The modern Interactive Teller Machine, or ITM for short, is making its way into the fleets of financial institutions who embrace the digital age. At face value, ITMs may appear to have striking similarity to Automated Teller Machines, or ATMs—and in some ways, they do.
An ITM’s primary functions are to dispense cash, recycle cash, accept deposits, and process mortgage or loan payments. They can be situated in a wall, in the drive-thru lane of a bank or credit union, or in an “island” format for convenient transactions. However, one defining feature truly sets ITM machines apart from their ATM predecessors: the video teller capabilities. Wittenbach is partnered with Hyosung, who leads the charge in functionality with their 8300 series of ITMs.
What are the benefits of ITM video teller capabilities?
Sitting virtually anywhere, an ITM video teller becomes the face of your institution and client interactions. These employees provide a typical teller experience, but also expand the capabilities of the smaller transactions that occur outside of your branch’s four walls.
- Broader capabilities: In a standard ATM experience, the transaction process is fairly mundane and robotic in nature, offering convenience and speed to your customers but forgoing a personal touch. In the world of ITMs, a video teller can offer individualized guidance, and help your drive-up or walk-up customer to achieve much more than a simple cash withdrawal. A recent job profile by Neighborhood Credit Union highlights some video teller functions, including processing transfers between accounts, processing checks and determining holds or releases, facilitating complex transactions that require decision-making skills, and conducting any necessary follow-ups that may result from the interaction. Additionally, video tellers have the unique ability to cross-sell products and services to your clients, a value-driving function which a traditional ATM could not do.
- Expanded hours: Although your bank or credit union may operate within specific, sometimes limited, local business hours, the ITM video teller capability means that the complex transactions mentioned earlier, in addition to normal cash withdrawals and deposits, can keep going outside of those hours. If your video tellers sit in another timezone, or they work varying alternative shifts, they can service and advise your ITM clientele on a wide range of needs even if the main branch building is closed for the day.
- Employee security: Keeping your employees safe is paramount in any industry, but in banks and credit unions, protection from vulnerability is especially important. The video teller capability means that your employees can be sitting offsite while carrying out their responsibilities, meaning they are protected from potential security breaches. This format also protects your tellers from harsh environmental conditions (e.g. frigid temperatures or fierce precipitation) and any biological concerns, which became more pronounced in recent years due to the Covid-19 pandemic.
- Increase the successful transaction rate: ATM and ITM “uptime” is an important metric for your branch, as your machines must stay online in order to service clients. However, in addition to uptime, drive-thru and walk-up clients must also be able to finish their transactions. If they have a question in the context of a traditional ATM, it might go unanswered. However, with a video teller, they can ask questions and receive answers, in order to ensure that the transaction is correct and complete. This user-friendly touch translates to a satisfied, returning customer.
Recommended ITMs for your branch transformation
In a recent blog post, we discussed in detail the main three ITM offerings from Wittenbach partner Hyosung. All of their industry-leading models have seismic and heat sensors, protecting from environmental conditions. They also hold large cassettes which can be configured for different currency denominations, significantly reducing the need for cash-in-transit armored car services. Easy to install and maintain, they also offer sunlight viewable touchscreens and high-quality microphones and cameras to ensure that the video teller experience is optimized.
- MX8300I: This island-format model meets all conditions to function outdoors, replete with anti-skimming and anti-shimming features and a safe that protect your clients’ transactions. In an instructional video, Wittenbach’s Marketing Manager Jared Jorgensen explains the model’s features and benefits in greater detail.
- MX8300D: This is the drive-up version of Hyosung’s 8300 series, offering the same functions as the model listed above but optimized for the exterior drive-thru lane.
- MX8300T: This model is the through-the-wall version of the above ITM, offering the same suite of functionality running on Windows 10 software, and also featuring a recessed screen for ease of use, security, and better viewing.
Investing in a fleet of highly capable ITM machines not only improves your customers’ experience, it can protect your employees and drive repeat business. Contact Wittenbach to discuss how to grow your ITM footprint across branches and even geographies; our Managed Services offering can even take care of the administration for you.
