In a world where banking customers are becoming more accustomed to convenience and 24/7access, it’s no surprise that many financial institutions are adding ITMs to their footprints. ITMs offer a way for FIs to expand their branch concept while enhancing their brand and customer service.
According to a 2020 ATMmarketplace.com article, ITMs are capable of reducing labor costs and cash exposure. As if that’s not enough, FIs are discovering they can expand service hours and assist customers with tasks that at one point could only be handled in the branch, something that is especially attractive during a pandemic.
For optimal success in launching ITMs, Rochester Armored Car recommends that FIs include its CIT partner early in the conversation. This provides the CIT carrier with a chance to help design solutions and suggest additional services that complement ITMs. It’s important to remember that behind every banking service is the infrastructure a FI establishes with a CIT carrier. ITMs are no different. FIs need to lean on a CIT partner that can provide the needed time and a commitment to ongoing training that ITMs require.
A CIT Carrier’s Role: Time and Commitment
Just like ATMs, ITMs need to be replenished and balanced. Unlike ATMs, these machines are designed to assist customers with more complex tasks. This means they typically require more service time and attention from the FI’s CIT partner. Approximate service times run about 20 minutes per ITM. Rochester is careful to ensure that extra time is built into the schedule for ITMs so as not to cause interruptions or issues for any customer.
Like any good CIT partner, Rochester understands that the world of ATMs and ITMs is everchanging. Training isn’t a one-time occurrence and there really is no “typical” day when it comes to providing service for either ATMs or ITMs. For this reason, Rochester is committed to ongoing training for its employees and shares key information about learnings across its footprint. If an ATM/ITM tech team discovers a better way of servicing a particular unit, that information is shared so other Rochester teams can improve their service and service times.
To ensure that their CIT partner can handle their ITM program, FI’s should consider asking three questions.
- Can they adapt?
- Do they have the technical know-how?
- Are they ready to listen?
Take it to the next level
Many CITs offer cash vault management services that help financial institutions improve efficiencies and reduce risk. The addition of ITMs is a great time for FIs to evaluate the benefits of a having its CIT partner manage that part of its business. By storing currency and coin securely at one of the CIT’s vaults, the FI can reduce risk significantly and eliminate the need to handle deposit verification and order preparation.
Rochester Cash Vault Services customer’s access and control the off-site inventory through a secure site, which also offers robust reporting tools. If you want to learn more about any of our services, contact