How Much Does an Interactive Teller Machine (ITM) Cost?

Interactive Teller Machines, or ITMs, are an exciting and increasingly popular solution for bank branch transformation. What sets these new machines apart from ATMs of the past is their video assistance capabilities. This lets your bank tellers interact in real time with the customer, should they need help or a personal touch. 

ITMs are a big step forward technologically, but they don’t come without a price tag. Depending on the model, a new ITM will run you between $55,000 and $80,000, with an approximate additional 20% for setup and installation, software licensing, and other expenses. 

You can also expect to spend $6,000 to $10,000 a year on maintenance. However, as we’ll discuss below, the interactive teller machine cost is usually quickly offset by savings. 

The Benefits of Bank Transformation

Interactive teller machines are key branch transformation ATM solutions that will help you create a next-generation banking environment. This new tech will improve employee efficiency, since ITMs allow a single teller to work multiple terminals. They also improve employee safety, since tellers can now operate from a secure section of your bank. 

Most importantly, ITMs will cut down on wait times in teller lines, which will allow your customers to have a quick “in and out” banking experience. With ITMs installed in your banks, you’ll meet the modern customer’s expectations and keep your brick and mortar branches relevant in a world where so much can be done online.

Advantages of the Latest ITMs

An interactive ATM from Hyosung America can do everything a standard ATM can. Many customers won’t even realize there's a video-assisted feature at all, they'll simply perform their ATM transactions as they always do. Of course, when needed, ActiveTeller branch transformation software can connect the customer to a teller via video link. 

In addition to video-assisted transactions, other advantages of these high-tech machines include recycling capabilities, core integration, and accessibility features. You’ll reduce cash handling expenses, be able to monitor your machines in real time, and make your branch usable to everyone. 

Should you have a mechanical problem with a Hyosung ITM, a modular construction design makes repairs simple and quick. The benefits of implementing this new technology greatly outweigh the costs by:

•    Decreasing labor costs for both teller work and cash handling

•    Minimizing downtime

•    Creating a streamlined user experience that will draw in new customers

Partner With an Industry Leading ATM Manufacturer

Whether you're looking to move into new markets or simply upgrade your current network, it pays to work with a company that has experience with cutting-edge solutions. From interactive teller machines for branches  to compact ATMs for shopping centers, drive-up ATMs, and teller cash recyclers, Hyosung America has deployed thousands of machines across the continent, from sea to shining sea. We understand the importance of evolving to meet the needs of a new generation and are committed to finding branch transformation solutions that work for your FI. If you'd like to learn more, please contact us today.