Following up on its research on consumer attitudes about self-service technology in the first quarter of 2021, Adrenaline has released topline findings for the second phase of its original research examining the drivers, objectives, perceptions, and experiences of financial institutions that have deployed self-service interactive teller machines (ITMs) as part of their branch network. Surveying 264 banking professionals, the research reached across organizations and incorporated decision-makers – including C-suite, facilities, marketing, branch management, and IT – to uncover ITM challenges, insights and strategies.
“Despite entering the market nearly a decade ago, our survey found that most ITMs have been deployed across branch networks within the last five years,” according to Juliet D’Ambrosio, Adrenaline’s managing director of strategy. “For financial institutions, the benefit is clear – this self-service technology serves as a bridge between the physical and digital, improving customer experience and increasing revenue per customer. It can serve dual purposes – automating routine banking activity while providing access to bankers for higher-value consultations.”
Financial institutions do have some hurdles to overcome as they determine whether and how to invest in the technology. “When making the decision to deploy self-service technology, we found that their concerns range from return on investment (ROI) to customer adoption and uptake” says Juliet D’Ambrosio. “But once financial institutions begin deploying them, those concerns really begin to fall away.” In terms of how self-service technology will serve customer needs, FIs report ITMs address a variety of transaction types, including payments, disputes, account management, and new account openings. Juliet D’Ambrosio says, “Notably, these institutional findings correspond with how consumers report their own usage, so they’re meeting consumer demand. Even more, consumer and institutional data both demonstrate ITMs’ ability to successfully migrate teller transactions, so they’re not just glorified ATMs.”
Solving for efficiency and experience, ITMs have performed well for the banks and credit unions who have deployed them with leaders from across the organizations surveyed happy with the results.
For financial institutions, ITM deployment is part of a range of digital transformation tools allowing them to rethink the way that they serve customers or members. More than any other technology, ITMs offer a path to migrating the majority of transactions, freeing up staff for more consultative engagements.
Banks and credit unions of all sizes and regions have implemented ITMs— within and outside the branches, in lobbies, drive-ups, and free-standing kiosks. Often branded to consumers as ‘live’ or ‘express’ banking options, the technology has growing industrywide penetration, yet remains underutilized – a channel whose power is not yet fully tapped. That’s why Adrenaline fielded two studies – a consumer oriented survey in Q4 2020 and industry-facing research surveying banks and credit unions and financial services leaders in Q3 2021.
The consumer focused ITM research can be downloaded here: https://spaces.hightail.com/receive/otFzFBThfe
The new financial institution focused ITM research can be downloaded here: https://spaces.hightail.com/receive/rZcMwI6RJA
To speak with one of our thought leaders on the data findings, contact Lynn Harris Medcalf at lynnharrismedcalf@gmail.com. Also be sure to stay tuned for additional ITM research and industry insights to be featured on Adrenaline’s Perspective channel and Believe in Banking, along with an upcoming white paper for financial institutions as they make decisions about deploying self-service technologies.
*NCR Data