Automating Branch Operations: A Small Bank & Credit Union Guide

    Jan 23 2020

    Topics: United States, Smart Safes and Cash Automation, Banks and Credit Unions

    Rumors of a “fully automated” bank branch have been cropping up for a few years now. This venture into technology may seem unattainable for smaller banks or credit unions, but it does make one thing clear. The future of the bank is automated.

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    It’s even more important for small operations to invest in automation. After all, you have slimmer margins, and reducing your overheads is key to keep your branch doors open. How can your banking operation keep up with the big players?

    You can use this guide for automating branch banking operations. These tips will help you embrace all the advantages these new technologies have to offer, without, well, breaking the bank.

    Think about Simplifying IT

    Many bank branches will find it difficult to automate their operations, in part because IT can be convoluted. Systems have been developed over years or even decades, with new product launches and capabilities being built over top of existing infrastructure.

    The end result? You probably have many different assets and peripherals, along with a dozen different vendors assigned to maintain them.

    If you’re hoping to automate, then you’ll need to think about streamlining this IT situation. One of the easiest ways to accomplish this is to work with a bank branch provider. They can simplify IT operations for your peripherals by helping you source, store, and maintain your devices.

    With their help, putting the infrastructure needed for automation in place is much easier.

    Make Records Accessible

    The next step in automation is connecting your customer service desk to your customer records. Tellers have historically been hampered by their ability to access information about a client.

    By ensuring all records are available in a central location, you make it easier for any teller, at any branch, to access the information they need. With the right information in hand, they can then deliver better customer service.

    Combine Selling and Telling

    Once you’ve given your tellers the power to access customer records, you can focus on giving them new responsibilities. Allowing tellers to process loan requests and credit limit changes streamlines customer interactions.

    By combining the “selling” side of your business with the duties your tellers already carry out, you can provide better service for your customers. They can do all their banking quickly and easily, without being told they need to book an appointment or speak to someone else.

    The automated system then helps them process loan requests and other banking transactions easily.

    Give the Customer Independence

    Fully automated bank branches would have perhaps one or two employees on site. They’d assist customers with using the system or answer questions, as well as provide security for the branch.

    This may not be possible for most banks, especially not smaller banks and credit unions. You can work toward this ideal, however, by implementing technological solutions that create more independent customers.

    Many customers want this independence. It’s why they’re using mobile apps and online banking to complete routine transactions. With the right systems, you can make it possible for them to handle even more of those routine transactions within the branch.

    Letting customers help themselves will also reduce line ups, and it may mean you need only a few tellers on duty at any given time.

    Automate Routine Tasks for Tellers

    The right technology will also assist your tellers. Take, for example, a coin and banknote recycler. Installing one of these behind the counter replaces the teller drawer. The machine automatically tallies up what’s deposited in it, and it dispenses cash as well.

    Your tellers no longer need to manually count out cash for a customer withdrawal or sort out bills before depositing them. The recycler may also reduce trips to the vault or back room.

    The result? Your team has more time to focus on delivering excellent customer service.

    Ready to get started? The experts are here to help you as you begin the journey to bank branch automation.

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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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