How ITMs Improve Your Banking Experience - Money Tip Tuesday

As banking technology continues to advance, the focus of many institutions is on providing top quality interactions with greater flexibility and control for you, the user. With the implementation of Interactive Teller Machines (ITMs), the goal is to provide more services and convenience while still maintaining human interaction and engagement. 

With ITMs, you get the best of both worlds: the flexibility and convenience of self-service banking with the human service and interactions you may prefer. Stay tuned to learn more about the benefits of self-service banking. 

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Transript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

Today’s banking tech (also known as financial or fin tech) is amazing. You can do so many banking transactions on your phone or computer. 

But what if you need to do something different that you can’t do online? You can call, visit a branch, or now, use an ITM, which is the next generation of ATMs.  

Okay, so they’re not the newest tech, they’ve been out since the 2010s, but they’re beginning to build momentum in the banking world. As of 2022 only 41% of consumers have used an ITM, and 56% don’t even know what one is.  

If you’re not sure what an ITM is or why you’d use one, here are a few things they do like an ATM and some additional capabilities for improved service.  

Like an ATM, all ITMs give you the capabilities to: 

• Check account balances 

• Deposit cash and checks 
• Withdraw cash 
• Transfer money 

But ITMs are more like upgraded ATMs and their greatest benefit is you can speak directly to a live person who can answer questions and provide many of the same services you can expect at the teller line 

• You can make loan or credit card payments 

• You can cash checks 
• You can withdraw money without a debit card 
• You can ask specific questions about your account information 
• You can even ask their favorite food or what they did last weekend. 

When would you need to use an ITM? The short answer is any time you use a regular ATM or your branch drive-up and teller line service. Here are some examples: 

• Use an ITM when you need cash in different denominations 

• If you need different types of cash for a yard sale, budgeting purposes, or any other reason you don’t need to go to the teller line for that. 
• ITMs can give you different options to choose from and can dispense smaller and larger bills depending on the machine. 

• Use and ITM if there’s a long line in the branch 

• If you’re at a branch and there’s a long line to get to the tellers, look for an ITM and pop over there. 

• You’ll be able to do most transactions you’d do at the line, but all self-service. 
• Many branch lobbies have an ITM right inside the building, so if you don’t want to wait for the next teller, step over to the ITM for faster service. 

• Use an ITM if you’re on the go but don’t want to get out of your car 

• With ITMs you can avoid going in the branch and use the machine like you would a regular drive-up.  
• If you’re in a rush, need teller service, but don’t want to park to go into the branch, drive right on up to an ITM and you can still do the transactions you need with service from a live person. 

ITMs save you precious time and offer you more capabilities by offering a robust self-service banking experience with the ability to connect with a live person if needed. 

Next time you visit a branch or pass by an ITM, give it a try. You’ll love the experience.  

If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and make sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!