While none of us have a crystal ball, Windows 10 has really pushed many financial institutions to think about the ATM channel, the broader self-service channel, and how that plays with customer experience. With huge investments being made in digital platforms, how does the ATM and self-service channel fit into the equation?
As more financial institutions are evaluating their ATM channel, the interest in ITM technology continues to rise. More FIs are looking for greater functionality, the ability to extend hours to serve clients, and the ability to grow physical touch-points without having to build brick and mortar. However, since ITM technology has been deployed for nearly 10 years, there are some common misconceptions to discuss to ensure that people who are evaluating the investment have the correct information.
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The ATM channel is one of the most important channels of self-service for financial institutions. It allows immediate access to cash and the ability to make deposits when the physical branch is closed. For many community banks, it’s a vital service to compete in local markets against the bigger players.
As we think about the branch environment, the branch is certainly the hub of customer service activity for transactions, account openings and where relationships begin. While many clients can be moved to less expensive channels like on-line banking, mobile banking, and other platforms, still over 80% of relationships start at the branch.
ATMs, or Automated Teller Machines, have been around a long time now in the banking space. They have provided access to cash for clients for decades, especially when the branch was closed. As technology has advanced, more and more Financial Institutions are not only dispensing cash, but accepting deposits at ATMs. In this article we’ll address what ATMs cost and what factors drive those costs.
Interactive teller machines (ITMs) are changing the way that financial institutions operate for the better. Use of an ITM provides more efficiency along with improved customer service, while saving money and space.
