An ITM is the next stage in technology for financial institutions; the technology is poised to become the heart of the branch automation process. It will open distribution channels and provide a “branch in a box” experience to customers. Advanced terminals are literally branches in and of themselves, but can operate from a variety of ultra-convenient locations, including hotel lobbies, department stores and standalone islands of their own.
Three-quarters of financial institutions that already offer video banking report better outcomes with 97 percent saying that NPS scores for video banking are a least as good, if not better, than other channels. And 77 percent say sale close rates are better or at least equal to other channels. Ninety percent of banking users who have used in-branch video banking say they would be willing to use it again.
The popularity is because Interactive Teller Machines enable consumers to perform simple cash transactions or engage in deeper, more personalized banking activities with remote tellers: it gives people choice, access and convenience.
In fact, with ITMs, customers can perform an almost astonishing number of different transaction types, including (but not limited to):
- Get cash
- Deposit checks
- Cash checks to the penny
- Cardless transactions
- Bill and loan payments
- New account opening and funding
- Transfer funds to any account
- Order replacement cards
- Process savings bonds and redemptions
- Process customer CD renewals and inquiries
- Issue bank checks or money orders
- Investment account transactions
- Access to all accounts (Consumer and Business)
- Credit card payments
Plus, the consumer and teller can communicate in real time, with the teller guiding the consumer through the transaction. It’s a convenient way to interact with customers virtually at any level. They can connect with remote tellers up to 24 hours a day, seven days a week from any ITM location (if the call center is staffed 24/7).