Interactive Teller Machine, ITM, Video Teller, Magic Mirror? Call it whatever you like, but the ITM is really having a moment!
Remember when some crazy manufacturer came out with the interactive/video teller machine (ITM or VTM) and then nothing much happened?
Because what happened was a worldwide pandemic that retrained even the most avid branch-visiting account holders into regular digital and mobile banking users. Experts across the globe have recognized the phenomenon and acknowledge mobile banking adoption was advanced around five to ten years. Nearly half of the Baby Boomer generation were pushed to new banking channels. At the peak of the pandemic, mobile banking logins were over one hundred percent higher than the prior daily average.
So… Why ITMs?
Amidst a pandemic, mobile banking makes sense. Everyone can deposit checks, transfer money, pay bills, and check their account balances without any personal interaction – and possible infection. But now, as the world continues to re-open consumers, businesses, and financial institutions have to find a way to merge all those self-service preferences with the things everyone missed during lockdown.
But how do you combine 24/7 access, face-to-face interactions, in-depth financial services, self-service, and cash? Surely most credit unions and banks have that covered with call centers, branches, mobile banking, and ATMs? Fair enough.
But what if an account holder could get all of those things in one place whenever they wanted? Like at the ITM?
Account holders like them more than you might think.
No, really. A lot of people like using the ITM. Recent studies show the majority of people (84%) who use ITMs are generally satisfied with their experience. And the largest population demographic in the world, Millennials, have reported being comfortable with using ITMs. In fact, over a quarter of consumers actually prefer using an ITM to going into a branch.
We shouldn’t be too surprised these machines have such a high satisfaction rate in today’s markets. After all, how much time have we all spent using ATMs, mobile banking, and video calling technologies over the past two-plus years?
The only real difficulty for people who want to use an ITM is finding one to use. Fortunately, there is a clever, interactive option to help account holders easily find all of those fancy new ITMs in your fleet.
ITM Locator features – ITM Mapping, ITM Listings, Special ITM Hours, even ITM Search Filter Options
Because the Wave2 Locator is so flexible, we were able to immediately incorporate ITMs into our UX options, and to expand on those features as ITMs became increasingly important to the banking experience. Wave2 features include special search option filter inputs for ITMs, special search results listings, custom ITM map pin markers, keyword-based ITM searching capabilities, special ITM hours listings, live open/closed indicators for ITMs, scheduled “alert” messaging that can be assigned to ITM locations and shown in realtime or on a schedule for routine maintenance and outages, and we can even support photo illustrations and slideshows of the ITM experience for your financial institution, all right inside your locator.
Find out how the Wave2 locator can help your accountholders find exactly what they need… at a branch, an ATM, an ITM, or wherever you are! Contact Wave 2 today to discover how we can help support your ITM integration!
Jason Green, Co-Founder
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