Page 8 - Finex ITM Implementation Case Study

Extended Hours and Shorter Transaction Times

ITMs deliver improved services and access to off-hours banking activities and we asked
Woodward had this been his members’ experience.

“One of the first things we did was expand service hours,” he says. “We’re now an 8 am to 7
pm shop Monday—Friday, with additional hours on the weekends. The weekend hours are
connected to the opening of the micro-branch in ShopRite. We want to be available for

ShopRite customers, so our branch needs to be open 7 days a week. As a result, we’re also
open for all our other branches. Once a video teller is logged in, they can take calls from all
ITMs on the network simultaneously.”

One question ITM skeptics might ask if whether or not the transaction speed really is faster.

“Transaction times were monitored from the very start for efficiency,” Woodward said. “The
money is counted faster because it’s a machine, so transaction time in total is reduced. A six-

minute transaction is now down to under three. We’re really tapping into that down time we
used to have and couldn’t control.”

Efficient and Secure

ITMs are proving to be not just a convenience and efficiency booster, but also integral in

providing a better level of security inside branches.

“The ITM combined with our new mobile platform will be more appealing to millennials,”
Woodward says. “We used to have a look that was old and dated, but that has changed
dramatically. We even re-branded our name and logo, and now all our branches have been
unified to our new look. We also have drive-up ITMs in Vernon and East Hartford, which is
unusual for this region.

“From a back office perspective we don’t have teller drawer shortages anymore. All checks are
processed at the time of transaction. We don’t have problems with counterfeit bills anymore,
as they’re scanned at time of transaction. Also we believe this setup is a deterrent for would-
be robbers. Tellers are much safer in a remote location.

Advice on Transitioning to ITMs

Finex Credit Union is now a guiding light for other New England organizations that are ready to
make the journey from traditional teller branches to the vastly more efficient automated
version enabled by interactive teller machines. What advice would Woodward offer these
financial institutions?