Seeking a new mortgage? Your cash machine can see you now

GONE are the days of visiting your bank to open an account or take out a mortgage. In future, all that’s needed could be a cash machine.

As major lenders continue to shut traditional branches, a new ATM developed in Dundee will allow customers to speak to a staff member by video call, sign their name electronically and take a photograph of themselves or their documents.

American manufacturer NCR, the biggest supplier to British banks, said its new devices would make banking easier, faster and safer.

But critics fear it could speed up branch closures as banks battle to save costs and more customers head online.

Justin Modray, of consumer group Candid Money, said: ‘Anything that increases convenience for customers is a positive step forward. But I can’t help but think that banks will use this to cut costs or even accelerate branch closures.’

Atlanta-based NCR employs 800 at its financial services research and design centre in Dundee, where the new ATMs were developed.

The firm is responsible for around 80 per cent of the ATMs run by High Street banks. Its new generation has been launched in the US and bosses said it was popular with customers. There has also been a trial with an unnamed UK bank.

The ATMs will be introduced early next year, after Government approval, with up to 2,000 likely to be installed each year. They will work with contactless cards or even an iPhone, and will accept deposits.

NCR’s chief operating officer Mark Benjamin insisted the plan was to make life easier for customers rather than replace bank staff.

Royal Bank of Scotland, Lloyds Bank and HSBC have all announced branch closures this year, with rural towns hit hardest.