Gaining Branch Efficiency

Determining the best way to install, operate, and assimilate a teller or transactional cash recycler (TCR) in your institution requires a coordinated effort. Gaining efficiency in the handling of cash is the driving factor as to why financial institutions decide to install TCRs into their cash automation procedures. But are you getting the most from your TCR?

A cash recycler does more than just manage cash in and cash out. Its built-in features help banks with everything from establishing and enabling stronger internal controls around cash handling to handling advanced security features that help take the burden of security management off of the front-line employee. In today’s banking environment, the features that actually save time and increase the ROI on the technology include:

• logging cash counts, sorting of bills by denomination, checking for suspected counterfeits, and confirming cash balances by location and user

• eliminating the need for a teller or universal employee to manually count, sort, and verify cash without sacrificing accuracy or security

• improving the customer experience by speeding up the customer’s transaction throughput without employing additional staff

• dispensing options that allow for multiple and simultaneous staff use through light indicators, all while accurately counting and logging each transaction

• versatility of the type of integration you choose to use into the branch’s cash management software to log cash counts, confirm cash balances by location by staff user

• less time worrying about human error, and more time giving undivided attention to each customer interaction

• connectivity with other peripheral cash management devices and software to count, validate, and record cash levels by each user,

• reducing the time required and number of employees involved in confirming accurate cash counts and logging user interactions in real time

• reducing the need for armored car deliveries or trips to a central vault — secure cassettes safely store cash for future use or deposit and is paired with logs that detail cash-flow activity

• increasing authentication through a built-in banknote authenticator to help protect branches from any incoming counterfeit currency. Equally important, each user that requests access to cash holdings is required to authenticate themselves and is recorded for future audit-ability

The way you choose to integrate the automation of the TCR technology to your core software matters. It’s really where gaining the efficiency in your branch network begins. While there is not a one-size-fits-all for every institution, there are certainly ways to utilize all the functionality designed into your technology purchase, while still managing a world-class employee and customer experience.

There are three ways to mainstream the technology into your branch network. Each option offers a different set up of procedural rules, functionality, and overall return on investment. They are:

• Standalone Installation (lowest cost with the lowest ROI)
• Direct Connectivity (highest cost, least flexible, with moderate ROI
• Middleware Implementation (moderate cost, deploys all TCR functionality with highest ROI)

The lowest cost option to implement is the Standalone Installation. It is a single set-up customization driven by the local PC to the TCR and is independent of the teller application. With a Standalone Installation, the Teller toggles between two applications on their desktop to enter in the transactional information (aka double keying of data) in both the standalone application and their teller application for each transaction.

A standalone set up not only lacks in efficiency, it also lacks in accuracy.

The highest cost option to deploy is Direct Connection. When successfully integrated, this option no longer requires entries to be double-keyed (making it more efficient than a standalone installation). While it is more efficient and accurate than a Standalone Installation, it does come at a much higher cost and the price tag does not stop at the initial set-up. Any change or upgrade to the core application or teller process could cause programming changes to the integration for functionality continuance. Another shortcoming of Direct Integration is the possible loss of key features that are specifically designed into the TCR technology to create efficiency and accuracy. Several of these features may be overridden during set-up due to network dependence. This may include time-saving features such as automatic balancing, auditing, and overall record keeping of your ledger.

So, you may ask yourself, “Is there something in-between the two integration options?” The answer is YES.

A middleware application implementation (such as DynaCash and DynaCore) creates a holistic approach to integration. Middleware takes into account the full functionality of the TCR technology that is often lost with Direct Integrations, the efficiency and accuracy of the teller input that is often lost with Standalone Integrations, and the auditing and balancing of the general ledger/journal that completes the lifecycle of the transaction. In other words, it accounts for everything that you purchased the equipment to manage for your branch network and simply makes banking a little easier.

Determining the best-suited integration for your institution should take into consideration an overall calculated return on your investment and ease of set-up. This may include installation costs, TCR functionality, employee efficiency, employee accuracy, end of day balancing, auditing, and ease of updates/upgrades. Having the most advanced interface in place to connect the Teller, TCR, Banking Core, and other peripheral technology together is essential. All the hard work of a transaction relies on how easy the technology connects or interfaces with the bank’s core and on the teller to process the exchange efficiently.

Both DynaCash and DynaCore allow for financial institutions to take full advantage and have full access to all that a TCR has to offer. These middleware applications have proven results in various sized financial institutions.