Bank of America is testing “completely automated” branches in several locations.
The move is part of the Charlotte-based bank's effort to cut expenses and keep business efficient.
The Charlotte Observer reports Bank of America is testing three fully automated branches in Denver and Minneapolis.
The outlets are smaller than traditional branches. In addition to featuring ATM's, they also incorporate video-conferencing technology so customers can talk to off-site bankers. For now, each branch is also staffed with one on-site banker for customer assistance.
The company plans to assess whether a banker is needed at all, and gauge customer reaction.
A Bank of America spokesperson says that while the company is lowering costs, it continues to invest in other areas such as mobile banking. The company is currently testing a “virtual assistant” for smartphones, which is expected to be available in the fourth quarter of this fiscal year.
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