How to have a successful rollout at your retail bank or credit union
The rise in digital tools has created enormous benefits for many businesses, helping them become both more efficient and convenient. Banks and credit unions are no strangers to these benefits. Online and mobile apps have completely changed how people do banking and access money. More importantly for businesses, they have also changed people’s technology expectations when they visit a business’s physical location.
Why ITMs? Upgraded service and safety
Interactive Teller Machines (ITMs) are the digital upgrade to the traditional ATM and offer enhanced services. These services can include account transfers, check cashing and live video calls with a real teller.
ITMs can be useful for banks and credit unions that want to provide fast access to self-service banking, but still want a teller to be available if needed. As with ATMs, the shift of basic banking to a self-service machine can reduce lobby wait times. This frees up staff to handle complex issues or assist people that must have in-person help.
Along with efficiency, ITMs feature display screens that can add value through cross-selling opportunities. New offers and services can be shown to users as they do their banking. This keeps them aware of all their banking options and lets them access more details if they are interested.
ITMs in our new, socially distanced world
The use of ITMs has become very valuable during the COVID-19 crisis. ITMs reduce the risk of a crowded lobby by allowing more people to do their banking outside of the building. More importantly, ITMs make it easy for customers and members to speak with a teller without any direct contact. This is especially important for branches where lobbies remain closed or operate within shortened business hours (or may need to in the future).
Our recent survey found that 60% of financial institutions are planning to upgrade their equipment or invest in new technology as a result of the pandemic. We continue to see customers turn to ITMs and teller cash recyclers to provide remote and individual service at branches without sacrificing internal controls over cash handling. “The TCR trend has followed the ITM trend for the past 5 years or so, and we will likely continue to see further adoption. When it can act as a safe and alleviate dual control requirements, it helps financial institutions reduce costs,” said Catherine Hauck, Director of Sales at Equips.
How to have a successful ITM rollout
Our CEO, Adam York, sat down to interview Lorie Heller (Chief Experience Officer at Tower Community Bank), Mark Massey (Chief Technology Officer at Data Financial, Inc.), and Matthew Schwemlien (Branch Technology Supervisor at Altra Federal Credit Union). In these interviews, we got tips and suggestions from experienced leaders on how to successfully rollout your first ITM. They deployed the first ITM and now doing roughly 48-49% of all transactions on ITMs.
Before starting the rollout process, here are two critical questions we recommend asking yourself:
- How are customers going to accept this technology?
- How do we introduce it to them?
Watch these videos below to learn how you can create a culture of celebration, get employees and customers active on ITMs and find success at your branch.
- Interview with Tower Community Bank >> Watch Video Here
- Interview with Data Financial >> Watch Video Here
- Interview with Altra Federal Credit Union >> Watch Video Here
Get objective support for ITM RFPs and more
For banks and credit unions considering ITMs, Equips is ready to help. ITMs are a major investment, and we can provide contact with ITM vendors and support informed choices.
When ITMs find their place in a business’s service strategy, Equips makes management easy. As with all our servicing, we provide visibility into device operations and offer a single point-of-contact for maintenance requests.
ITMs are a valuable way to free up staff time and energy. Equips can ensure none of that time is wasted on dealing with critical branch equipment problems.
Equips is revolutionizing how Banks and Credit Unions manage, maintain, and protect critical branch equipment. Leveraging a network of 500+ vendors, experts at Equips help Financial Institutions respond to equipment problems quickly in one place: Equips.com. Active management allows Financial Institutions of all sizes to improve operational efficiency, cut costs, and streamline equipment inventory and vendor management. Our groundbreaking solution provides clients across 45 states with better insight and transparency into their critical equipment and enables employees to do their best work. To learn more visit equips.com.