Financial Home 

Customer:
First Tennessee

Location: 
Headquartered in Memphis, Tenn., with more than 400 facilities in Tennessee, Arkansas and Mississippi

Project:
Pass Vault self-service installation

Service History: 
First Tennessee is along - standing Diebold customer . In addition to deploying Diebold automated teller machines (ATMs), the bank relies on Diebold two-way color closed circuit television (CCTV), Express Delivery™ teller cash dispensers and other innovative products and solutions.

Benefits Summary: 
The primary benefit of the digital system is its immediacy.

For almost as long as banks have existed, customers have had to wait for bank employees to grant them access to their safe deposit boxes. That was precisely the situation bank managers faced at First Tennessee. “One of our platform people devoted most of her time to serving as the vault custodian,” according to Wayne Leggett, project manager for Physical Security & Construction at First Tennessee Bank. “A large part of her time was dedicated to allowing access to the vault. Our retail managers were interested in finding some way to free up her time so she could concentrate on higher-value services and sales.” Diebold product specialist Roy Webb presented First Tennessee with the perfect solution, PassVault™. It relies on computer technology and biometrics to give customers self-service access to their safe deposit boxes. The customer simply places their hand on a wall-mounted hand geometry reader that verifies their identity, admits them to the vault and logs their visit. An additional layer of security is provided by the integrated AccuTrack™ digital video recording system that documents customers entering the vault area. “We weren’t sure how our customers would react,” recalls Leggett. “As it turns out, we had nothing to worry about.” 

PassVault filled First Tennessee’s need to provide customers with automated access to safe deposit boxes, and it boosted sales floor productivity by freeing the bank’s staff person from vault attendant duty. In fact, the bank staff takes special pride in demonstrating the PassVault solution to customers, particularly the hand recognition biometric technology. 

Branch customers love it as well. They appreciate the convenience of being able to walk in a branch and access their safe deposit box without waiting for a bank employee to assist them. Bank managers say customers quickly adapted to an automated system. The majority of customer comments were positive statements about the added convenience of self-service access.

 “PassVault was exactly the solution our retail managers were looking for,” says Leggett. “There really isn’t another solution like it available.” 

An obvious benefit to financial institutions is lowered operating expenses. PassVault reduces or eliminates the costs associated with maintaining vault attendants at the site. It completely streamlines a branch operation, now the bank can focus personnel resources on the branch’s sales efforts. In addition branch employees previously tied to vault functions can now assist customers and cross-sell products out on the floor. Thus, PassVault promises to extend its benefits at First Tennessee well beyond mere cost cutting to improve customer service and enhance revenue.