While an ATM mostly just dispenses cash, an ITM features a video screen that allows credit union members to speak directly to a live teller and complete a wider array of transactions. That\u2019s why they\u2019re called ‘Interactive Teller Machines’, although the \u201cI\u201d could just as easily stand for \u201cImproved\u201d.<\/p>\n
Most ITMs look a lot like ATMs, but with a large video touchscreen and a few additional features, including:<\/p>\n
- \n
- A built-in camera for video conversations with the teller<\/li>\n
- A built-in phone for greater privacy (and a touch-to-chat option for typing any sensitive information a member would rather not say out loud)<\/li>\n
- An ID scanner for confirming the member\u2019s identity (even if they don\u2019t have their credit or debit card handy)<\/li>\n
- A coin machine for providing exact change<\/li>\n
- A signature pad<\/li>\n<\/ul>\n
As you might imagine, all those extra parts can open up a lot of new functionalities for your members.<\/p>\n
<\/div>\nWhat are the benefits of ITMs for my members?<\/h2>\n
From a credit union member perspective, the main advantage of an ITM is the ability to complete all types of transactions in a more comfortable and convenient manner.<\/p>\n
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<\/p>\n<\/div>\nIn addition to withdrawing cash, a member can use an ITM to:<\/p>\n
<\/div>\n- \n
- Deposit and cash checks (and receive exact change)<\/li>\n
- Ask specific questions about their account<\/li>\n
- Make bill and loan payments<\/li>\n
- Order replacement credit\/debit cards<\/li>\n
- Order checks and money orders<\/li>\n
- Perform cardless transactions<\/li>\n
- Open and fund a new account<\/li>\n
- Transfer funds to any existing account<\/li>\n
- Talk to a teller one-on-one in a safe, virtual environment<\/li>\n<\/ul>\n
Obviously, some of these transactions could also be completed on a credit union\u2019s website or mobile banking app. But those channels don\u2019t typically offer the chance to FaceTime with a credit union representative. It\u2019s that live video chat element that makes ITMs more personable and, well, interactive! Especially when compared to most of those other web or app experiences (or those faceless, old fashioned ATMs).<\/p>\n
<\/div>\nIn a post-COVID world, many people still prize the ability to talk with someone one-on-one without actually having to be face-to-face. According to a recent survey by Vonage<\/a>, since January 2020 there has been a whopping 300% increase in \u201cthe number of people who prefer to connect with businesses via video.\u201d<\/p>\n
<\/div>\nPlus, there\u2019s the added element of convenience. For example, a drive-through ITM allows a member to cash a check\u2013down to the exact penny\u2013without ever leaving their car. Additional remote ITMs placed in popular, convenient locations can save other members a trip to the credit union. In a world where convenience is king<\/a>, a better Customer Effort Score<\/a> counts!<\/p>\n
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<\/p>\n<\/div>\nMany credit unions also use ITMs as a way of extending the availability of their services beyond normal business hours. For example, a branch that is open from 9-to-5 every weekday might make their ITMs available from 7 am to 7 pm, enabling more members to stop and talk to a teller on their way to or from work.<\/p>\n
<\/div>\nIn fact, if you have a 24\/7 call center\u2013and ITMs that are placed in permanently accessible outdoor locations\u2013your members can enjoy round-the-clock service.<\/p>\n
<\/div>\nWhat are the benefits of ITMs for my credit union?<\/h2>\n
In addition to a likely increase in member satisfaction, ITMs represent several potential advantages for your credit union itself.<\/p>\n
<\/div>\nMost notably, ITM adoption typically leads to a significant spike in productivity. ITMs can easily handle most of the transactions that in-person tellers perform, from cashing a check to making a loan payment. According to NCR<\/a>, some financial institutions have reduced drive-thru transaction times by 65% by adopting ITMs (and increased customer satisfaction by over 90%).<\/p>\n
<\/div>\nWhen more members use ITMs, it frees up your branch staff to focus their energy on more complex tasks and transactions. Consequently, they can also devote more time to talking with members who still prefer (or require) an in-person interaction.<\/p>\n
<\/div>\nITMs also present a more affordable way to spread your credit union\u2019s reach without opening up a whole new branch. Placing an ITM in a high-traffic area, such as a college campus or shopping center, will allow you to better serve existing members while also possibly creating new ones.<\/p>\n
<\/div>\nAnd since ITMs are still a relatively new phenomenon, they could give your credit union a competitive advantage over other financial institutions. Not to mention, younger generations tend to be more enthusiastic about embracing technology in the name of convenience, meaning ITMs could also make your credit union more attractive to Millennial and Gen Z members.<\/p>\n
<\/div>\nHow do I know if my members will like ITMs?<\/h2>\n
If your members already like ATMs, there\u2019s a very good chance they\u2019ll come to appreciate ITMs as well.<\/p>\n
<\/div>\nAfter all, an ITM still has all of the functionality of an ATM. Anyone who just wants to grab some cash can select the self-service option, insert their debit card or ID, and withdraw the amount they need. But if they want to do something more advanced\u2013or wish to speak to a teller\u2013the ITM enables them to go that extra mile.<\/p>\n
<\/div>\nHowever, if you really want to know what your members think about ITMs, you should just ask! That\u2019s why we\u2019ve created an ITM readiness survey that you can send to your members to find out how they might feel about it. Interested? Drop us a note (experience@sogosurvey.com<\/a>) and we’ll drop it into your account for free!<\/p>\n