5 Reasons Why Your Bank Branch Needs a Cash Management Solution (Updated 2020)

    Jun 09 2020

    Topics: Banks and Credit Unions, Smart Safes & Cash Automation Solutions

    Almost every business needs a cash management solution, but some businesses need them more than others. A clear example is the bank branch. Bank branches have no choice but to handle cash, and most of them handle large volumes of money on a daily basis.

    In an environment where bank branches are facing plenty of new challenges, managing costs and risks is more important than ever. Good cash management plays a key role in helping you navigate these challenges.

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    By analyzing your current cash management solution, you’ll be able to identify areas where you can benefit from upgrades. What kind of improvements could you see? Keep these five in mind as you consider what better cash management could do for your branch.

    1. Improve Both Customer Service and Satisfaction

    Today, people use online solutions to handle more than a third of their banking transactions, but that doesn’t mean you can let the quality of customer service decline in-branch. In fact, delivering top-notch customer service is now more important than ever.

    Why? When a customer walks into your branch, they’re coming in with a problem they can’t handle themselves. They might require assistance with a complex transaction, or they may be looking for information or solutions. Only your team can provide exactly what they need. They also have an opportunity to go above and beyond.

    Better cash management streamlines the routine operations your team handles, so they may spend more time focusing on your customers’ questions. In turn, lines can move faster, customers will get more satisfying service, and they’ll be more likely to turn to your branch team the next time they need something.

    2. Attract New Clients to Your Branch

    The best cash management solution can free up your time. With the right devices, you’ll spend less time counting and sorting. In turn, you could take that time and focus your efforts elsewhere.

    One of those areas might be client acquisition and marketing. An updated cash management solution can even be part of those marketing efforts, since they can help you make the banking experience even better for your customers. The potential for faster and more efficient banking can be a draw for new customers as well.

    3. Enhance Employee Productivity

    Another advantage of an improved cash management solution is enhanced productivity for your branch. Currency recyclers, cash counters, and other cash automation devices can help you streamline some of the more time-intensive tasks on your employees’ to-do lists.

    In turn, they may finish these tasks sooner. Then they can turn their attention to other tasks, further enhancing their productivity. Both your employees and your customers will thank you, as your team members keep branch operations running smoothly.

    4. Increase Your Branch’s Profitability

    When you update a cash management solution, you’re making an investment in your business. The up-front costs may be offset by savings in almost every area of your business. Lower labour and administrative costs contribute to a healthier bottom line, while better productivity and improved customer service can increase overall profits.

    5. Improve Security to Ensure Safe Banking Practices

    Security is always on the mind of a bank branch operator, especially when high volumes of cash are being processed. Cash management solutions can improve your security efforts, helping you meet standards and exceed customer expectations. From authenticating bills to securing cash physically, the right devices can give you and your team peace of mind.

    The Investment Is Worth It

    There’s no question the banking sector is changing, which has presented bank branch operators with new challenges. The right cash management solution can help you rise to those challenges. Streamline your operations and increase productivity, profitability, and customer service with a better cash management solution for your bank branch.

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    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