The majority of consumers (54%) prefer using technology to find answers and solve problems, according to a recent study by Charles Schwab. And it is not just Millennials and Generation Z looking to their tablets, smart phones and computers for results. The results were similar across generations.
This is the “On-Demand Economy” at work where video, retail and many other everyday activities are conveniently available whenever and wherever they are wanted. The result is a steadily growing preference for self-service over direct human contact. We now live in a world where 70% of consumers expect a company website to include self-service.
Most financial institutions will point to their mobile banking app as their outreach to the expanding desire for on-demand service. But what happens when someone wants to make a deposit, generate a money order or open a new account?
Enter the Interactive Teller Machine (ITM).
Here are 5 ways an ITM can help your bank or credit union:
Improve Consistency. Whether you have one branch or many, your ITM video team can be centralized at one location. As a team, they will be able to work and train together to help the group deliver a consistent account holder experience.
Expand Business Hours. ITMs have similar security and technology to an ATM, allowing them to be placed in locations that are accessible after standard branch hours. While this may require some scheduling changes and staggered hours, it greatly adds to the convenience and availability your institution can offer.
Decrease Per Transaction Costs. Operation of up to 20 ITMs is significantly less than the cost of a single branch location. This decrease in operational expenditures in addition to using a centralized team has been show to drop per transaction costs from an average of around $4.50 to somewhere between $0.50 to $0.70.
Expand Your Footprint. The security and hardware of an ITM allows them to be placed in vestibules and replace drive-up ATMs. But the technology offers far more than merely swapping out standard branch automated tellers. ITMs can just as easily be placed in more remote locations or areas where your institution needs to either increase access or generate outreach.
Spend More Time with Account Holders. While consumers love self-service for more menial tasks, there are financial decisions for which they still look for a more personal touch. Loans, investing and mortgages are only a few of those items for which the majority of account holders seek a face-to-face. Implementing ITMs allows your institution to shift branch staff away from more “traditional” transactions to focus on helping your account holders make better financial decisions.
Mobile banking is only one part of the equation for catering to a growing demand for self-service in banking. When account holders are looking for on-demand transactions that go beyond online banking, ITMs are the solution your institution may need. And with their wide range of benefits, your account holders will reap the rewards.
Contact Contact Jeremiah O’Connor by email or at (415) 483-1524 for a free, no obligation consultation. Or click here to schedule a meeting.