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Thought Leadership

The Easiest Path Forward for ITMs – Bar None

 

Today’s software-based world promises to solve all digital challenges while creating new possibilities and connectivity among disparate systems. Sounds easy but experienced financial industry professionals will recognize the over-simplification because they have been through countless software upgrades in every area of banking. Not so long ago, banks and credit unions employed a small army of in-house IT professionals to run and manage servers, VMs, networks and security with mixed results. There were so many places where it could go wrong starting with the people. If someone failed to update a specific piece or software on time or create a DR site with a verified back up, it could spell disaster for the institution. This is where the industry has recognized the benefits of hosting.

An emerging hosting service is making adding Interactive Tellers (ITM Video Tellers) 60% cheaper and 100% easier than ever. The system is cheaper because most of it is pre-prepared and managed on hosted servers, eliminating the need to purchase and manage servers in-house or involve a third-party. Our Professional Service is extremely efficient which allows for a fraction of the traditional cost to set up and customize the solution. It is 100% easier because we handle the entire back end, so you don’t worry about implementation, management, upgrades or PCI compliance. We walk every department, which will be affected by ITMs, through a comprehensive training and checklist-based program so everything is in its place and confidence is high before launch. You will be able to take advantage of our multifaceted experience with common concerns in areas such as video teller best-practices, configurations, operations and settlement.

ITMs have been out for more than a decade and there is no need to reinvent the wheel. Shields understands the challenges and has worked hard to offer a menu of hosted services. Whether it is remote deployment of patches, entirely outsourcing your ATM channel or hosting ITMs, we have the solutions with proven ROI’s that you can be confident will be the “easiest path forward.”

Where does your bank fit in between Modern Bank Cafés and the traditional model?

Somewhere between this uncertain age of evolving expectations, digital transformation and pandemic-influenced behaviors, you realize your traditional bank design just won’t cut it when compared with the Capital One Café-type experiments and the Credit Union renaissance. The path of evolution is so wide that it can be paralyzingly unclear. Advice on how to proceed is seemingly everywhere but where do you start and how do you navigate the constrains on budget, dependency on legacy infrastructure and the challenges of internal staffing? These barriers can lead to inaction and fading into history like a set of dictionaries! Start with an honest self-assessment. Are you an obsolete Blackberry, the latest iPhone 12 or somewhere in between? This hard, inward look can help analyze your risk and avoid the pitfalls of experimenting while giving you a place to start. Wherever you fall on the spectrum, think about laying a solid foundation for technology, consolidating and outsourcing everything you can and moving to digital in the easiest fashion possible. Here are a few high-level suggestions:

– Consolidate Back-End Systems and outsource what is not a core competency

– Increase Self-Service Choices and Transaction Sets across your ATM/ITM fleet to at least be on-par with technology-leading FIs

– Analyze your footprint and Re-Size Branches & include Teller Cash Recyclers

– Optimize Teller Performance / Revise Job Descriptions / Retrain / Rehire

– Re-Invent Your Brand to Differentiate and focus on what you should do best: servicing customers

Shields Business Solutions can help define the steps in this path in basic, plain language with a pragmatic approach. This 50-year-old company has a rich history partnering with the industry leaders who can help with each of these. While the journey is a multi-step, multi-partner one, Shields and NCR have the scalable solutions to work with the smallest to the largest FIs.