4 Ways Adding a Cash Recycler Can Improve Bank Branch Service

    Sep 16 2019

    Topics: cash recyclers

    The bank branch is undergoing a revolution. Since consumers have more ways to bank than ever before, they’ve been reenvisioning the role of the bank branch in their lives. Despite having banking access via mobile and other electronic means, though, many people still prefer to go to the branch for some transactions. For example, about three-quarters of Generation Y Americans want to go to a branch to open an account.

    It’s clear that customers need and expect something different from today’s bank branch. They look to their local branch for better service and support, not routine transactions.

    As the overall number of transactions at branches are dropping, bank branch managers are tasked with finding ways to deliver that superior service. Technology such as a cash recycler can help. Here’s how.

    1. Routine Tasks Can Be Automated

    A cash recycler is a complex machine designed to handle a few common cash-handling tasks. It counts and sorts cash, then makes it available again to be dispensed. It also stores the cash securely.

    Like any machine, cash recyclers are often superior at their core functions than their human counterparts. Counting cash is repetitive and time-consuming, and a human teller is more likely to make mistakes. Instead, turn routine cash-counting and -dispensing tasks over to a machine.

    2. Tellers Can Focus on Customer Service

    Once the cash recycler has taken over those tasks, the teller doesn’t need to spend time counting out cash. In the past, it was common to see customers standing silently at the counter waiting as the teller manually tallied up banknotes.

    That’s lost time for customer service. Surveys show 39 percent of customers consider switching banks due to the perception of poor service. With the machine taking over the counting, the teller can spend time talking to the customer. This gives them opportunities to discuss concerns or questions a customer has, or to tell them about the latest promotions.

    This is one of the biggest improvements in bank branch service. When tellers spend more time interacting with customers, people are more likely to say they’re getting great service.

    3. Reimagine the Bank as an Open Space

    The layout of most bank branches has been relatively staid for years. Customers are corralled into roped-off lines, and tellers stand behind a counter. Their cash drawers are carefully hidden out of sight.

    Bank branch managers are trying to re-envision their space for the 21st century. Cash recyclers are the perfect solution for teller pods, which could make the branch’s layout more free-form and open concept.

    The recycler can also be added as part of a retrofit of older bank branches. It may be able to replace existing cash drawers. Two tellers could share the same recycler, meaning you’ll need fewer machines to replace the current number of drawers.

    Finally, roped-off lines will be a thing of the past as the bank becomes a more inviting space where your customers can meet you.

    4. Bankers Who Can Do All

    Another advantage of adding cash recyclers to bank branches is that they facilitate the rise of universal bankers. These employees are trained to do everything, which lets them provide a more seamless experience for the customer.

    In the past, a teller would need authorization for almost anything other than a routine deposit or withdrawal. A universal banker, on the other hand, can discuss offers, help customers weigh their options, and more.

    This creates a better experience for the customer, who no longer has to wait for a manager or supervisor or spend time explaining their question to every individual employee.

    The Future of Banking Is Now

    The reinvention of the bank branch as a centre for superb service is well underway. Get ahead of the curve by adopting cash recyclers for your branch today.

    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.

    Find me on:

    Latest Tweets

    Contact Us

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

    905.696.0733