If you are considering ITMs, there are a variety of costs that emerge with the decision of rolling out ITMs. A large portion of that cost comes into play whether you plan to deploy one ITM or many. In this article, we’ll talk about the key cost components that come along ITM deployment.
ITM Hardware Cost
Depending on which brand of ITMs you choose to work with, likely Hyosung or NCR, the costs are somewhat similar from a hardware perspective. Determined by which model type(Island Drive-Up, Through the Wall Walk-Up, Through the Wall Drive Up, or Lobby Stand-Alone), the costs can range from $60,000-$85,000 for the hardware and local software.
Decisions around whether to offer coin as part of the solution, use of handsets to make conversations more private, or authentication and scanning technology should also be factored into the cost.
ITM Backend Costs
There are two paths for Interactive Teller Machine deployment for most clients.
Path One would be when implementing NCR ITMs, you typically will need a video teller server, along with set up, which ranges from $60,000-$100,000. You’ll also need ITM software licenses that range from $10,000 a per device or up to $75,000 for an enterprise license.
If you plan to run them as ATM machines or offer ATM transactions as well, you’ll need to ensure the NCRs are equipped with ATMOn to allow transactions to flow through the switch without needing teller assistance. ATMOn ranges from $7,500-$15,000. Professional services for ITMs with set up, configuration and training can run another $100,000 or so.
The second path would be if you are implementing Hyosung Core Integrated devices or their interactive teller machine functionality, there are several components that drive cost.
You’ll need the license to connect to the CORE, which ranges from $50,000-$60,000. If you want to run ATM transactions, typically for non-clients or to authenticate clients via the switch to the CORE, then you’ll need an ATM Switch Integration. That integration typically runs from $30,000-$40,000.
Lastly, you’ll need Professional Services to ensure all these components are configured correctly and working properly, along with project management, and training. Professional Services can run costs from $35,000-$50,000+ depending on your configurations and any added customizations.
ITM Ongoing Costs
Typically, you can expect to pay approximately $5000-$7500 a year per unit for hardware maintenance on ITMs. Software maintenance, depending on which vendor you chose, will cost from $1000 to $2500 per unit per year.
The annual costs for integration and ATM switch support typically range from $15,000-$25,000 per year per institution. Keep in mind, one of the key advantages to deploying ITMs, is extended hours.
So, if you’re used to only having service provided on your devices Monday-Friday 8am-5pm, estimate another 20%-30% more with service costs to provide service coverage for 7 days a week 8am-8pm.
ITM Typical Project Costs
To get started with ITMs, the typical spend is $250,000-$750,000 to get several units deployed and start generating ROI by spreading the upfront costs out over more units than one. We recommend starting with 4 to 5 units initially however, at 10 units or more, the ROI curve dramatically improves.
If you’re not sure you’re ready for ITMs but want to learn more about if it could be a good fit for your institution, check out our guide: ATM or ITM: Which is Right for Your Institution?
