Does your bank need an ITM?

It's no secret that banks have had to adjust the way they do business due to COVID-19. You can't exactly maintain business as usual when the branches aren't allowed to open. However, even as those restrictions lifted, customers are still following the same trend that COVID-19 accelerated: the desire to have banking at their fingertips.

Banks have delivered many digital tools to help customers have access to banking 24/7, especially online. However, there are certain things like applying for loans, opening accounts that may require an in-branch visit, which many customers have neither the time nor the patience for. After all, it's difficult to arrange a visit to the branch during its regular hours, especially when the modern customer is busy.

An ITM can help solve this problem for customers by expanding your bank's services and hours through a video component on the machine or through additional tools. Some financial institutions, however, question the need for an ITM. After all, will customers actually use it, or know how to use it? And is it worth the investment if only a few people actually take advantage of all of its features?

In order to determine if your bank needs an ITM, you should ask yourself several questions. First, you should ask whether your customers are satisfied with your branch's hours of operation. Do they find it convenient to go to your branch, or do they find it a struggle to get there before the branch closes?

Next, you need to ask whether your customers are satisfied with both your online and self-service offerings. Do customers find it easy to do what they want on these platforms, or are they frustrated that they hit a roadblock when they try to perform certain tasks?

Perhaps most importantly, you need to ascertain whether your customers feel like they are getting the help they need from you. Do they feel like they can come to you for help with opening loans, accounts or getting financial advice? Or do they just use your services as a way to access their money?

Depending on your answers to these questions, an ITM might be the right device to help reach your customers. After all, if customers feel you aren't reaching them where they are at, they will be more likely to go to other banks or fintechs who will meet their needs. By providing an ITM, you can expand your services to customers who might normally never go inside the branch.