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. This is why making the upgrade to Interactive Teller Machines is so important.

Why you should upgrade to Interactive Teller Machines

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

As expected, 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. Interestingly, 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.

Remote Monitoring for your new ITM fleet

So, you’ve just rolled out your new ITM fleet and need a way to monitor the state of health of your new equipment. Odds are, your fleet has come with an application installed that would allow you to monitor your ITMs. Applications like NCR Vision and Hyosung’s Moniview are pretty common, but only work for their respective brands. You likely have other ATM and ITM brands that are still in commission. Wouldn’t it be so much easier if all your ATMs and ITMs could be monitored remotely with just one application? Heck yeah it would, which is why we created EquipsConnect. Using EquipsConnect, you can monitor the state of your whole fleet, regardless of brand, from one place. Diagnose issues and resolve many common issues without having to roll a truck. Schedule a free demo below to learn more!

Schedule a Demo to Learn More