It’s Time to Roar from the Stone Age to the Digital Age with ATMs, ITMs, and Integrated Kiosks
In the Stone Age of banking, clients waited in line (and waited in line) for teller service, from simple cash transactions and check deposits to account transfers and appointment requests. Time passed and technology evolved. The dinosaur-like processes of banking began to reach extinction—and in their place—digital technology emerged, ready for the next generations of banks, credit unions, and clients.
What age is your financial institution in?
No matter where you’re at with network operations, CFM can help speed your bank or credit union into a new era with integrated, self-service solutions that work!
ATMs - In the mid-1960s, inventor John Shepherd-Barron came up with an idea for a cash machine that could dispense money like a vending machine dispenses candy. After security improvements by other inventors, Barclays Bank installed the first operational cash machine in London. Today, over 3 million ATMs are used across the globe. They’ve come a long way too; “smart ATMs” now have face recognition and offer things like check cashing, money transfer, and real-time bill paying options. ROAR!
ITMs - The Interactive Teller Machine has been around for over a decade. With an ATM-like interface, this dynamic machine is also known as a “branch in a box” and has all the capabilities of an ATM plus a video screen that allows live access to human representatives. In 2013, Bank of America introduced ITMs in Boston as “ATMs with Teller Assist.” Used today by 25% of financial institutions, 60% of financial institutions plan to integrate ITMs into their operations within the next few years. DOUBLE ROAR!
Integrated Kiosks - A few steps up from the ITM, integrated kiosks are full-service transaction stations that can essentially replace live teller service. Besides having all the functionalities of the ATM and ITM, they can print out account histories, make change to the penny, and much more. When an integrated kiosk such as DBSI's NEXT is paired with CFM's core integration technologies like Genix and Nomadix, financial institutions are able to remote-assist at integrated kiosks for most banking transactions.
By adding self-service solutions to your branch banking infrastructure, you can reduce wait lines at your teller stations and free up staff for more advisory-based conversations that lead to higher-level sales. Statistics show that ATMs and other solutions are popular with clients too; in 2020, a survey by Mercator Advisory Group found that consumers made 4.4 ATM visits per month to get cash, and 2.8 visits per month to deposit cash. Imagine how adding ITMs or integrated kiosks to your branches could change your traffic patterns!
If you’re thinking about downsizing your branch locations or you’re operating with fewer employees, self-service solutions are the perfect way to provide quality service with less FTE and physical space. It’s even possible to increase your market presence when you place self-service solutions offsite in underserved geographical areas.
After learning the ways self-service solutions can help your bank or credit union, are you unsure whether you need them? Ask yourself the following questions:
If you answered “yes” to any of these questions, your financial institution should implement self-service solutions. CFM can walk you through the analysis steps, review your goals, and help you decide which machines and technologies will best be suited for your market spaces.
You can contact us here to get more information and then explore our website to learn more about our products!