scan it in in verifies the check is authentic.
Disruptive technology it's known as -- genius is the product the founder and CEO is Jean prank -- great to see you thank you for -- -- -- he wasn't even a banker.
I'm from all you gotta think out of the box -- saw.
