Bringing efficient high-volume cash-handling back into the branch with automation
In-house multi-pocket cash sorters save banks and credit unions money over outsourcing and manage cash inventory better
In recent years, many industries, including finance, have revisited the idea of outsourcing some of their vital functions. The idea, when the trend was popular, was to cut costs and free up employees' time for other things, but the bloom fell off that rose when businesses across many industries found that outsourcing important functions also meant outsourcing control of those functions. Oftentimes, they didn't get done the way they should, and problems in customer service and satisfaction bubbled up as a result.
Also, the cost savings weren't as great as anticipated, especially in the area of ATM processing. Why?
Price. With the armored transport market being dominated by just a few key players, prices were rising as demand increased.
Cash availability. Sending cash offsite meant that there was a need for cash at the branch, causing branches to have to order cash to replenish their stores.
As a result, many FIs are now reversing that trend and making the case for insourcing. They're bringing several previously outsourced functions back in house, including ATM processing. It's a mission-critical task that has bottom-line implications, but in order to do it efficiently with less staff, the right equipment needs to be in place.
Using a multi-pocket currency processor will dramatically decrease the amount of time it takes for your tellers or other personnel to process your fleet of ATMs, accomplishing in five minutes what used to take up to an hour. Just consider the time savings alone if you've got several ATMs to process in your branch every day.
If you haven't been performing this function in house for a while, you'll be surprised at the advances in technology. The machines are more user friendly and customizable than ever before, and offer a future-ready design that has them poised to accommodate technological advances when they inevitably come down the pike.
Especially today, when bank branches are transforming to keep pace with the times, it's vital to make sure your branches are working as efficiently as possible. The right technology from the right partner can help you meet that goal.
March 15, 2019