The Interactive Teller Machine (IATM) is a branch in a box and can handle 90% of traditional teller transactions right from the customer’s fingertips. IATMs increase efficiency while reducing operating costs by 85% per transaction. Users can deposit cash and checks, make loan payments, speak to a live teller and user standard ATM features with ease.
Factors to Consider
Before you get ready to make a purchase decision on a fleet of IATMs, there are some important factors to consider:
New ITM units can require a significant upfront capital investment and you may need to purchase multiple units in order to truly see the benefits of scale. You will also need to factor in infrastructure costs beyond the equipment purchases such as, network upgrades to provide necessary bandwidth for high-resolution video integration, as well as setting up a call center to provide remote teller assistance.
The core provider can be the greatest limiting factor in implementing your ITM program. If you’re discussing your contract with your core provider for the next 3 to 5 years, it is important to make sure that Interactive Teller Machines are on their roadmap.
How quickly do we plan to implement these machines? Are we looking to implement them in a 6-month period, or would it be wiser to phase them out over 2-3 years? Are we planning to do a phased or direct implementation plan?
Do you plan to put ITMs at all of your branches or only at your highest volume transactional branches?
It also may be wise to consider only converting a number of ATMs to ITMs, rather than an entire fleet. This allows you to cut costs upfront, and gauge the level of customer activity for ITMs versus a traditional ATM transaction.
Ask yourself the question, “What is the best way to expand customer service that is sustainable for our financial institution?”. Interactive Teller Machines give you the opportunity to either offer extended branch hours or offer 24/7 self-service ITM. If you plan to offer a 24/7 ITM interface, you may need to consider launching a call center, if you haven’t already.
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