As market demand for Interactive Teller Machines (ITMs) continues to rise, many financial institutions are evaluating the role of these devices in their short- and long-term strategic plans. Key features such as remote video teller assistance and broader self-service transaction sets through core integration make ITMs an attractive solution to both FIs and their clients. However, many FIs aren’t yet ready to roll out a large-scale ITM implementation strategy. If your FI is in that category, you may be wondering what you can do now to position your organization for ITM success down the road. A number of manufacturers in the market are now offering ATMs that can also be ITM-ready at any point, allowing FIs to future proof their ATM fleet. But is this investment right for your FI? Let’s examine some of the reasons why this might be the right approach for you.

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.

“I’m at an impasse with our ATMs. I need to improve our ATM uptime and simplify the way we maintain and service them. We currently have multiple maintenance service providers who are supposed to keep my ATMs running, but something is always causing them to be down. And, it seems that multiple ATMs are down for multiple reasons every month and it’s not getting any better. My boss takes every opportunity to remind me how this is “affecting our brand” and I’ve told my ATM vendors that if our ATMs aren’t working, nothing else matters to our customers. But, I need to find someone who “gets it” and will be a partner that I can rely on to make managing ATM operations easier. And we desperately need someone who can keep my ATMs up and running.”

Let’s face it, managing ATMs can be challenging. It’s tough keeping up with repairs, technology advancements, and compliance, all while trying to best serve your customers. If you’re looking for help meeting these challenges and want to simplify ATM operations at the same time, finding the right managed services program offers desirable efficiencies and peace of mind. If you want to make managing your ATM fleet as convenient as possible, increase uptime, and strengthen your overall ATM Channel strategy, then consider the benefits of ATM managed services.

Picture this. It is a holiday weekend and two of your ATMs are down. You don’t have weekend support included in your service contract. If you do manage to get ahold of a technician, it will cost you at least $600 to have them come on site to fix the ATMs and you may potentially have to wait a few hours for them to arrive. What kind of impact would this have on your customer experience (and your sanity)?