These days, banking technology is translating into improved convenience and service for customers and employees, and Nick Lofaro is leading that charge at Guaranty Bank. Lofaro, Vice President and Chief Technology Officer at Guaranty Bank, joined the company in 2014. Since then, he’s helped implement a variety of technologies and products, such as the Video Banking Machine (VBM). “It’s a method for us to provide better service and added convenience to our customers,” Lofaro says. “Customers can drive up to select branches for a very similar experience to that of a lobby or drive-up. The customer also has the ability to use the VBM as an ATM if they choose. Should they choose the option of a live teller during service hours, they are able to perform a variety of transactions such as cash a check, make a deposit, etc. Almost anything you can do on the teller line can be done from the comfort of your car.” Customers are no longer limited to lobby or drive-up hours.
The first VBM was launched at the Battlefield Banking Center in 2017. “We have six on the ground with plans to expand that footprint in the near future,” Lofaro says.
Aside from his work at Guaranty, Lofaro is also an active participant on the Association of Information Technology Profession Board and serves at the national level as a member of the CompTia Executive Council for AITP. These positions help him understand where the bank currently stands in the industry and what’s coming down the pipeline.