A deeper dive on ITMs
By Katy Koch Campbell
With restaurants increasingly giving customers the option to order food through touch screens, airline allowing people to do self-service check-ins, and healthcare providers providing Skype sessions with registere nurses, one has to wonder: Is tech still a barrier?
By Alaina Webster
In 1981, The Buggles put MTV on the map as their song,“Video Killed the Radio Star,” became the first music video to air on the now legendary network. Entertainers, who at that time reached audiences largely over radio waves, were concerned that videos would change the music industry, leaving some of them unable to compete in an increasingly visual age. In 2019, has video banking come for the traditional bank teller?
With an eye on improving profits and productivity
By Tim Grabacki
Despite a reductions of the branch footprint and digitalization of some products and services, costs associated with branch networks still hover around $1 million to $2 million to operate annually (depending on size and location).1 Cash processing, in particular, remains a costly part branch operations with high manual labor, especially related to processing. As McKinsey notes, in regions with rising labor costs and in the context of rapid digitalization of bank operations, the share of cash costs has become “increasingly relevant.”2
A number of financial institutions are turning to video banking technology to extend their services finds London-based RBR’s Teller Automation and Branch Technology 2019 report. This trend is particularly strong in rural areas, the research found.
According to a brand-new report from London-based RBR, Global ATM Market and Forecasts to 2024, ATM numbers dropped in four of the five largest markets in 2018. More than half the world’s ATMs are found in just five countries; of these, China, the U.S., Japan and Brazil saw a decrease in ATMs, while growth slowed considerably in India. The number of ATMs installed worldwide fell by 1 percent in 2018, to 3.24 million.