Cash is king, especially at the bank. But dealing with cash creates enormous costs due to increased labour. Accepting, processing, giving, counting and sorting cash takes time. This means paying employees to stay late, or adding employees to cover all the cash management that has to be done throughout the day.
Thankfully, reducing labour at your branch is easy when you invest in a cash management solution.
Reduce Cash Handling at the Front
Cashiers spend a lot of their time accepting, giving, counting, and organizing cash at their tills. While they are doing these tasks, their customers are waiting and the lines keep growing. You are probably adding labour costs by adding a few more tellers at your branch to keep the lines moving. With cash management solutions in place at the teller wicket, you can maintain your level of customer service while reducing the amount of tellers you have on staff. Here are products you can invest in to streamline your cash management at the front of your branch.
Cheque scanners: These devices quickly scan and upload all the information on cheques to allow for faster transactions and less wasted time.
Currency recyclers: With cash recyclers, employees will spend less time going back and forth from the vault to grab more money for their cash drawers. Recyclers ensure you always have enough money to process cash transactions.
Reduce Cash Handling in the Back
Throughout the day, your employees have touched and managed a lot of cash through transactions. At the end of the night, it’s time to recount and reconcile it, which can be a time-consuming task. But manually counting and sorting each coin and bank note is unnecessary these days. You can let the machines do this work for your branch, and let your employees go home earlier.
Currency counters: Coin and bank note counters save you valuable time, reducing labour costs at the end of the day. They can process thousands of coins or bills an hour, and their error-free accuracy ensures that your totals are always right, so there is no need to spend time recounting.
Currency sorters: Cash sorters are fitted with recognition technology to tell every bill apart and ensure its authenticity, so it can easily make tidy batches of denominations so you don’t have to waste time sorting it manually.
Let Customers Take Care of Their Own Needs
With self-service options at your branch, your customers can process their own banking without any help from an employee.
ATMs: Many clients prefer to do their banking at automated teller machines. ATMs are fast and convenient. So the more ATMs you have at your branch, the fewer tellers you will need to pay to take care of face-to-face transactions.
Self-service coin counters: A self-service coin counter allows customers to dump their spare change into the machine to be counted, and then automatically added to their bank account. This will reduce the amount of people coming to the tellers’ windows to turn in their rolls of coins, reduce the amount of cash handling done by employees, and reduce the amount of cashiers needed on shift.
Reducing labour at your bank branch is easy with a cash management solution. By streamlining your cash operations with a cash management solution, you can save money by reducing the amount of time spent on cash handling tasks. When you follow these three easy steps, you will inevitably see your costs lowered, your employee productivity increase, and your profits soar.