How to reduce branch labor costs? Use the right tools
Banks and credit unions cut labor costs by processing ATMs and commercial deposits in the branch with multi-pocket currency sorters, not recyclers
Financial institutions: How are you processing your ATMs and large commercial deposits? In years past, outsourcing to an armored carrier was the norm, but today that's changing. Processing in-house rather than outsourcing has been proven to create significant savings and boost the bottom line, and that has much to do with decreasing labor costs and increasing efficiency. The key, though, is choosing the right tool for the job.
You need to implement a solution that allows you to not only bring the processing function back in house but also reduce the labor time and costs that caused the function to be outsourced in the first place. The right tool for that job isn't recyclers, it's multi-pocket currency sorters. Financial institutions that are using them for processing are reducing ATM processing time by 89 percent. One large national bank reported that using a multi-pocket sorter for ATM processing reduced the time it took from 45 minutes to five. That's huge.
That's not to say recyclers don't have their place in the bank. They're useful at the teller line, for example, allowing tellers to process small deposits for customers.
But the high-volume cash processing involved in commercial deposits, night deposits or ATMs requires a different tool. Benefits of a multi-pocket sorter:
- Reduce processing time by 89 percent by processing up to 1,000 bills per minute.
- Repurpose cash in the branch with efficient restocking.
- Face bills for better customer service with one-pass processing.
- Make straps for other branch functions.
- Significantly reduce CIT charges.
Bringing new technology into the daily mix of banking activity can slow down efficiency for a while as employees get up to speed, so that's why it's crucial to choose a solution that is easy and intuitive to use. The right multi-pocket sorter will guide your employees through the process naturally, reducing that down time to almost nothing as it reduces the possibility of human error.
February 22, 2019