In “ITMs See Major Growth,” the brand experience company’s managing director of strategy Juliet D’Ambrosio discusses the increasing influence of self-service technology in banking
Wednesday, November 3, 2021 – A recent article in ATM Marketplace highlights new data on the significance of self-service banking tools for consumers, especially prevalent in our post-COVID future. In the news piece, Adrenaline’s managing director of strategy Juliet D’Ambrosio discusses data on consumers’ increasing interest in ITMs and institutional deployment as a result. The survey data finds that 25% of banks and credit unions currently have ITMs, and 60% plan to deploy them in the next three years. Juliet says, “Those banks and credit unions that DO currently have ITMs deployed plan to significantly increase the number of ITMs across their network.”
The data finds that ITMs are being used for a wide array of banking needs. Sixty-eight percent use ITMs for deposits or withdrawals, 40% for payments, 26% for opening a new credit account, and 21% use this hybrid technology to pay their bills. As Juliet tells ATM Marketplace, “Customers are attracted to ITMs because they offer the best of both worlds: a channel that fuses the speed and access of technology while delivering on the enduring desire for human connection through the live teller access.” And it’s not just younger generations using it. “Consumer usage is on the rise… Our research found that 32% of Gen X consumers prefer using an ITM to going into a branch, and 40% of Gen Z report regularly using an ITM.”
Importantly, financial institutions deploying ITM technology are finding it’s a good investment. Juliet points out that “57% of decision makers said their concerns around ROI were resolved” after deploying them. Further, FIs can support adoption through the right training and communication programs. “The most successful ITM deployments and rollouts have supported their implementation with robust employee training and customer launch, marketing and education programs, which are sustained for at least 9-12 months” she says. “Like with self-service check out at retail, customer adoption is initially slow – then, once educated on the benefits, consumers reach a tipping point and engage regularly.”
ATM Marketplace reports on important news, events, trends and people in the ATM industry. Since 1997, the digital trade publication reaches a global audience of professionals from all sectors of the ATM market, including financial institutions, vendors, retailers and independent ATM deployers. The outlet also reports on digital banking and branch transformation.
To request a copy of the full ITM Insights or to speak with one of our thought leaders on the data findings, contact us at email@example.com. Also be sure to stay tuned for additional ITM research and industry insights to be featured on Adrenaline’s Insights channel and Believe in Banking, along with an upcoming white paper for financial institutions as they make decisions about deploying self-service technologies.
Adrenaline is an experience design agency that creates and implements end-to-end branded experiences through creative and environmental design. We enhance our clients’ customer experiences across digital and physical channels, from their branding and advertising to design and technology in their spaces. After transforming an organization’s brand, Adrenaline extends it across all touchpoints — from employees to the market to in-store environments. And, we focus on serving industries that sell human experiences including financial, healthcare, sports and entertainment.