With the rise of Interactive Teller Machine (ITM) technology, more and more financial institutions are evaluating the role of ITMs in their short-and long-term strategic plans. As I mentioned in my post on Branch Transformation, adopting a new technology because it’s the latest and greatest thing on the market, doesn’t necessarily translate into success. So how do you know if adopting ITM technology is the right move for your organization? If it is, how do you determine which ITM solution will best meet your clients’ needs while producing the right ROI? If your organization is considering an investment in a next-gen self-service solution, here is a list of pros and cons of implementing ITMs that I hope will help fuel your discussion:

Since first hitting the market more than five years ago, Interactive Teller Machines (ITMs) have grown in popularity among financial institutions nationwide. Today, an increasing number of FIs are evaluating the role of ITMs in their short- and long-term strategic plans. Many are even wondering if ITMs will eventually make ATMs obsolete, and if now is the time to start investing in this technology. If that describes you, it may be helpful to first understand what’s behind the demand for ITMs. We’ve identified four primary drivers for ITM market demand and how they could impact an FI’s bottom line when implemented the right way.

When it comes to branch transformation, putting all the pieces together can be a lot like working a jigsaw puzzle. First, you start with a finished picture in mind. This is your organization’s strategic vision for branch transformation. It should answer the questions, “Why are we doing this, and what does success look like?” Secondly, you have a collection of pieces – each uniquely designed, yet equally important – that must fit together to complete the overall picture. These pieces include your customers’ needs, your talent pool and your physical assets (branch locations, hardware, and software).

Most of the rolled storage module (RSM) vs. cassette-based cash recycler comparison conversations center around speed and capacity. And while those are two very important factors that determine the performance of a machine, there are two other features that push cassette-based recyclers to the front of the pack.

ATMs are not a luxury item for financial institutions. They must have high performing ATMs in locations that consumers can easily access. Add in the constant changes in technology and compliance requirements and many banks and credit unions are overwhelmed financially and operationally when it comes to managing their existing (and aging) ATM fleet.

Looking to deploy deposit automation? Then you will want to read on to learn about the costs of installing and running deposit automation ATMs. There are costs associated with hardware, on the back end, as well as the agent that will transport the check images to your back end proof of deposit solution. These costs can sometimes be overlooked, so we want to provide a detailed overview of associated pricing.