If today's financial institutions were to be compared to an automobile, cash would be its engine. Paper currency is ultimately what creates movement and drives activity at FIs, as customers deposit and withdraw cash, and banking professionals utilize it to power various transactions.
"Cash recyclers represent the leading technology banks are investing in these days."
But as with the engine of a car, cash can't function all on its own. It requires maintenance and the proper "fluids" to keep firing on all cylinders.
Enter cash recyclers. Whether used for security purposes, enhanced efficiency or as a tool designed to improve the customer experience, cash recyclers are a special lubricant that enables cash to perform more effectively. While the absolute number of cash recyclers in use on a day-to-day basis at the nation's banks and credit unions is elusive, banks are investing in this technology more than any other – according to analysis conducted by BAI Banking Strategies. The reason is simple: they enable FIs to manage cash seamlessly.
However – much like the grade of lubricant added to a car's engine – cash recyclers aren't all built the same. Some are of a higher quality and caliber than others. Given this, you may want to assess your existing cash recycler to see how it's working for you and determine whether switching to a different brand might give your FI more horsepower.
Here are a few of the core functionalities inherent in high-quality cash recyclers that can help you confirm that your machines are bettering your bank, not just taking up space.
Manual drawer balancing
Although it may not seem like it, in the course of a day, given all the services and interactions done from open to close, tellers spend between 15 to 20 minutes balancing their drawers. And that's a conservative estimate. You can understand why it can take so long, given that it involves counting, bundling and sorting currency into separate denominations, and often in massive quantities. Additionally, if tellers use a two-drawer system, they may need to balance multiple times per day. If the cash recycler isn't eliminating these redundancies, it should at the very least be significantly cutting down on the time tellers spend devoted to these activities so it's less tedious.
Customer wait times
Have you ever wondered how much time the average person spends waiting for things over the course of his or her lifetime? Estimates vary, of course, but according to statistics compiled by the Huffington Post, the average American waits in line a whopping 235 days – the equivalent of nearly eight months!
Open concept banking and so-called "line busting" in the retail space have helped to cut down on lengthy lines. Cash recyclers should be doing the same. Think about your line lengths during peak operating hours since introducing your cash recycler. If it's not making a noticeable difference in the speed of transactions – and the length of your lines – it may be time to seek out an alternative.
When cash isn't in consumers' wallets or at the branch, it's in the hands of cash-in-transit carriers who deliver and pickup cash based on the needs of a bank or credit union. Cash recyclers effectively serve as a vault supplement, and support expanded cash stores. Subsequently your implementation should be reducing your reliance on CIT.
The traditional role of the teller – cashing checks, balancing drawers and ordering bank cards – will likely never go away entirely. The right cash recycling technology will free the teller to focus on an improved customer experience rather than the tedious task of counting cash. Their time will better used connecting with the people who seek them out – addressing questions, providing help with more complicated transactions, and offering financial solutions that meet the needs of these individuals.
If your cash recycler isn't dramatically improving cash management, it may be time to make the switch. The LTA-350 improves efficiency, security and the overall customer experience. Check out this video to learn more and read how it's delivered in a big way for the institutions that have made the switch. If you're still not convinced, contact us here at BranchServ for a free demonstration.