Credit unions are in direct competition with banks and other financial institutions, and that’s some tough competition to beat. One way for your credit union to get an edge is to invest in cash management solutions. Proper cash management can streamline your operations so you can reap the many rewards associated with using technology to your advantage.
Here are just five reasons why your credit union needs cash management.
1. Increase Your Level of Customer Service
One of the main reasons customers switch from standard banks to credit unions is for better service. They don’t like being treated like numbers. They don’t like waiting in long lines. They want their banking experiences to be pleasant. They want their needs met. Cash management solutions can allow you to give your customers everything they seek in a financial institution. Cash recyclers, currency counters and sorters, and cheque scanners can make processing transactions more efficient and quicker than ever before. The less time your employees are spending on non-customer facing activities, the more time they have to make eye contact, smile, answer customer queries and concerns, and meet their needs—without holding up the lines.
2. Attract New Clients
Your credit union depends on its clients. The more customers you can reel in, the more profitable your organization can be. But that can be a difficult task when all of your efforts seem to be focused on counting, sorting, processing, and storing money. But when you eliminate the need to perform these activities manually with automated cash handling equipment, you can re-prioritize your labour costs and have more employees working on marketing efforts that will bring in new business. Additionally, you’ll naturally attract new clients when you have the more efficient transaction processing in the financial market, thanks to cash management solutions.
3. Improve Accuracy
When it comes to their money, your clients demand accuracy. They won’t accept human error as a reason for a mistake made by your customer service representatives. Just one innocent mistake can cost you the client’s business. Instead of risking this unfortunate situation, let automated machines do the cash handling. They guarantee 99.9 percent accuracy, so your customers will always be happy knowing that their money is handled properly and they never have to deal with banking errors on the part of your employees. Plus, the more accurate your cash handling is, the fewer losses you have to deal with, too.
4. Increase Security
The only thing your clients want more than accuracy is security. Keeping your customers' money—and your own profits—safe should be one of your top priorities. Cheque scanners, counterfeit detectors, and currency counters can keep the cash that comes through your credit union safe from forgery, identity theft, fraud, internal theft, and robbery. You’ll significantly reduce the possibility of you or your clients being scammed, which will improve trust in your financial institution.
5. Improve Your Profits with a High ROI
When you implement cash management solutions in your credit union, you’re investing in your future. Equipment like currency recyclers and cheque scanners are proven to give you a great ROI. They’ll reduce your administrative, operations, and labour costs while upping productivity, efficiency, security, and customer service levels, all of which result in higher profits for your members.
Technology can have a marked improvement on your credit union. Using cash management solutions can increase customer service and satisfaction, help you build your client base, improve transactional accuracy, increase cash security, and finally, improve your profits. Streamlining your cash processes can help you stay competitive in the financial market. Invest in cash management today so you can start taking advantage of all of these benefits.