APRIL 3, 2012, MT. PROSPECT, IL— More than ever, today's financial institutions (FIs) are feeling the pressure to reduce costs and do so without raising customer fees. Savvy FIs are turning to advanced technology solutions to meet these goals. Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, outlines three steps FIs can take now to reduce costs, while improving customer satisfaction.
Provide Advanced Services for Commercial Accounts:
Attracting high-volume commercial accounts is a must for FIs of any size. Offering advanced services specific to these customers can serve as a competitive differentiator, while also improving the overall satisfaction level of commercial account holders.
For example, making Remote Deposit Capture (RDC) and Image Cash Letter (ICL) deposits available to businesses essentially allows those customers to pre-process their deposits—reducing the volume of large deposits carried into the facility and paving the way to streamlined electronic processing.
Additionally, by moving high-volume coin sorting from behind the teller line or vault to convenient self-service coin counters in the lobby, account holders easily process coin volumes, without waiting in line. Tellers simply deposit the receipt amount with an account holder's regular deposit. Selecting a self-service coin counter designed for high-volume coin sorting means commercial deposits are processed at the same high speeds enjoyed by vaults and armored carriers, giving customers fast and accurate service.
Invest in Multifunction Equipment:
While it may seem counterintuitive, investing in the latest technology that streamlines deposit processing issues can actually reduce an FI's costs – in addition to improving overall efficiency. The key is selecting solutions that enable the FI to accomplish more tasks with less capital investment and/or fewer full time employees.
For instance, by redefining the deposit capture process using technology which brings check, currency and deposit slip processing together, FIs can minimize the need for costly processing and after-the-fact adjustments, as well as reduce risk. The ability to verify and record an entire deposit using a single machine at the point of presentment also allows FIs to reduce or eliminate associated costs such as post-capture error correction, multi-step deposit processing, and the purchase and maintenance of single-purpose equipment. Customers benefit from fewer account adjustments, faster moving teller lines, transactions that are balanced at the teller, including large deposits, and deposit amounts that are verified instantly.
Likewise, FIs can offer the same high-volume, commercial grade coin sorting technology that is used for business customers to all customers. Branches can attract local traffic and retain more accountholders by offering self-service coin counters. Account holders increase branch visits when no-fee coin counters are available in the lobby as well as increase reported satisfaction levels by 10 to 20 percent1. Additionally, collected coins can be recycled in the branch, reducing the need to purchase packaged coin, and the coin counters can also be used to process teller drawers.
Boost Employee Productivity:
Improving employee productivity can have a dramatic impact on an FI's overall operating costs. Next generation technology solutions can eliminate entire workflow steps, dramatically increase efficiencies and even position tellers to generate revenue opportunities. Consider how productive – and motivated – a staff would be if they could reduce commercial and ATM deposit processing time by 75 percent or more. Using new, highly reliable technology, virtually any branch can now process large quantities of mixed currency in less time than ever before. Cost effective solutions like these help an FI utilize their key personnel where they are needed the most.
Self-service coin counters are another way FIs can improve their employees' productivity – while giving them more time to focus on valuable customer interaction. Each time a teller processes a customer's coin redemption receipt is a positive interaction with the customer and an opportunity for cross-selling. This direct contact is the ideal time to educate customers about additional services and offers. At the same time, tellers are given the opportunity to expose non-account holders to the benefits of opening a new account, providing them with information on account options and services. Self-service coin counters also enable tellers to spend more time serving customers and less time processing coin deposits or managing machine operations.
1Assessing the Opportunities for SSC Machines in the Financial Segment: BranMark Strategy Group (2011)
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 100+ year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government.
The company holds more than 350 U.S. patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries. For more information, visit www.cumminsallison.com.
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