3 Cash Management Tools Your Bank Branch Needs

    Mar 02 2015

    Topics: Bank Branch

    Employee efficiency and productivity is directly related to your bank branch’s level of customer service. Though much of today’s banking is done online, customers still rely on your bank branch for opening and closing accounts, cashing cheques, and a variety of other banking activities.

    Being able to improve customer satisfaction by reducing the instances of errors, increasing transaction speed, and keeping the lines moving can greatly benefit your bank branch. An easy way to attain all of these goals is by implementing cash management tools throughout your branch. Here are three cash management tools you can utilize to increase productivity, profitability, and customer satisfaction.

    1. Cash Sorters

    Naturally, your bank branch deals with a lot of cash. Your employees accept cash for deposits and they hand out cash to customers on a daily basis. By using coin sorters and bank note sorters, you can significantly reduce the amount of time your employees are spending on cash handling, which reduces the chance of error and saves you money on labour costs. These machines sort all of your coins and bills and guarantee accurate counts every time. They separate your cash into appropriate denominations and leave you with bags of counted coins or stacks of counted bills, which can be easily set away in the safe at the end of the process. They’ll even alert you to bent coins, counterfeit bills, and ripped bills.

    But the best part is they work incredibly quickly, so your employees can stop manually counting and organizing cash. With all their spare time, they can focus more of their attention on building relationships with your customers and meeting their needs.

    2. Cheque Scanners

    One of the most common reasons that customers are walking into your bank branch these days is to deposit cheques. They can do so at ATMs or with their mobile phones, but many do not want to wait the mandatory five days or more to have access to their money, so they go to your customer service representatives. To make your cheque processing procedures more efficient, you should be implementing cheque scanners at each teller window.

    With a cheque scanner, your employees no longer need to manually input all of the cheques’ data into their system. The device quickly scans the cheque and uploads all the necessary information, which saves valuable time and allows your customer service representatives to serve more customers in less time. Cheque scanners are also equipped with safety features that can increase your security, alert you to counterfeit cheques, and increase accuracy by reducing the chance of human error while inputting the data.

    3. Currency Recyclers

    When your employees are constantly going back and forth to your safe to take out and deposit money, your customers are left standing there, waiting. These time-wasting trips can be avoided by the use of currency recyclers.

    Recyclers ensure that your CSRs never run out of cash at their register, and never have too much cash that can put your bank branch at risk of robbery. The recycler’s cash-in-cash-out automation allows your employees to spend more time with their customers while always having enough cash at their disposal for transactions throughout the day.

    Use Technology to Your Advantage

    With the creation of technology, you can implement a variety of cash management tools at your bank branch that can improve efficiency, save time, and increase accuracy. You should be taking advantage of technology in order to keep your customers satisfied, your money safe, and your employees as productive as possible.

    How to Improve Your Business With An Automated Cash

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733