The Executive Innovation Show

What is Digital Banking? ITMs, VTMs, and Video Banking

January 14, 2021 Carrie Chitsey
The Executive Innovation Show
What is Digital Banking? ITMs, VTMs, and Video Banking
Show Notes

Welcome to the Executive Innovation Show Podcast, brought to you by One Touch Video Banking. During this podcast hear host Carrie Chitsey, talk about digital banking trends in 2021. Listen to this episode of The Executive Innovation Show Podcast as we discuss what exactly digital banking is. Listen as we break down the difference between ITMs, VTMs, and Video Banking. 

Carrie Chitsey led the CRM Financial Services practice in Big 5 Consulting and then went on to own a financial services contact center. She has advised some of the largest banks in the US. Since founding one of the first mobile companies in the US in 2008, she is known in the industry as a leader in digital/mobile innovation. 

Named Top 50 Mobile Executives in the US, Top 100 Female Founders, and Top 40 Marketing Execs in the US. She hosts a podcast “The Executive Innovation Show" and is published in many magazines and online resources.

ITMs and VTMs 

First ITMs and VTMs are sometimes used interchangeably. Whether it's an interactive teller machine and that interactive teller machine is through video, then it's typically a video interactive teller machine. A lot of banks and credit unions have put a lot of strategy around having that face-to-face connection with their existing customers. 

ITMs vs Video Banking 

One of the top priorities for banks in 2020 and 2021 was implementing video banking. Banking executives that have seen true video banking solutions have completely changed their mind on their ITM and VTM strategies. Video banking significantly lowers costs and allows critical customers to stay home without driving to a location, convenience is key. This also allows you to broaden the footprint to open it up for acquisition. 

Acquisition and Servicing via Video Banking 

Video banking is for acquisition and servicing. From an acquisition standpoint, having video banking, right on your website, where you're spending your digital marketing dollars and driving your acquisition efforts - will help with your conversion rate and help build relationships. You now have a competitive advantage right out the gate. 

Increasing Conversion & Retention Rates with Video Banking 

Video banking helps with retention and your NPS and C-SAT scores. With video ITMs, you might move a slight needle on that. Not on retention, but on customer service, especially if it's after hours or the teller lines are close. But from a retention standpoint, building that relationship, having that relationship manager being proactive with that is going to move the needle. 

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