Demystifying the Ins and Outs of Interactive Teller Machines
April 12, 2022
Technology continues to grow and expand across all markets and industries including the financial sector. In line with this technology growth, financial markets are also seeing a continued shift in service strategy.
So, how do credit unions marry this technology growth with enhanced member service? One approach that continues to gain traction is the use of the Interactive Teller Machines (ITMs).
Dolphin Debit is here to demystify this innovative technology.
According to the Strategic Link partner, ITMs can improve self-service and increase remote access while sacrificing very little in the way of member contact. Furthermore, this solution can yield valuable benefits such as helping to shrink costs by reducing branch size and staff needs, extending member service hours, and improving self-service — all while boosting operational efficiency.
How do ITMs compare to ATMs? The lines are a bit gray, but understanding the differences is crucial for building an effective ATM-ITM fleet strategy, particularly in a financial services environment that continues to shift towards digital delivery and self-service. While typical ATMs can give your members cash and even take cash and check deposits, the ITMs take it a step further.
In general, think of an ITM as an ATM with mobile banking access. It’s a fully self-contained self-service unit that enables a credit union to provide powerful account and resource access to its members without the need for a branch. The ITM can provide additional functionality outside your typical branch operating hours and even serve as a replacement for a branch in certain scenarios. Looking to expand into new markets? You can start with a well-placed, well-branded ITM to gain traction, prior to a branch deployment.
How, where, and why should you consider implementing ITMs? That’s a longer discussion that depends on your mid-to-long term road map and branch strategy, and it requires an ATM-ITM vendor that you trust as a true consultative partner. While it is important for your credit union to decide on a strategy and path, it is just as critical to have a partner provide consultation as part of discovery to help design a plan that fits your growth strategy, membership, and budget.
Whether you are considering ITMs for your next move, wanting to provide members with functional upgrades, or need of ATM replacements due to older models being sunset, Dolphin Debit can provide the expertise to ensure the technology you deploy best fits your plan. The partner outsources over 2,500 ATMs across the country for credit unions just like yours.