68%. This translates to an average savings of $150,000 dollars in upfront expenses per bank. In addition, ITM units themselves have come way down in price with volume bundling programs. Finally, you would be surprised at the dramatic decrease in operational expenses by reducing FTE and often the branch footprint. What appeared to be expensive, now becomes a path to an increased bottom line! Step 3: Complete and execute the implementation. So many times over the years, I saw community banks left to just “figure it out” after buying the hardware and software for an ITM. Not knowing the entire picture or being left with questions on how to complete the infrastructure needed for a successful deployment, outside the machines themselves, added too many variables and resulted in failed deployments. 16 years into this journey, learning valuable and expensive lessons at the cost of the consumer base and employees is unacceptable. By outlining an implementation plan in detail, you can ensure a complete deployment that accomplishes your goals defined early in your discovery process. Traditional ITM Branch If the pandemic taught us anything, it has shown how valuable a solid plan around consumer engagement can be. We have also seen how adaptable your consumers are to technology that we initially didn’t believe they would adopt. Whether you have looked at ITMs in the past or have never entertained the idea, I’d suggest investing an hour of your time to educate yourself and your team on ITMs. A quick recap: • Host your strategy workshop. • Identify your conversion locations and timeline. • Execute your implantation plan. It can be this easy! 19 Colorado Banker
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