The invention of the ATM was a game changer for community banking. One of the biggest complaints customers used to have about banking was the limited hours. It is hard to believe that branches used to close their lobbies at 3 or 4 o’clock in the afternoon, hours before most people are out of work. This made the ability to do a teller transaction nearly impossible unless you wanted to waste your lunch hour waiting in line with everyone else doing the same. Implementing Automatic Teller Machines gave customers increased access to their money. As the technology advanced, more and more service became available through these machines. Currently, it has evolved into the Interactive Teller Machine. When branches team up with an ITM company in NJ, they give their clients greater access to their tellers.
The Transition to New Fintech Can be Intimidating to Clients
Many branch managers are hesitant to make the switch from ATM to ITM for fear of clients not being able to use the machines. One of the top qualities of ITMs is that as long as managers stay with the same manufacturer, ATMs and ITMs are very similar. In addition, the tellers that do the transactions on the machines are the same tellers that customers deal with in the lobby. All ITMs are manned by the tellers of the branch where they are installed so customers still get to deal with a familiar face. So, even if clients are confused on the use of an ITM, the tellers they already know are there to help them through the process.
ITMs Can Perform Just About Any Transaction
Any transaction that a teller can do, an ITM can do. ATMs took this one step and changed every bank transaction from being a teller assisted transaction to a independent transactions without the requirement of a staff member. ITMs take it a step further by bringing the tellers and the machines together. Whatever processes ATMs could not do because they still needed the help of a teller can now be done through an ITM.
These pieces of fintech don’t only let users complete basic transactions, but teller assisted transactions as well. Some of the transactions that can be completed with an ITM:
- Cash Withdrawals
- Check Cashing
- Bill Payments
- Cardless Transactions
- Loan Payments
- Cash Advances
- Open New Accounts
- Money Orders
- Order New Credit or Debit Cards
- Bank Checks
How Does an ITM Company in NJ Help a Branch Succeed
With the right equipment, exceptional maintenance, and superior service, an ITM company in NJ can be the best contact a branch manager has. Afterall, just owning the machine doesn’t provide any additional benefits. It is only with expert maintenance and service that ITMs and other fintech yield all the perks advertised.
One of the rewards ITM owners enjoy is increased revenue. Since wait time in lobby lines are drastically decreased, in-person tellers have more time to spend with customers. This improves customer relationships. This translates to more business due to improved loyalty. In addition, it also gives tellers more time to introduce new products and services.
Branches with ITMs are seen as innovative and modern. Staying up-to-date with the most current technology is very attractive to the younger generations. This can turn into a big competitive advantage over branches that are slower to make the transition. If you are a branch manager and have been putting off adding one of these machines to your fleet, don’t wait any longer, contact an ITM company in NJ today.
Most fintech is advantageous because they cut transaction costs and ITMs are not immune to this. Some branches report up-to an 85% reduction in transaction costs by implementing an ITM in their location. They can also decrease labor costs making it a win-win for operating managers.
An ITM company in NJ can give branch customers more convenience than they have ever had before. With greater access to tellers, the wide range of transactions that can be completed with the machines, and the fact that ITMs come in models perfect for just about any location, it’s easy to see why they are becoming more and more popular in community financial institutions.