Even when we are talking about a digital society or contactless transactions, it must be noted that cash still remains a preferred mode of payment in major parts of the world. If we were to draw our attention to the subcontinent, for the last two years, the circulation of cash in India has been growing rapidly more than the nominal GDP. According to the latest report by Business Today, prior to demonetisation, the currency in circulation(CIC) was growing at around 10%, below the nominal GDP growth of over 12%. In the last two years, the CIC’s growth has sped up to 14-16%, outpacing the nominal GDP growth rate.
For financial institutions, cash is like a double-edged sword. Withdrawing cash from ATMs is one of the most common ways in which customers interact with a bank. This means that effective cash management has to be in place to ensure operational efficiency of these establishments. Technological advancements such as cash recyclers are a smart and intelligent way of handling cash.
Benefits of Cash Recyclers
A recycler, when deployed as a part of an integrated cash management solution can optimize the whole banking model. Given below are some of the benefits of cash recycling machines:
Increased Profitability with Cash Recyclers
The primary task of a cash recycling machine is to reduce the idle cash and the costs associated with currency handling. These cash recycling machines reduce reliance on Cash in Transit (CiT) services, and in a way, enable branch staff to direct more of their efforts on revenue-producing activity and increasing sales, and less on the mundane tasks of adding cash to ATMs.
By automating the ever so time-consuming process of counting and balancing the cash, A recycler not only enables tellers to redirect their efforts towards customer-benefitting activities, but also eliminates the potential errors that could occur as a result of human intervention. These days many retailers are not just competing with each other on prices; they also value consumer experience a lot. In a highly competitive world, focusing on consumer experience is the key to succeeding against competition. With a reduced need to refill cash, Recyclers have the ability to stay online and transact securely almost 24x7, giving users the ability to interact with these physical nodes whenever they like, pushing customer satisfaction to newer heights.
The world today demands for a greater level of security around cash management operations. With minimized need to refill cash or interact directly with the currency stored in the safe, these machines reduce the chances of thefts. The cash is simply out of sight. The ability for these machines to capture the serial number of every note partaking in every transaction adds an enhanced layer of security. This is crucial for quality tracing and reducing counterfeit circulation. Further, like any other ATM, since these devices can be equipped with an alarming system, they can safeguard easily against any unauthorised actions that could result in a direct cash loss for operators.
The cash recycler offers customers a significantly widened range of choices as to when, where, and how they use banking-related services. Recycling enables these terminals to reduce the need for replenishment of cash, enabling maximum uptime. With the deployment of these machines not being restricted only to branches, they allow for customers to undertake cash based transactions securely round the clock. Machines deployed in branches also play a key role transforming operations. By nearly eliminating the need to fill and monitor ATMS, recyclers allow for staff to focus on engaging customers and providing value added services. With the help of an integrated cash recycling solution, financial institutions are able to provide high customer satisfaction, minimize risk, focus on value added services and reduce any additional cost.
Enhanced Branch Performance
The efficient and skilled branch staff at your financial institutions are likely to be more productive when they are engaging with customers, starting fruitful conversations, and nurturing sales leads.
Cash recycling, in a way, has significantly reduced the need for banking employees to devote their time to everyday mundane tasks such as filling and monitoring the ATMs, accepting deposits or withdrawals and many more. This implies that they can now focus more on providing a valuable, customized, and mutually beneficial experience to the customers.
The Future of Cash Recyclers
Consumers these days face a number of options as compared to earlier, and they also demonstrate a higher willingness to exercise that choice. Every consumer looks for a bank that is trustworthy and credible as well as convenient, available and usable. They need an omnipresent bank that understands all their financial needs easily and provides fast and easy access to their cash. Operationally however, for financial institutions is "less is more." They have been constantly asked to optimize the use of ATMs and diversify their network to meet the growing demand for cash availability. Today, Recyclers are a critical component of the overall cash management solution. They allow for banks to deepen their presence, while keeping operating costs under check. These physical end points, integrated within a highly effective cash management solution, have the ability to create a highly profitable organisation, a highly secure operation, and a highly satisfied customer.