It’s a new year and with it comes the promise of new trends and new technologies. Those involved in banking may wonder what’s on the horizon for 2019. You’ve already witnessed the rise of fintech and the increasing trend towards digital payments. You may have even hopped on the mobile bandwagon and started offering your customers apps designed to make banking on the go easier than ever.
What new trends are emerging for cash management in banks? Here are some of the highlights you’ll want to keep an eye on for the year ahead.
1. Technology Reinvents Cash Management in Banks
Artificial intelligence, blockchain, and the Internet of Things (IoT) have all been topics of discussion for the last few years. In 2019, you can expect to see more banks adopting them on a larger scale.
IoT is revolutionizing the world of payments, as machines begin to handle routine payments. In the near future, cars will handle things like toll payments automatically. You can imagine other transactions of this nature.
The bank’s role will be to facilitate these machine-to-machine transactions. AI will almost certainly play a role. It will also be adopted into other cash management tasks for banks as well, such as providing expert advice to customers.
Banks themselves are also interested in adopting these technologies for their own in-house cash management. Blockchain, for example, could keep your own in-house technologies safer.
2. Banks Are Trusted Advisors
One of the reasons banks may consider adopting AI for customer service is because their role is often that of the trusted advisor. Banks assist their customers with cash management, which means dispensing advice as much as dispensing cash for business clients and individual customers alike.
Cash management technologies with more analytical capabilities will help banks deliver better advice and better customer service.
3. More Focus on Security
The rise of fintech was initially focused on making banking and financial services easy and accessible. With news of ongoing breaches in major tech companies, however, more people have demanded better security in apps and other tech products.
Many are especially concerned about their financial information, and banks are concerned about security too. New cash management technologies are helping to provide more security. Banks may offer additional security features, such as ACH protections or image locking for cheques in the US.
4. The Branch Renaissance
Cash management in banks has become more transaction focused in recent years, thanks to the technological trends spurred by fintech and mobile. Branch use has fallen in recent years as customers continue to switch to apps and other forms of mobile banking for their needs.
There are some signs people may be returning to branches, especially as banks rethink and overhaul their branch services to enhance the customer experience.
5. Analytics Are More Important Than Ever
Some of your customers may be experiencing analytic fatigue, but the truth is analysis is more important than ever before.
That’s because cash management in banks is powered by data analysis. Today’s cash management equipment can help you manage your cash inventory. More advanced machines could collect more data about the transactions you process, such as how often you process particular currencies or which days are busiest for your business clients.
Analytics help your branch deliver better service to your customers and manage your own cash more effectively.
6. Managing Costs
As the use of branches has declined, banks have looked for ways to reduce their costs. The right bank branch service solution could help you manage your peripherals more efficiently. The right service program could help you extend the life of your machines and get more out of them.
Cash management in banks is evolving, and technology is playing a role in many different ways. Having the right solutions on hand will help your branch keep up.