Since the introduction of the ATM in the 1960s, banking and technology have become more and more synonymous. Now, many banks and credit unions are taking self-service banking a step further with ITMs, or interactive teller machines.
The shift in needs of the average customer has led to ITM growth, due to specific benefits that these machines offer. In fact, roughly a quarter of financial institutions are already using ITMs in some capacity. What are the customer benefits that are driving ITM growth and popularity?
Overall, ITMs offer friendly service, flexible hours and tailored transactions, all valued benefits for today’s banking customers.
1. User Friendly
ITMs offer a user-friendly, easy-to-navigate interface. Most customers, even if unfamiliar with ITM technology, will be able to use an ITM with little difficulty.
Many ITMs also offer optional support for multiple languages, ensuring that nearly anyone can use your branch’s services.
If a customer does require help, they can connect with a teller in real-time using video chat and receive assistance as soon as possible.
For users that require it, these devices are also capable of ADA audio guidance via an earphone jack.
If your customers are already using your ATMs, making the transition to using an ITM will not be difficult. After all, ATMs are the predecessor of ITMs.
2. Flexible Hours
The 9-5 workday has, in large part, disappeared. Companies of every kind have shifted teams to hybrid schedules, with employees contributing from locations all over the country. Healthcare workers, first responders, and factory workers, who frequently work swing shifts, graveyard shifts, or 12-hour shifts, require a variety of options for accessing services they need.
Having a schedule outside of the norm means many workers have to reconfigure their lives around a world that is not designed for their odd schedule. That means basic tasks, such as scheduling appointments, socializing, and even going to the bank are more difficult.
That is where an ITM becomes the perfect solution. No longer does a shift worker have to wake up early, stay up later, or otherwise configure their schedule so they can make it to the bank during normal business hours. Instead, they can use an ITM for the majority of their banking needs. They can get any extra help needed, wherever needed, to deposit a check after hours, withdraw funds prior to starting their overnight shift, pay a bill prior to the start of their busy work week, or discuss specific banking transactions that need extra attention.
3. Tailored Transactions
In fact, ITMs give customers a more personalized experience because of the ability to tailor each transaction. ATMs often dispense cash in set increments, but ITMs allow for more specific amounts, allowing for customers to safely carry less cash on them. With an ITM, customers are not required to withdraw funds in denominations of 10 or even 20. Instead, they can withdraw odd amounts and even receive change.
ATMs also lack the advanced functionality of ITMs. In addition to dispensing cash and allowing for check deposits, ITMs may allow for bill payments, transferring of funds, loan payments, card payments, ordering replacement cards, and access to a greater number of accounts.
The ability to speak with a live human teller via real-time video chat further adds a human touch and creates a more personalized experience. While wait times may vary depending on your staffing levels and the current demand for assistance, it should not take more than a few seconds for a customer to connect with a teller.
In a single visit, a customer can complete multiple transactions at an ITM, solving many of their problems at once.
Benefits for Financial Institutions
There are, of course, ITM benefits that financial institutions can benefit from. ITMs help financial institutions perform many of the same services a teller would traditionally perform, at irregular hours and at more locations to better serve its customer base.
ITMs also help with employee retention, because employees get to work remotely, while providing services for customers who choose to use an ITM’s video chat feature. Since ITM kiosks can stay open past normal business hours, they offer expanded business hours, offering remote tellers a variety of shifts to work.
They also allow for your financial institution to expand its service reach, at a small fraction of the cost and size of opening a new location. New ITMs can be installed in underserved areas, college campuses, near conference and event centers, and in retail stores, expanding your reach and allowing for more customers.
If your financial institution has not yet invested in ITMs, take the time to consider your organization and customers’ needs, and ask yourself if an ITM is right for your branch network. There are several factors to consider, which you can read more about in our “ATM vs. ITM” blog.
Finding the ITM Solution for Your Location
User-friendliness, flexible service hours, and tailored transactions are all customer benefits that are driving ITM growth. Likewise, the ability to offer a variety of staffing options to a remote team, enhance your service hours and offerings, and expand your reach are all ITM benefits for a financial institution.
With so many benefits, installing an ITM seems like a common-sense solution for financial institutions. We can help discern which solution will work best for your location and team. Get in touch and we can discuss all of the options available to help create a solution that’s right for you. Wittenbach has been helping regionally and nationally known banks with their transformation needs for over four decades.
If you are looking to transform your branch location with an ITM solution, contact us today to speak with an expert about the perfect ITM solution. Whether you are looking to enhance your offerings at one branch location, or multiple locations, we can help.