Banks can be extremely high stress environments, from worrying about security and safety to the enormous responsibility that comes with being entrusted with the finances of your customers. Ensuring that your bank branch is as efficient as possible is one of the best ways you can alleviate that stress, and maintain a productive work environment. The area in which businesses are most likely to lose efficiency is in the cash management process, and this is especially true for banks, where the high volume of cash makes all aspects of cash management that much more labour-intensive. Here are some of the reasons automated cash management is a must-have for any bank branch.
Better Customer Service
In the age of self-service and internet banking, it’s important that your bank branch is able to provide the best customer service experience possible. When customers come in to your bank branch, they are seeking out personalized assistance and information, and long wait times, lines, and frequently interrupted service can have a seriously negative effect on their customer service experience. Certain manual cash management procedures, like having to photocopy, process, and file individual cheques, or having to go back and forth between a vault or safe for deposits or withdrawals, detracts considerably from your ability to serve customers.
With the implementation of automated cash management, those tasks are done for you, quickly, efficiently, and accurately, allowing you to focus on the customer. Most automated cash management technologies can be situated right at the teller desk, meaning you never have to walk away from a customer in order to complete some part of the cash management process. Currency recyclers can sit underneath the counter; they allow you to deposit and withdraw money, and they count and sort money for you while detecting counterfeit currency.
Complete Accuracy
When you have been trusted with your customer’s money, and when you’re handling such large volumes of cash, it is imperative that you be as accurate as possible in the management of that money. You have a responsibility to the customer, and taking steps to ensure your cash management system is foolproof is of the utmost importance. Manual cash management does not provide the level of reliability necessary in a bank environment. Tasks like manual cash counting are highly susceptible to human error, either from miscounting or improperly inputting data into the system. Automated cash management eliminates that risk by relegating such tasks to machines, like bill and coin counters, that guarantee 100% accuracy.
Better Security
Banks are dealing with huge amounts of cash everyday and it is imperative that the cash management system in place prioritizes security for both the branch and its employees, and for the patrons of that branch. Because of the high volume of cash, banks are especially vulnerable to security threats, and to theft, both internal and external. Automated cash management is the best way to ensure that your money is safe at all times. Counterfeit detectors are essential tools for any bank, as they provide the best possible insurance against illegal tender being accepted and deposited by a bank teller. Currency counters sort and count money for you, protecting you against potentially dishonest employees who would take advantage of their position. Smart safes, which can only be accessed through individuated employees IDs and passwords, can be connected to your security network, and come with both an advanced locking system and anti-drilling technology. In a bank, where security and theft are of the utmost concern, automated cash management technology is a no-brainer.
