Nedbank, one of South Africa's top five banks, has announced the launch of an ATM that can perform most (if not all) tasks that can be done by a bank teller.

The first such ATM is available at Nedbank's flagship branch in Sandton, Johannesburg.

Among the ATMs notable features is that it allows customers to remotely engage with tellers located at an off-site service centre via an on-screen video chat session. There are two service centres, one in Newtown, Johannesburg, and the other in Sugar Mill in KwaZulu-Natal.

Nedbank says the new service will allow them to provide 24-hour service to customers without the need for in-branch tellers.

With the new service, the bank will provide around the clock service while reducing the number of tellers needed.

This makes Nedbank the only bank in Africa and the second bank in the world to implement the interactive ATM.

"Depending on its functionalities, each ATM costs between $28,000 to $42,000"Brian Duguid, Managing Executive, Integrated Channels.

Brian Duguid, Managing Executive for Integrated Channels at Nedbank said that the bank’s move toward self-service banking channels is unlikely to result in job losses for tellers.

Like some ATMs across South Africa, the Nedbank ATM allows customers to make cardless cash deposits and withdrawals exceeding conventional ATM limits.

Duguid further added that the bank will continue to invest in its online platforms and in branches so as to expand its footprint across the bankable population and provide enough access points to Nedbank services.

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