ATLANTA–After initial research on how consumers view interactive teller machines (ITMs), follow up research now offers insights into how financial institutions view the growing technology.
The initial survey on self-service technology was released in the first quarter of 2021 by Adrenaline, which has now released topline findings for the second phase of its original research examining what it said are the drivers, objectives, perceptions, and experiences of financial institutions that have deployed ITMs. 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, according to the company.
“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,” stated Juliet D’Ambrosio, Adrenaline’s managing director of strategy.
But financial institutions do have some hurdles to overcome as they determine whether and how to invest in the technology, D’Ambrosio added.
Range of Concerns
“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” she said. “But once financial institutions begin deploying them, those concerns really begin to fall away.”
In the survey, financial institutions reported ITMs address a variety of transaction types, including payments, disputes, account management, and new account openings.
Adrenaline said that 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.
Underutilized Channel
“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,” Adrenaline said.
The consumer focused ITM research can be downloaded here.
The new financial institution focused ITM research can be downloaded here.