OMG, ITMs r Post-COVID Branch Vibes
As prime branch real estate prices climb out of control, credit unions have an opportunity to capitalize on the technology that goes into their branches, so they can use a smaller physical footprint.
Yet, we want to maintain a meaningful physical presence and strategically handle the decline in foot traffic, accelerated by the COVID pandemic. (When are we going to stop talking about that?!) Many credit unions are leaning on self-serve and others a hybrid strategy. NCR Executive Vice President Don Layden sat down with us to discuss key issues like the war for talent, the evolution of the branch and, of course, increased competition from new market entrants. Watch the video for more!
Implementing smarter branch technology, like ITMs, helps credit unions and members collaborate more efficiently. However, credit unions are between a bit of a rock and hard place. Just 56% of consumers don’t know what an ITM is, and only 41% have used one, according to Forrester’s ITM Sentiment Study conducted with NCR. Clearly, increased education and marketing around ITMs is important.
As credit unions consider or roll out their ITMs, ensure the proper staffing and adequate marketing budgets to successfully increase awareness, acceptance and usage of the ITMs. Making the right moves will help credit unions better meld their physical and digital touchpoints together into one cohesive member experience and brand.
Community financial institutions that have deployed them seem to be liking the results. The Forrester/ITM research found that 47% of FIs with ITMs are planning on expanding deployment within the next 3 to 5 years. Customers and members are appreciating them, too, saying they’re easy to use (82%) and nearly all (92%) plan to continue using them.
NCR SHOW NOTES
0:00 Welcome, welcome!
3:10 Reports of branches’ death have been greatly exaggerated
What do the NBA’s Milwaukee Bucks have in common with credit unions?
7:09 Who knows WTH an ITM is?
9:14 Why ITMs are more important to credit unions specifically than you might think
11:22 War for Talent, schmore for talent
How frontline employees can earn more, receive better training, improve workplace flexibility and improve the member experience.
12:44 Up with productivity, down with real estate footprint
13:44 Are you efficient?
16:00 This is what’s in store for ATMs, too
Pretty cool story of how ATMs improve the lives of low-income communities
18:48 So, what do CU employees think about all this?
20:33 As usual, final thoughts