Cash continues to overtake digital spending with 30 percent of transactions, according to a 2018 report from the Federal Reserve. This continued cash use seems desperately at odds with the ongoing growth in digital banking. But account holders, even Millennials, still see branch and ATM proximity as the most important aspect in making their choice of where to bank.
Whether your financial institution is looking for safety, loss reduction, or more time for customer service, affordable cash recyclers offer a variety of features to meet your needs.
However, that preference for banking nearby often comes with a heavy helping of expectation. Millennials, Generation Z, and, yes, even Generation X are quickly becoming acclimated to the speed and efficiency the digital age has come to offer. Fortunately, there are newer banking equipment technologies that can help meet those lofty requirements – one of which is the cash recycler.
Here are four ways installing cash recyclers can meet some of your account holder demands.
Save Employees Time. Cash recyclers automate the cash cycle within a branch by quickly and accurately accepting, counting, storing, and dispensing a variety of denominations. Staff can use the recycler to accurately count funds entering or exiting the machine and provide them with a verified total. These processes reduce the need for vault transactions and cut the time required for tellers to count incoming and outgoing currency for account holders.
Reduces Fraud. All currency deposited into the cash recycler pass through a bill identification screening process to check the denomination as well as the validity of the note. If any currency is deemed counterfeit or illegible, it is pushed out into the rejection bin and not counted toward the deposit. Only real, fully screened notes are allowed into the recycling bins of the machine.
Lowers the Risk of Shrinkage. Each cash recycler within a branch operates as an extension of the vault and is connected to the institution’s computer network. As a result, updates to the cash inventories are made in real-time. Tellers are no longer required to move cash to and from a centralized location, reducing the opportunity for counting and management mistakes.
Increases Security. Most financial experts understand that the greatest risks to cash flow are human interactions. Criminals notoriously target cash at its delivery point – the armored carrier delivery and the teller. Cash recyclers help reduce access to branch funds by keeping the majority of cash out of sight and interfacing with alarm systems. The machines are also allowed to dispense a preset amount of cash based on a specific command – to satisfy a robbery demand swiftly without further exposing the cash inventory.
Whether your financial institution is looking for safety, loss reduction, or more time for customer service, affordable cash recyclers offer a variety of features to meet your needs. While they may not be the fancy front-facing mobile application or hands-on interface to which your account holders pay attention, any generation looking for convenience will be sure to notice the efficiency and care cash recyclers help bring to your branch.
Ready to begin transforming your branches and making them more efficient?
Compare Teller Cash Recyclers or contact Contact Jeremiah O’Connor by email or at (415) 483-1524 for a free, no obligation consultation.
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