ITMs, or Interactive Teller Machines, have become key branch transformation enhancements— that are helping financial institutions across the continent modernize the banking experience. But what exactly are the differences between ATMs and ITMs, and what are the benefits of deploying the latest interactive machines? Here’s a quick explainer from the experts at Hyosung Innovue.
The Limits of ATM Banking
Perhaps no other advancement has changed the industry more than the ATM. First rolled out in the late 1960s, these machines can now be found all over the globe. Automated teller machines were a giant leap forward at a time when customers had to wait for bank operating hours to withdraw cash and make deposits. ATMs are excellent for performing these simple tasks, but they are relatively limited in their capabilities beyond this.
Many different types of transactions still require a trip to the bank and waiting in the teller line. Today, with the 24/7 usability of the internet becoming the norm, customers don’t want to have to wait for “normal” banking hours. It is a problem that the standard ATM cannot solve on its own.
The Expanded Capabilities of ITM Banking
The interactive ATM offers video-assisted transaction capabilities, which significantly increases the number of transaction types a customer can perform. With technology like Hyosung Innovue’s ActiveTeller branch transformation software solutions, your bank employees can assist customers remotely. If a customer should choose a video-assisted transaction, they’ll be connected to a live teller who can communicate with them in real-time audio and video.
It’s essentially an on-demand video chat with a banking professional. From cardless withdrawals to account transfers, changing account info, cashing checks to the penny, withdrawing different denominations, and inquiries into other banking services, there are many tasks the ITM can perform that the ATM cannot. In sum, the classic ATM can’t provide the personalized service that is often needed in banking.
Is the Upgrade Worth It?
Though the capabilities of the ITM are clear, many FIs still wonder if the cost of upgrading is worth it. Interactive teller machine solutions can decrease customer wait times while increasing employee efficiency. This improves the customer experience while benefiting your bottom line. Since you don’t need a bank branch to be open for your customers to use ITM services, you can lengthen operating hours and expand your geographical reach without having to open new brick and mortar locations.
Additionally, ITMs allow your tellers to work from remote, secure locations, providing workforce flexibility and optimization.
Work with an Experienced Partner
Hyosung Innovue has deployed thousands of high-tech machines across the U.S., Canada, and Mexico. From cutting-edge interactive machines to cash recycling ATM machines that are ideal for locations where customers need to deposit and withdraw cash– we have a wide variety of options to fit your unique needs.
Transform your branches, expand your reach, offer your customers more flexibility with their banking, and watch your business grow. Contact us today and take that all-important first step towards the future of banking.