Catalyst News

COVID-19 Pushed FIs to Expand ITM Usage, Research Shows

by Catalyst Corporate | Dec 07, 2021

Initially, automated teller machines (ATMs) served primarily as cash dispensing tools. That has changed in recent years with the advent of the interactive teller machine (ITM), which can deliver more customer services. Depending on the machine, an ITM might offer anything from money orders and video calls with financial assistants to account opening tools and more.

According to data from Adrenaline, a research and branding company, 25 percent of all financial institutions currently use ITMs, and 60 percent plan to deploy them within the next three years.

Juliet D'Ambrosio, managing director for strategy at Adrenaline, said banks and credit unions that do currently have ITMs deployed plan to significantly increase the number of ITMs across their network. "Today, a little over 33 percent of financial institutions have between 100 and 500 ITMs deployed and in three years, 62 percent will,” D’Ambrosio reported in a recent edition of ATM Marketplace.

D'Ambrosio says two factors contribute to this increase in usage: COVID-19 lobby closures pushing customers to remote options and ITMs enabling financial institutions to expand their reach while delivering a better customer experience.

The evidence from the Adrenaline study seems to match this perspective. For example, 68 percent of respondents use an ITM for deposits or withdrawals, 40 percent use it for credit card payments, 26 percent use it to open a new credit account and 21 percent use it to pay bills.

"Customers are attracted to ITMs because they offer the best of both worlds: a channel that fuses the speed and access of technology while delivering on the enduring desire for human connection through the live teller access," D'Ambrosio said.

D'Ambrosio points out that 57 percent of decision makers said their concerns around return on investment were resolved after deploying the ITMs.

"The most successful ITM deployments and rollouts have supported their implementation with robust employee training and customer launch, marketing and education programs," D'Ambrosio said. "Like with self-service check out at retail, customer adoption is initially slow – then, once educated on the benefits, consumers reach a tipping point and engage regularly."

Catalyst Corporate’s recognized implementation team can help credit unions as they deploy new services to meet member expectations.

The TranzCapture™ ATM/ITM/Intelligent Kiosk Capture service allows credit union members to make check deposits at image-enabled ATMs, ITMs, video terminals and intelligent kiosks.

With TranzCapture, image files are transmitted for processing in real-time with built-in risk mitigation features, such as item review criteria set by the credit union, duplicate detection, and deposit fraud warnings via Advanced Fraud Solutions and/or Early Warning Services.

Catalyst Corporate’s TranzCapture platform provides a single administrative hub for all digital deposit applications, which include Mobile, Teller, Branch and Business Capture in addition to ATM/ITM Capture. Adept onboarding and expert ongoing support ensure credit unions and their members have the most positive user experience.

TranzCapture delivers remote deposit functionality to image-enabled ATMs and interactive teller kiosks, enabling credit unions to capitalize on Catalyst Corporate’s back-office expertise, economies of scale, and value-added benefits. All deposit item images are accessible 24/7 in a centralized database, allowing for convenient research, reporting, and balancing within a single sign-on portal, TranZact™.

To learn more about the benefits of the TranzCapture suite of remote deposit services, contact us today.