Automated teller machine flat color vector illustration. Smiling man near cash kiosk cartoon character with street on background. Financial transaction software. Self service electronic equipment Source: AdobeStock

Credit unions and banks have been slow to adopt Interactive Teller Machines (ITMs) since they first came on the scene in the early 2010s, however, satisfaction levels with ITMs have been high among both consumers and financial institutions and use of the technology is expected to grow, according to a new study from Adrenaline, a brand experience company serving the financial industry.

The study, which was primarily based on a Q4 2020 survey of 500 U.S. bank customers and credit union members and a Q3 2021 survey of 364 U.S. bank and credit union professionals, found 84% of all consumers were somewhat, very or extremely satisfied with their ITM experience and 60% of financial institutions plan to deploy ITM technology in the next three years. In addition, Adrenaline found 86% of millennials were “very comfortable” using ITMs and even 72% of consumers over 55 were; 31% of all consumers said they preferred using an ITM to going into a branch.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

More from this author

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.