4 Cash Management Trends to Watch for in 2020

    Dec 02 2019

    Topics: Cash Management

    As the year comes to an end, it’s natural to look forward. What will the next 12 months have in store for your business or the industry as a whole?

    One area that should be of interest to business leaders in a wide range of industries is cash management. Keep an eye on these four trends.

    1. Data Powers Better Reporting

    Technology has made it possible to collect more data about virtually every aspect of your business. You have more information than ever about your customers and what they want. And you can use that information to make better business decisions.

    Cash management is one area where technology has enabled better and more advanced data collection. If you want to get a clearer picture of how cash is handled in your business, there’s almost no better move than installing a smart safe or another device.

    With it, you can collect the information you need and generate more in-depth and advanced reports.

    2. Smart Safes Are Growing in Popularity

    Another trend to keep an eye on more generally is the rise of smart safes. This technology has been gaining steam with retailers and other businesses that need to manage their cash more effectively.

    It’s easy to see why they’ve become so popular. Smart safes give you even more security than a traditional safe. They also collect data to power your reports. Want to know how many times the safe has been accessed, or get a handle on trends in deposits, over the course of the week, the month, the year? A smart safe captures this data and more, offering you a better picture of your business.

    3. Streamlined Vendor Relations

    As technology in cash management has expanded, so has the number of vendors your business deals with. You have one vendor for your smart safe, another for your PIN pads, and yet another for the ATM in your store or bank branch.

    If you require service, you may be looking at a different vendor. What if you need emergency service? Prepare to call a completely separate provider.

    Business leaders are looking to streamline this situation and sort out the tangle of vendors. Enter the end-to-end service provider, who can close the loop on managing your cash-handling technology.

    A great example is the rise of all-branch services in the banking industry. The vendor helps you source the technology you require. They also provide training and maintenance, as well as warehousing and shipping peripherals.

    Working with one provider allows you to streamline management and cut costs associated with your cash-handling devices.

    4. A Focus on Customers

    A growing trend across banking and retail has been a shift to putting customer experience front and centerca. More than ever, businesses are focusing on what their customers want.

    Part of this shift is powered by data. It’s easy to track patterns of customer movement through a store, or to identify trends in banking service requests in a branch. The data lets you identify which displays attract customers or when people are most likely to arrive demanding answers about credit cards.

    Armed with this data, business leaders across the board are focusing on providing the services their customers want most. Whether it’s great customer service or always having the right cash on hand, cash management technology can help you deliver more of what your customers desire from your business.

    Team up with a Forward-Thinking Company

    If you want to make sure you stay ahead of the curve in 2020, then you need the right partner for your cash management. Talk to the experts and discover where cash management technology will take you in 2020 and beyond.

    If you’re not sure whether a cash counter or a coin and banknote recycler is right for you, talk to the experts. They can help you assess your business needs and find the right device.

    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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