Despite the rapid pace of tech innovation, there’s no evidence that bank branches will disappear any time soon:
Just because branches aren’t going away, however, doesn’t mean that they couldn’t use some improvement, especially with their technology. Here at QDS, we’ve learned to recognize a few important signals that a financial institution in need of a technological update:
The four issues above are some key indicators that your financial institution stands to gain from incorporating technology into its workflow. The question that faces you now is: which strategy is right for you — ATMs or
Now that we’ve discussed ATMs and ITMs in great detail, just one question remains: how can you decide whether an ATM or ITM is best for your branch?
To find the right answer, first, think about your staff and branch strategy. With the advent of ATMs (and now ITMs), branches are becoming less a place for transactions and more a place for education and building customer relationships.
If this evolution is in line with your own observations, then you should seriously consider ITMs. Because they can handle a greater variety of transactions, ITMs help free up your employees for more meaningful interactions that require human interaction. If your strategy is more on the traditional banking side then ATMs can be a more cost-effective play.
You might also have real estate concerns, in which case ITMs can be a smart choice.
Finally, consider your drive-through strategy. Most financial institution these days have at least one or two tellers to work the drive-through lanes. If you have ITMs in the drive-through, these tellers can be reassigned to other functions. Instead of 10 tellers manning the drive-through at 10 branches, for example, you can have 3 remote tellers in your call center manning the 10