Interactive Teller Machines Are Changing The Future Of Bank Branch.

 

Introduction

Although digital payments have grown in popularity in the last decade or so with most of the brick-mortar shoppers accepting digital payments but cash is still very much used and it is second to debit cards only and for this very reason, you can still see long ques at Money Counter at several branches. And for this very reason, banks and financial institutions feel that provides easy and instant access to the cash of customers is almost necessary and this very reason has led to the rise of wireless ATMs over the last few decades. But with time banks and financial institutions have realized that cash is not the only thing which is required by customers they need quite a few other services at quick and easy disposal to them. A lot of other banking services are required by customers which ATMs are not able to provide. Although ATMs have very much reduced pressure from money counters in bank branches still customers have to visit a branch for a host of banking services. As bank branches can’t be everywhere with real estate prices going up and so many other reasons. So with opening a new branch being not economically viable ITM machines which are 5G enabled and capable of Multi-access edge computing are a solution which can help banks and other financial institutions fill the gap which is there in banking services.

Knowing Interactive Teller Machine 

Interactive Teller Machine can be used for various purposes other than to get cash, one can open an account, apply for a loan, and ask queries about so many banking services like mortgages and everything. For most of the things for which a customer would need to see a teller can be done at ITM only. Although ITM and ATM look quite the same there is a huge difference between the two, ITM offers personalized banking services as they feature live video with the bank staff, you can interact with the bank staff and have all your queries being answered by them and they help you in carrying out all the services through ITM. Banks have their teller placed at a central location from where they can connect with the customer who is accessing the Interactive teller machine. Tellers need not be present physically at different locations to help customers. An interactive teller machine delivers almost the same personal experience that a customer would get in the bank from a physically present teller at the branch. The Interactive Teller  machine helps a bank in scaling digitally as well which is not possible with a network of bank branches otherwise. With so many innovations taking place with the help of AI technology it won't be wrong to say that we will have much more advanced Interactive teller machines and they would surely change the future of bank branches in a big way. 

Benefits Of Interactive Teller Machine

It is almost needless to say that Interactive teller machines have several benefits which are mentioned below:

1. CHEAPER THAN OPENING A BANK BRANCH

2. ALLOW QUICK EXPANSION FOR BANKS

3. BETTER CUSTOMER SERVICES AS THEY ARE OPEN 24*7

4. BETTER BRANCH EXPERIENCE DUE TO LESSER VISITORS

5. BETTER SECURITY

6. STREAMLINED OPERATIONS