Blogs

Making the Case for Cash Automation

Why TCRs are one executive’s go-to solution

Craig Roper, senior vice president and chief deposit officer at Bank of Utah, is a two-decade banking veteran. He’s spent much of his career cracking the challenges of cash flow — finding ways to keep customers satisfied, keep branches safe and keep money moving smoothly. One of his go-to solutions? Teller cash recyclers.

The practice of dual control has long been a necessity in financial institutions. This practice requires extra staffing in large busy branches, as well as extra staffing and process complexity in small branches. The unspoken reality is that many branches shortcut some security policies simply because they are too busy or not staffed at the level needed to comply.

Everyone uses cash daily, and for many of us cash is a large focal point of our businesses. We found some news and some interesting thoughts on two members of the US currency lineup, the dollar coin and the penny.

First off the $1 coin, we have had them around for hundreds of years and earlier this month the U.S. Mint halts production on presidential dollar coins.

The Wall Street Journal

The inefficient manual practices of maintaining drawer limits, vault buys and sells and dual control define branch procedures, staffing models and the cost of controlling cash. Drawer limits require tellers to make trips to and from the vault during their shift to adjust the levels of cash they have exposed in their drawer.

The high costs associated with the branch channel and the concern about banking fees are causing many financial institutions to question the basics: What is the branch for? How can it be optimized for profitability and for customer attraction and retention? Should automation be used to drive customers to self-service or should it be used to control cash, freeing staff to engage with customers?

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Everyday, thousands of the cash transactions made are powered by ARCA. If you have recently used a self checkout at a grocery, withdrew funds from an ATM, cashed a check, purchased a recreational permit or payed a bill using a self service kiosk, you have likely made a transaction with an ARCA product without knowing it.

Are Your Branches Still Using Cash Drawers?

In the past weeks we have talked a lot about why just about everyone should consider the possibility of automating their cash process. Why? Because of what it can save your organization – time, money and risk that come with handling cash.

What we haven’t mentioned is how automation in you cash room can not only save money, but now it can make life better for all those involved in cash processes.

Everyone has different expectations about cash automation and how it can effect their cash operations. Because everyone’s process is different there are only so many fair assumptions we can make about what to expect. Here are some reasons why you should or shouldn’t consider automating your cash operations.

You should consider Automation if you:
• Accept cash and create and settle multiple tills daily
• Need better visibility of cash inventories
  

ARCA makes life better by securing and simplifying transactions around the world. We see beyond the hardware and software to the real problems that we help people solve. At ARCA we believe the key to solving the problems of the cash room is in achieving harmony between all the complex parts of the cash process, and thus having complete control over your cash. This is how results are achieved…