Cash recyclers are the workhorse of the modern retail bank or credit union. In addition to providing a multitude of teller automation functions such as sorting, counting and verifying the authenticity of a wide variety of bank notes, they also enable branch personnel to more effectively multitask and proactively respond to the ongoing needs of their customers who seek products or services that go beyond their cash transaction.
However, as impressive as these pieces of equipment are, they're not equal in their capabilities. Some are considerably more advanced than others in terms of speed, accuracy and compatibility with your FI's other high-functioning systems. This is, in part, due to the considerable advances in cash recycling technology in recent years. If it's been awhile since you've last updated your facility's cash recycler, or you feel like it's not living up to either your demands or your customers' needs, here are a few factors to consider that can inform your decision to make the switch:
As we've noted before, financial institutions must be all things to all people. They are commonly a venue for traditional cash deposit and withdrawal, and much of their activity revolves around checking, savings and lending. But banks and credit unions provide much more with an ever-expanding portfolio of financial services. The cash recycler must therefore support the financial institution's ability to offer these services by ensuring that cash transactions are managed responsively and efficiently.
For example, paper currency managed through the recycler needs to cater to the changing ways in which consumers use cash in a world where they have many payment options.
"Cash remains the go-to currency for smaller purchases."
Several studies have shown that cash remains the go-to currency for smaller purchases, with 56% of respondents in a CashTronics survey primarily using paper bills for things that cost between $20 and $30. That's not to say that customers won't ever want $50s or $100s, but cash recyclers should have flexibility with regard to loading denominations to support the demands of the institution's demographic.
Ease of serviceability
It would ideal if cash recyclers never required maintenance, and simply plugging the equipment into the wall would allow it to do its magic in perpetuity. If only. The truth of the matter is that every piece of machinery will need technical attention at some point. The best cash recyclers should have an ease of serviceability so that any glitches or problems can be quickly diagnosed and corrected without major interruptions in service. If your current recycler is missing the mark in this regard, that's a major red flag.
Bank automation equipment is increasingly state-of-the-art and can be intimidating at first glance. Cash recyclers are no exception. But make no mistake, "user-friendly" and "cutting-edge" do not need to be mutually exclusive. Your recycler should have an intuitive design so bank personnel don't need to jump through hoops to figure out what levers to pull or buttons to press. And your vendor should be generous with access to training as needed.
More FI's today are eschewing the impersonal interior of the traditional branch in favor of open banking designs, providing a platform for hi-touch services that customers genuinely appreciate and enjoy. However, the flow of open interiors can create security hazards when safes, drawers and vaults are within arms reach – or appear to be. Your cash recycler should have a multi-layered security framework and a design that effectively masks and safely stores cash so it's out of sight, out of mind, even when it is time to audit its contents or execute a vault buy or sell.
Fast without compromising accuracy
When it comes to fine dining, customers have become accustomed to waiting patiently. The same does not often apply in the context of financial services. In fact, with the acceleration of digital banking adoption, retail customers have come to expect that their needs will be addressed right away in the branch. Your cash recycler must make your staff's jobs easier by sorting, counting and dispensing bills quickly so there are no wasted movements or minutes.
When it comes to your bank's cash handling functionalities, you should not be willing to settle for second best in any aspect of equipment performance. Even your most loyal customers will switch banks should services become a disappointment. Likewise, you shouldn't feel wed to the equipment in place now when there are very good alternatives for your consideration. And trust us, the LTA-350 is worth your review. Please contact us at BranchServ and learn all about it.