CIBC WebATMs combine Internet and automated teller
Ray Van Eng (03/17/97) .
Beginning this summer, CIBC will be testing "Web ATMs" which use a familiar Internet browser interface to allow the public to access special sections of the CIBC internal network. Once inside the secure CIBC intranet, the consumer can customize the service (including a choice of multiple languages) to suit his/her liking and the web site will generate a personalized screen menu based on the what the user prefers.
Traditional retail banking with human tellers relies a great deal on personal touch, but in the world of "faceless" electronic banking where customer loyalty is often built on how convenient it is to get to the closest ATM from home or work or how user friendly is the bank's online storefront. Competition among financial institutions are specially fierce now that they have this cyber medium to deal with. They are constantly looking for ways to add value to their services so as to recruit new customers to make up for losses. Bankers are facing real changes in a virtual world. This latest move from CIBC could be the start of a new trend for bankers seeking new channels to reinforce their own brand names and to generate a one on one marketing experience and a sense of community with their customers. General availability of the Web ATMs could start as earlier as the end of 1997. Currently, CIBC has about 3100 ATMs across the country and there are plans to expand this network. |
© Copyright Ray Van Eng 1997 - 1999. All Rights Reserved.
Initially,
the machines would be able to print out stock certificates, money order,
saving bonds etc. on micro-encoded papers. In the future, with links to
retailers, consumers can order catalogues, buy gift certificates, airline
tickets, pay taxes and many more. CIBC indicated that in a few years time,
the Web ATMs could even "create a single doorway to the Internet for
Canadians."