3 Ways Cash Management Solutions Help Increase Bank Customer Loyalty

    Nov 18 2019

    Topics: Cash Management Solutions

    Many businesses today focus on increasing their customer base. They’re constantly looking for new leads and trying to reel in new customers. Banks are infamous for this, offering iPads and cash to customers to encourage them to switch their accounts.

    This approach ignores the power of customer loyalty. Research shows that cultivating loyal customers may be more important than acquiring new ones. It costs five to ten times more to acquire a new customer than it does to keep a current customer happy. And of course, loyal customers are likely to recommend your bank to their friends and family.

    It’s important for banks increase customer loyalty. As it turns out, the right cash management solutions could be key to building loyalty and keep customers coming back. Here’s how.

    1. Cash Management Solutions Reduce Wait Times

    A major advantage fintech has over bank branches is convenience. Start up your app, and you can make a deposit in a few easy clicks.

    Going to the bank branch often takes time. The customer must first travel to the branch, then, when they enter, they find a long line.

    One reason branches get backed up is that tellers are tied up with simple transactions and routine tasks. Those tasks increase processing time and add to customer wait time.

    It would be little wonder if a customer returned to their app or even traveled to another branch for transactions of all types.

    A cash management solution can streamline and simplify many of the tasks your tellers perform. It reduces the amount of time needed to finish customer requests and transactions, which keeps lines moving. When service is speedy, customers are more likely to drop by.

    2. Cash Management Solutions Reduce Staff Distractions

    Next to speedy service is good service. While your customers don’t want to wait in line, they also don’t want the teller to rush them.

    Without a cash management solution, your tellers will have routine tasks that distract them from serving your customers fully and completely. A teller who is concerned about making a vault trip or recounting cash probably isn’t giving the customer their undivided attention.

    A distracted teller may rush the customer. They might only provide partial answers to questions, or they might direct the customer to a web resource or a pamphlet and send them on their way. They may even process just one transaction for the customer.

    Distracted and rushed tellers can take longer to deliver information. They’re also more prone to making mistakes, which they’ll have to correct. Customers who feel underappreciated or as though they’re only a transaction to your bank will consider leaving for good.

    Cash management solutions handle those routine tasks, freeing up the tellers’ time. In this way, they give your tellers the chance to provide truly outstanding customer service. They’ll have more time to answer customer queries and work through options when they’re not pressured to rush back to the vault or finish up a count.

    3. Cash Management Solutions Make Self-Service Simple

    Another reason customers that love fintech is the simplicity. It’s convenient, and making a deposit or withdrawal is often as easy as pushing a button.

    Self-service kiosks aren’t always as easy to use. Bank branch managers favor them because they help lower costs. They could also reduce wait times, as some customers will finish simple transactions by themselves, instead of tying up a teller. You may not require as many tellers if you have self-service kiosks.

    These kiosks have to be simple to use. The right cash management solutions build self-service kiosks from the ground up, allowing you to provide an experience that will keep customers coming back.

    As you can see, the right cash management solutions are key to providing a better customer experience. A better customer experience, in turn, drives customer loyalty.

    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