The face of brick-and-mortar branches are undergoing a drastic shift. They are shrinking. The typical eight-teller operation is being reduced to just two tellers and 700-900 square foot neighborhood branches with open floor plans are replacing sprawling lobbies and private offices.
One thing that hasn’t changed, however, is that tellers are still the front line of account holder interaction. Instead of simply handling transactions, tellers are now responsible for branding, selling products and services, and educating consumers.
With so much on their plate, tellers need all the help they can get. And, one vital piece of equipment that can increase staff efficiency and improve the customer experience, is the Teller Cash Recycler (TCR).
What is a TCR?
A TCR, which typically supports two tellers, acts as both a cash storage vault and an automatic drawer that sits at the teller line. Since the introduction of TCRs, the technology has improved greatly, and the cost has decreased.
Today’s TCRs efficiently handle a range of teller and vault transactions with near 100% accuracy:
Accepts cash for tellers
Sorts bills by denomination
Screens for counterfeits
Counts and verifies the total
Stores large volumes of notes
Dispenses or recycles notes
Maintains an exact current balance
Runs internal audits
How TCRs Benefit Financial Institutions
Investing in TCRs provides almost immediate benefits for branches, employees, and customers. Mark Suacillo, the VP of IT/Security & Facilities at Cooperative Center FCU, a California-based credit union that serves the employees of the Co-Op Market Chain, Alta Bates hospitals, and the faculty, staff, and students of UC Berkeley, shared his credit union’s experience since installing TCRs.
According to Suacillo, the new TCR machines improved the member and the employee experience. “Adding the two new CIMA AST7000 TCRs allows our tellers to spend less time manually counting money and more time speaking directly with members – discovering other areas where the credit union can help them with their financial needs.”
In addition to freeing up tellers to engage with members, the TCRs also helped the credit union save money on overtime. “Instead of an additional hour after closing to balance cash each day, employees are out the door in as little as 15 minutes,” Suacillo explained.
For banks and credit unions, a TCR offers numerous benefits over traditional cash drawers:
Saves labor costs by reducing the number of tellers needed
Saves time by automating transactions
Increases the accuracy of all transactions
Improves the customer experience
Reduces fraud and shrinkage
Secures cash for recycling
Decreases number of vault visits
What's the Right TCR for You?
The cost of implementing TCRs has decreased significantly, and financial institutions can depreciate the investment over time. Here are a few considerations:
New Installations: If your institution is interested in a new installation, the volume of cash, branch traffic and building layout are factors to consider when selecting a TCR.
Replacing/Upgrading Older TCRs: If your tellers are working with first-generation TCRs (circa 2014), you are likely facing the end of their technical support and parts availability. Replacing/upgrading these machines will be necessary before they become obsolete or inoperable.
Fleet of TCRs: Financial institutions operating a fleet of devices across multiple locations should look for solutions that offer remote visibility, analytics, device management and reporting.
MVP Financial Equipment offers a variety of CIMA TCRs that suit any retail banking environment.
AST7000 Model TCRs
For institutions that don’t need “bells and whistles,” CIMA offers an entry-level series that provides a functional and cost-effective bank branch recycling solution. CIMA’s AST7000 is an affordable, fit-for-purpose recycler with eight rolled storage recycling drums.
The AST7016 offers flexible recycling functionality with 16 rolled storage recycling drums and a capacity of up to 8,000 notes. The 7000 series features under-counter or behind-the-teller line installation.
AST9000 Model TCR
CIMA’s feature-rich AST9000 is ideal for large volume and cash-intensive environments. The cassette-based recycling and storage technology provides much higher capacity and speed. The AST9000 is designed with a look and feel suited for open-plan branch layouts.
Software Solutions
CIMA TCRs come with two different software solutions to choose from. CashUp is the on-device teller application providing transaction interaction in a stand-alone environment. C-Link offers remote device management and is designed for larger institutions with multiple TCR machines in different locations. And all CIMA TCRs are compatible with leading middleware software providers for complete core integration.
Contact Jeremiah O’Connor by email or at (415) 483-1524 for a custom quote. Click Here to schedule an appointment at your convenience.