In today’s branching world, you can’t ignore the fact that cash deposits are still a significant aspect of branch traffic. Also, a large portion of a branch’s operating budget is taken up by their labor costs. These facts bring to a realization that cash management activities have a direct impact on labor requirements and expenses.
Cash brings customers to the bank, but at what cost? The branch needs customers, but cash transactions are expensive. When the transaction quantity is down, each transaction becomes more costly. Therefore, resulting in more time and labor required.
So, how do you break the cycle? Is it possible for you to lower your costs and increase the profitability of each transaction? Automating cash handling allows you to do both. Automating your branch makes it less about the cash handling process and more about the customer experience.
Cash Recyclers count cash faster and more accurately than a teller can. Think of the process of sorting, counting, balancing, and end of the day procedures. These tedious responsibilities keep the tellers focused on cash. Recyclers reduce dual control procedures that keep the staff tied up, making balancing more efficient and accurate. When the tellers are caught up with cash procedures, they can’t focus on customers. This is becoming an expensive arrangement that doesn’t make sense anymore.
If you take away the mundane activities like counting, recounting, sorting, and orienting cash, you can reduce your overall transaction time. More importantly, the free time you have provided yourself will allow your tellers to spend more time with their customers and selling financial products and services.
Whether banking institutions use cash recyclers to improve teller efficiency, increase productivity, or to reduce labor and other operating costs, the approach is all the same. Cash recyclers replace the drawers your tellers use in their line and provide you with the opportunity to be more innovative with teller pods and open branch layouts.
Furthermore, cash recyclers streamline your services. With cash dispensers being present at the point of sale, your employees can feel more confident over their cash and change amounts. Your branch will also have fewer instances of requesting a manager to replenish their drawer totals. Therefore, they can work with their customers uninterrupted.
Another reason for automating your branch will be the increased security you will receive. Your branch will be less appealing to thieves since there won’t be as much cash on the floor. It also grants employees the ability to focus on one transaction at a time, ensuring they are alert and attentive.
Also, with so much money being handled, banks need to be sure their branches are safe and secure. A lot of cash recyclers make your branch more secure from forged checks, identity theft, and fraud. Cash handling solutions will alert you of any suspicious activity instantly. Moreover, currency recyclers authenticate bills immediately and check scanners can scan your customer’s identities quickly and efficiently. Hence, you will always know you’re not missing out on money or being scammed.
The truth is recyclers fundamentally change how your cash is handled. These devices not only increase your security, profitability, and accuracy; but they also redefine the entire cash branch experience.
