Once you have the data you need, use it to help effectively benchmark your ITM services and operations. Benchmarking, comparing your FI’s performance data results against your competitors, is increasingly crucial to determine areas that need improvement and see any potential gaps in service.
And you should have plenty of data to determine why and how well your customers are using your ITMs. With it, you can see which types of transactions they’re completing the most, the length of time they spend for each, how often they need a teller’s assistance, the time of day they’re using your ITMs etc. With this data you can understand average transaction times and how it compares to industry standards.
For example, if you discover that a deposit transaction takes longer on average to complete at your ITMs compared to your competitors’ you can discover why—and there’s a chance that it’s not necessarily a bad thing. Maybe your customers are having better engagement with your ITM interacting with tellers—that will depend on the type of transaction and how much longer it’s taking. If they’re just withdrawing cash and it’s taking longer, then there’s likely a problem that needs to be addressed.
Either way, you have the insights you need to make changes and improve the all-important customer experience. Using it to guide your next steps, you can improve the effectiveness of your entire ITM channel—boosting your competitiveness. To gain the best benchmarking practices, a good investment may be hiring an outside expert who can give you comparative performance information—a benchmarking profile—on a large number of FIs so you can clearly see ITM usage trends, and how your ITM service stacks up.