Now Credit Unions Can Use Video ATMs for Underbanked: Here’s How It Works

The National Credit Union Administration (NCUA) has recently ruled that uGenius‘s video ATM product “fulfill accessibility criteria mandated for reaching underserved areas.”

Credit unions have guidelines as part of their charter for reaching underserved areas.

Some of the NCUA requirements for video technology include:

  • Providing real-time, face-to-face video access to live tellers
  • Using credit union employees as the tellers
  • Allowing members to conduct all transactions available at a typical branch facility
  • Physically located within an underserved area or within reasonable proximity

The approval from NCUA should bolster uGenius’s sales pitch. Here’s a demo of the company’s product:

One thought on “Now Credit Unions Can Use Video ATMs for Underbanked: Here’s How It Works

  1. “Underserved” isn’t the same thing as “underbanked.” An underserved area is one with few providers, limited availability of services and low branch density — completely beyond consumers’ control. The underbanked are those who have limited banking relationships by their own choice.