The Power of ITMs
Since first hitting the market more than 10 years ago, Interactive Teller Machines (ITMs) have grown in popularity among financial institutions nationwide. Here are just a few reasons why:
- Efficiency Unleashed: An estimated 80-90% of transactions done by a teller at a branch can be handled by ITMs. With core integration, 1 video teller can support 15-25 terminals.
- Client Convenience & Satisfaction: Core integrated ITMs can extend full-service capabilities of your branch up to 23 hours a day. Studies have shown that 84% of ITMs users are very satisfied with their experience. Even 72% of people 55+ are comfortable using ITMs.
- Cost Reduction & Market Expansion: It's estimated that most in-branch teller transactions cost FI's an average of $4.50 per transaction. The same transaction on a self-service device costs between $.50 and $.70. Additionally, ITM technology enables FI's to detach their self-service channel from the physical branch, enabling them to efficiently scale their market presence—and provide greater choice and convenience for their clients.
- Certified Core Integration vs Customized PS Work: Through a certified core integration, core changes can be automatically updated and patched. Other ITM solutions may require lengthy PS "custom work" engagements which could cause downtime and additional fees.
Five Star Success
Five Star Credit Union serves 28 counties through its 17 branches located across lower Alabama and southern Georgia. Check out the Five Star Success Story to see the full results. Additionally, you can hear Five Star COO Tyler Beck share the most important lessons from their ITM journey to date.
- 40 core integrated ITMs implemented to date
- 65,000 transactions per month; 70% of all branch transactions performed by ITMs
- ITM transaction costs are 3x less than via traditional tellers
- The entire ITM fleet supported by 2 staff members
- The shift to more self-service technology helped branch staff close over $25 million in loans in 2022
