Even though your financial institution's most prominent terminals and installations may be located on the perimeter of your facility, they don't exactly meet the definition of "wallflower," do they? From full-service ATMs and ITMs to safe deposit boxes and vaults, you can't help but notice these staples of today's branches and credit unions.
However, there is one among them that tends to get lost in the shuffle: depositories.
While you may know where they're located, they generally don't get as much attention. In fact, your customers may not even know they exist; and if they do, they may not understand what they're even for, exactly. As you well know, depositories or night drops are used for a host of reasons, each of which can improve your customers' satisfaction and better serve their needs.
"U.S. dollar currency tops $1.7 trillion worldwide."
Great for dropping off cash
Perhaps more than anything else, depositories are ideal for business deposits. If it seems like cash is in the news a lot lately, you're right on the money: it has been. For good reason, though, given how much of it is out there. Indeed, according to the most recent data available, from the Federal Reserve, there's over $43 billion worth of cash currently in circulation within the U.S. alone. Worldwide, U.S. dollar currency tops $1.7 trillion, an increase of roughly +6.4% from 2018 levels.
This fact throws a serious wrench in the notion that cash is in its waning days, as several polls done by Gallup seem to suggest. While it is true, cash is not used quite as frequently as in previous years, it'smerely a result of people having more alternatives than they did even as recently as 10 years ago. However, cash maintains a commanding lead over several more modern purchase vehicles like mobile wallets and smartphone apps, according to Blackhawk Network. It's second only to credit cards among shoppers, with 43% of respondents indicating it's their preferred payment method.
Utilization of night depository boxes extends beyond cash; capturing check deposits as well. Branches are going to greater lengths to accommodate customers' hectic schedules by opening earlier and closing later, often beyond 6 p.m. Some are even opening their doors on Sundays. Despite these efforts, customers may still not have enough hours in the day to swing by. Night depository boxes are ideal for your most pressed-for-time customers, which makes them important to highlight, given customers' singular focus during branch visits.
A smart way to call attention to depositories is by giving them a makeover, much like you would – or already have – your ATMs, vaults and cash recyclers. Only these don't take nearly as long or require as much effort.
A great starting point is with replacement heads. Unlike some other installations, where replacement involves swapping out the equipment in its entirety, that's not necessarily necessary with night depositories. Their modular design can facilitate swapping out an old head for a new one without replacing the housing. Stainless steel replacement heads not only enhance security, but are more resilient to the harsh effects of weather, from the sun's scorching rays during summer, drenching downpours in spring and brutally cold and wet winters.
And notably, when you need them to disappear into the woodwork such as it is, covers can be applied to prevent access. This is especially helpful during branch decommissioning or remodels.
Install microscopic surveillance
You should also consider shoring up depository security. Customers rightly expect FI's to pull out all the stops when it comes to keeping their earnings and valuables defended. They've proven successful. According to the American Bankers Association, banks stymied more than $22.3 billion fraudulent transactions in 2018. That equates to approximately $9 of every $10 stolen, with check fraud representing slightly less than half of all deposit account fraud losses.
You can fight back through video surveillance. Camera technology is remarkable these days, to the point of being practically invisible to the naked eye, even if you know where to look. Pinhole cameras can be built into depository units and hide in plain sight so you can have eyes on each and every transaction – whether you're there or not.
From decommissioning covers to replacement heads to secured housing, BranchServ has all the on-site service technologies and equipment you need for your facilities' depositories, taking them from demure to dynamic. Please contact us today to learn more.