ITM stands for Interactive Teller Machine.
An ITM is a modern banking terminal that goes beyond the capabilities of a traditional ATM. As described in the reference, an ITM is essentially a "branch in a box" system.
Here's a quick breakdown:
| Acronym | Full Name | Description |
|---|---|---|
| ITM | Interactive Teller Machine | Combines ATM functions with live video assistance from a remote bank teller. |
What is an Interactive Teller Machine?
Based on the provided reference, an Interactive Teller Machine (ITM) utilizes a combination of:
- Touch screens
- Video technology
These elements work together to offer users a virtual version of the in-person banking experience. You can think of it as an ATM with live video chat.
How ITMs Work
Instead of just interacting with a machine interface like a standard ATM, an ITM allows you to connect via video with a human bank teller located remotely. This connection provides a more personalized service than a typical ATM transaction.
Practical Benefits and Services
ITMs bridge the gap between traditional ATMs and full-service bank branches. They allow you to perform many services that you would typically need to visit a teller inside the branch for.
Common services often available through an ITM with teller assistance include:
- Cashing checks for exact change (beyond standard ATM limits)
- Depositing checks or cash without a deposit slip
- Withdrawing larger amounts of cash
- Making loan payments
- Transferring funds between accounts
- Splitting deposits across multiple accounts
- Getting account inquiries answered live
ITMs offer the convenience of extended hours beyond typical branch times while still providing access to a live person for more complex transactions or questions.
