Mobile Banking and ITMs - What's the Difference?

Has your FI been asking questions like, “Do we really need both mobile banking and ITMs?” or “Doesn’t mobile banking offer our customers the same thing as ITMs?”

The truth is mobile banking is NOT the same as an ITM. The functionality of these two technologies varies and meets different needs for your customer (see graphic below).

Think of an ITM as a branch. While mobile banking is important, it does not meet your customer’s need for a branch experience.

First, ITMs can be a cost-effective alternative to a traditional brick and mortar branch or drive-up option. This technology expands your brand in your current market or in new, rural markets while providing your customer with a personal branch experience.

Second, ITM technology offers a personal experience and conducts up to 90% of teller transactions at a fraction of the cost. In a world where branch banking is expected 24/7 with a myriad of transactions, ITMs blend technology with service. The ability for your customer to have accessibility to a branch experience is vital for a strong banking relationship.