Making the Case for ITMs: Are They Better For Your Branch?
Interactive Teller Machines also called as ITMs have gained appeal amongst financial institutions… and for a really good reason.
More financial institutions (FIs) are assessing ITM’s contribution to their short and long-term strategies — contemplating if it is the right time to invest in ITMs since ATMs will someday become outdated (if someday isn't too far-fetched by now) and will be replaced by ITMs.
If you are considering buying an ITM, It would be strategic first to understand why there is such a high demand for it.
We know that the Financial Industry has been known to be late in adopting new technologies compared to other industries. And with the rise of self-service experiences, we have evidently seen customers' preference for skipping queues and doing everything through self-service counters.
What We Know About ITMs
ITMs provide local branches with the technology to provide next-generation, self-service technology to compete with the digital banking space which already provides self-service technology to their customers. The best part is it reduces the overall cost of a transaction when compared to traditional tellers, here’s how:
1. ITMs Allow for the Use of Virtual Tellers
By shifting simpler transactions over to ITMs, FIs can provide more focus on their client's needs without spending time doing transactions that can easily be done by ITMs.
Usage of these ITMs possibly reduces the number of physical tellers needed by a branch since ITMs only need virtual tellers to assist their users. And your virtual tellers can be staff members working off-site such as call centers that can assist the clients remotely through the ITM.
When tellers are not physically in the branch, the branch is more likely to promote a safe space where tellers feel more secure since they will be handling their clients remotely further translating to increased job satisfaction.
2. ITMs Limit the Branch's Cash Exposure
ITMs also reduce the cash that is exposed in a branch. Traditional tellers store cash through teller drawers that are opened repeatedly throughout the day. These drawers are then frequently checked and balanced by tellers increasing cash exposure. ITMs reduce cash exposure by storing cash inside locked machines with clients gaining access to it through self-service instead.
As a branch initiative for development and transformation, ITM is a significant strategic element.
And if after thorough research, you decide to go in this direction, it's crucial to learn about all the options available, what their advantages are and how an ITM approach can aid in your financial institution's expansion.
Collaborating with Antuar’s ITM partners and influential thinkers like GRG, and SourceTechnologies aid in articulating your success criteria and your impact. Depending on your needs, Antuar has many automated solutions perfect for your branch automation ecosystem — from ITMs to ASKs.