There is a growing demand for credit unions to offer new technologies and alternative touchpoints, all while providing an exceptional member experience. These demands are requiring credit union management to find new and innovative solutions to meet expectations while also looking for methods to reduce costs and increase efficiencies. Interactive Teller Machines (ITMs) are the next wave in credit union efficiency for both CUs and their members.
How is an ITM the same as an ATM?
Members can use drive-thru or walk up self-service to deposit cash and checks, transfer funds between accounts, and withdraw cash.
How is an ITM different than an ATM?
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Ability to make loan payments.
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If a member doesn't have their debit or credit card but needs cash, a video teller will allow the member to prove their identity by showing their driver's license.
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When making a withdrawal, members can request bills in the increments they want--not just $20s and $100s.
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If members cash a check exact change is given as ITMs hold change.
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If members need assistance with a transaction, they can engage with a live, video teller.
The Benefits of ITMs
For credit unions, ITMs reduce the cost of unnecessary staff. ITMs also streamline the staff it requires. The current rule of thumb is that you can staff up to ten locations with just two video tellers since the majority of transactions can be handled without using the video teller.
"Over 85% of our transactions are being completed without teller assistance." --Josh Wade, Alliance Credit Union in Lubbock, TX.
If in-branch member service representatives are freed up by the ITM, they will be able to take their time with members that truly need in-person assistance, as well as cross-sell more effectively.
ITMs can create the opportunity to change the footprint of credit unions to be more efficient, by eliminating canisters and pneumatic tubes in the drive-thru. They also may reduce the need for in-branch tellers, and the space they occupy. That space could be used to give breathing room and reduce crowding inside the branch.
The screens actually increase the face-to-face interaction with the tellers, as they are not on the other side of a 30-foot lane as so many drive-thru tellers are. ITM efficiency can also cut the lane wait times in half since it eliminates so much of the physical back and forth.
For members, ITMs can allow for extended banking hours outside of regular operating hours. The biggest benefit is the flexibility and access to self-service, allowing members to get help when they need it. This is the type of member experience so many are demanding today. ITMs enable members to complete their transactions in half the time and get on with their day.
Leverage Technology to Provide the Best Member Experience
ITMs are a great, modern touchpoint that will allow members to serve themselves, or be served, efficiently and effectively. When used in combination with a powerful core processor that features open banking APIs, you will continue to prove your value to your members. The importance of technological innovation and adopting new solutions that take advantage of data, analytics, digital technologies and new delivery platforms can not be overstated.
FLEX offers direct integration to the best cash machine solutions, which completely removes the need for middleware and effectively increases machine performance and reliability. Download the FLEX Cash Machine Integrations eGuide to learn more.
