Whether it’s at the front line with the customer service representatives or in the back at the end of the day, you are likely always trying to make your bank branch more efficient. By performing the day-to-day work as quickly and efficiently as possible, your bank branch can increase profits, improve customer satisfaction, reduce errors, and save valuable time. Fortunately, when you implement cash management tools in your bank branch, all of these benefits are possible and easily attainable. Here are three cash management tools that every bank branch needs in order to be as productive and profitable as possible.
1. Cheque Scanners
Depositing and cashing cheques is one of the most prevalent reasons that customers still walk into their bank branches instead of using automated teller machines. It’s clear, then, that this is a service that you should focus on making more efficient. With the help of cheque scanners, your customer service representatives will be able to save valuable time from processing, photocopying, and filing individual cheques. With a cheque scanner, your CSRs will be able to scan hundreds of cheques in just minutes, saving valuable time that can keep the line moving quickly. What’s more, cheque scanners reduce the risk of human error caused by manually processing, and increase security through its safety features, such as duplicate detection.( Additionally, cheque scanners will save you money and labour from having to physically transport the cheques to different processing locations, since these scanners allow you to do so digitally instead.
2. Cash Sorters
Bill and coin sorters are quick, error-free machines that can categorize all your currency into appropriate batches of denominations and then count all the cash on hand. Using sorters will greatly decrease your operational and labour costs. You will be left with tidy, neat stacks of bills to bundle, or bags of counted coins that can easily be wrapped. You will also be alerted to ripped or counterfeit bills as well as bent coins in the process. Your employees won’t have to spend all their time counting, double counting, and sorting cash, so they will have more time to nurture your customers and build relationships in order to increase business.
3. Currency Recyclers
Productivity is not only about how quickly a task can be completed, but also about finding ways to eliminate time-consuming tasks to begin with. Implementing currency recyclers at your customer service windows is an excellent way to rid yourself of the time-wasting, tedious trips to the vault or increasing security by eliminating cash drawers. When customer service representatives run out of cash at their counters, they need to replenish by stepping away from their counters, walking to the back, and obtaining more cash. This process can occur several times a day, and every time that customer service representative walks away from the counter, customers are waiting and lines are getting longer.
Currency recyclers are equipped with a cash-in-cash-out automation so your CSRs will never have to keep customers waiting while they replenish their bills again. Customer service will inevitably increase when your CSRs always have enough money at their disposal to process all of the day’s cash transactions.
Implement Automated Equipment into Your Branch
Although internet and self-service banking are becoming increasingly popular, customers still depend on their bank branches for personal service, complex transactions, and real-time service. In order to keep your lines moving, your customers happy, and your branch as efficient as it can possible be, implement these three cash management tools into your day-to-day processes. Your productivity will soar, your profits will increase, and your customer satisfaction will rise.
