What a Distributed Vault System can do for you.
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.
By using cash recyclers, cash is stored in a distributed vault system and is secure but still readily available for tellers to use for customer transactions. All cash-in and cash-out transactions are tracked by an audit trail of each staff member who touches the cash.
“We are constantly trying to achieve high efficiency and great customer service, yet we have a small staff. So to help us achieve these competing objectives, we implemented cash recycling and it has really helped us achieve our goals by keeping tellers in the lobby and not in the vault and by really having them available to help customers.”
- Terry Keegan, Fidelity Bank of MN
Cash deposits go directly into the secure safe of the cash recycler, and deliveries from armored car companies can be processed directly into the recycler. By eliminating the need for two people to count and recount cash whenever it changes hands, branches become more efficient in their staffing models and can more easily comply with security policies that control the way exposed cash is handled and moved.
The elimination of dual control procedures and the automation of back room activities result in over 6 hours of labor reduction per day – over 3 hours of tellers’ time and over 3 hours of the head teller’s time. This can be used to reduce staffing levels (by eliminating part time tellers, for example) as well as to allow the head teller to focus on improving customer service and supporting tellers as a mentor and coach.
Want to learn more? Click here for a full report: Controlling Cash Operations in the Branch Environment: How to Increase Revenue while Decreasing Costs.