Interactive teller machines, or ITMs, are some of the latest technology being used to upgrade the banking experience for the information era. In addition to modern branch transformation ATMs, these incredibly versatile machines allow for teller-assisted transactions, which vastly increases the number of transactions that can be performed.
Upgrading to an ITM-based branch is no small investment, and many financial institutions wonder if the cost of acquisition and redesign is worth it. Read on as the banking tech experts at Hyosung America explain why interactive teller machines are a key part of branch transformation. Upgrading to an ITM-based branch is no small investment, and many financial institutions wonder if the cost of acquisition and redesign is worth it. Read on as the banking tech experts at Hyosung America explain why interactive teller machines are a key part of branch transformation.
The most important benefit of an ITM is that it helps to streamline the customer experience. Now that so many transactions can be quickly performed from a smartphone, tablet, or computer, customers are used to having every transaction completed in an instant. When they step into a branch, they don’t want to wait in long, slow-moving teller lines. ITMs that feature ActiveTeller automation can keep the line moving at light speed. There is little to no learning curve for your customers; ITMs work exactly like ATMs for simple transactions. If they need assistance for a more complex transaction, a teller can video chat with them in real-time.
This “video chat as needed” setup allows one teller to manage multiple ITMs. It makes your employees’ jobs easier and helps you reduce labor costs. Put simply, interactive ATMs will save you money on your bottom line. Whereas a single traditional teller transaction can cost several dollars to complete, video-assisted transactions usually cost between $.50 and $.70. This means an investment in new technology will pay off quickly.
In addition to saving on transaction costs, an interactive system will free up your employees to focus on other tasks, thus maximizing the amount of work they can complete in a shift.
It’s no secret that bank transformation revolves around improving the customer experience with the latest technology, thus keeping physical branches relevant in an increasingly online and cashless world. FIs want their customers to want to visit a brick and mortar location, and ultra-modern technology like real-time video assistance is a great way to get customers interested. These state-of-the-art machines signal that your company is ahead of the curve and ready to meet the needs of its customers not only today but well into the future.
New tech inspires confidence, and your customers’ confidence is one of the most important metrics by which you can measure your FI’s success.
There is no one-size-fits-all solution for branch transformation. Every FI’s needs are different, even if the general theme of improved efficiency through technology remains the same. If you’re interested in learning more about what interactive teller machines can do for your business, contact Hyosung America today. With thousands of next-gen ATMs and ITMs deployed across the world, we have the experience and know-how to help you revolutionize your bank.