Banks and Credit Unions implement cash automation so that the teller can spend more time discovering customer needs. This may mean resolving an immediate issue or uncovering underlying life event changes. In addition to receiving the focused attention of the teller, customers who simply want assistance with a cash transaction find the transaction is performed much faster and with fewer errors when cash automation equipment — bill counters, cash dispensers, and cash recyclers — are in use.
Over the last decade financial institutions have implemented teller cash automation equipment at a rapid pace. These early steps toward building the “branch of the future” with enhanced operational efficiencies have shown mixed results. The truth of the matter is; if these devices operate in “stand alone” mode, isolated from the teller application, they can actually impede teller efficiency and make transaction time longer, adding steps to the work process, with no improvement in accuracy.
Many banks and credit unions have discovered this fact and would never consider installing cash dispensers or cash recyclers without integrating them into the branch workflow. The institutions that have used integration are achieving compelling results in terms of efficiency, speed, accuracy, and happier customers. By integrating the technology into the day-to-day workflow, the institution can fully realize their “return on investment” ROI from the installation quickly.
What do I mean by “integration”?
Briefly, it’s connecting the information flow between the cash equipment and the teller application, saving the teller several steps of data entry required by the teller applications.
For example, with a withdrawal transaction, integration software “reads” the teller screen and tells the cash dispenser what bills to dispense, then makes it happen automatically and accurately. The transaction is recorded and completed in the teller application without additional data entry. For deposit transactions, using cash recyclers, deposits are accomplished even quicker; the teller simply drops the cash into the recycler opening. The recycler counts the cash; integration software sends the cash counts and amounts directly to the teller application, with no data entry by the teller.
This allows tellers the freedom to interact with customers and provides opportunities to mention other additional services and/or educate to grow the customer relationship.
The good news is integration can be accomplished very quickly and at very low cost. Off the shelf integration tools, also known as “middle ware” are available at a fraction of the cost for the cash dispenser or cash recycler. If the right integration product is selected and properly configured, it can deliver a healthy “return on investment” reliably for many years.
By offering cash automation integration software to your bank, credit union or retail customers, you are providing high value services and significant value to your customer. Software resale with associated services can be an attractive adjunct to other bank and credit union services already offered by your company.
