TOP 3 REASONS YOUR BRANCH NEEDS AN ITM
Consumers today have grown accustomed to having information and service at their fingertips. Same day Amazon delivery, personal grocery shoppers and digital wallets have thrust the average consumer into a whole new world of convenience. Today, financial institutions are tasked with keeping up on these new demands and staying ahead of the convenience curve.
WHAT DOES AN INTERACTIVE TELLER MACHINE (ITM) DO?
You may have heard Interactive Teller Machines called by several different names: Virtual teller, bank in a box or remote teller. Regardless of the preferred name, its functionality is what really sets this machine apart from your average ATM.
At the ITM, your consumer can select from several types of transactions. Unlike the ATM, the ITM has the added benefits in addition to the ATM capabilities:
- Deposit and withdrawal cash
- Loan payments (Personal, car, mortgage, etc.)
- Transfers between accounts
- Cash checks
- Card payments, advances
- Speak to a live teller
- And more!
TOP 3 BENEFITS OF AN ITM AT YOUR BRANCH
There are plenty of reasons your branch could benefit from an ITM, but here are Case Financial’s top 3 reasons you should consider this technology at your branch:
Draw new consumers to the branch and increase cross-selling opportunities
New technology can be exciting for consumers, and with all the capabilities of the ITM, it’s no surprise that having an ITM at your branch can draw wanted attention. With strategic placement in parking lots, college campuses, malls or other high-traffic areas, financial institutions can open up to an entirely new market of consumers. A secondary benefit from these new markets is an opportunity to educate consumers and cross-sell adding immense value to each transaction. Because of the speed and efficiency of the ITM, it allows for your teller to spend less time completing a transaction and more time cross-selling and up-selling new products and services.
Flexible branch hours to meet your consumer’s needs
At Case Financial, we know the importance of consumer satisfaction and being available for their ever-changing needs. Today’s consumer is used to having access to the world outside of “normal business banking hours”. With convenience at their fingertips, it’s important financial institutions position themselves to respond to this level of accessibility. With the ITM’s live video at your branch, you can easily extend your brick-and-mortar banking hours. In fact, it’s been reported that financial institutions see an 88% increase in branch hours and over 30% increase in deposits being made outside of standard hours when they add an ITM to their branch.
Improve branch productivity
Branch productivity and revenue growth are two driving forces when considering adding an ITM to your branch. Branches who adopt ITM technology are estimated to save up to 80% per transaction. That’s approximately $0.50 to $0.70 per transaction compared to the standard ATM or teller $4.50 per transaction. In addition, branches reported being able to streamline staffing needs while simultaneously increasing consumer satisfaction by nearly 90%. All-in-all, these are huge productivity savings to consider.
It’s easy to see why ITMs are some of the fastest growing technologies in the financial market today. Whether you want to save time, money, or reach an entirely new consumer-base, ITMs could be the perfect addition to your branch.
Not sure where to start the process? Our team specializes in partnering with financials to find long-term solutions that fit your unique needs. Contact us to learn more!