Why not having a cash recycler is costing your branches every day.

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. Vault buy and sell transactions consume valuable teller time with manual counting and verifying cash as well as the time the head teller spends maintaining dual control, security and accountability. Each vault buy or sell transaction takes at least five minutes of the tellers time and a couple minutes of the head tellers time, compounded by multiple tellers making trips to and from the vault multiple times a day.

A cash recycler solves this problem by distributing the vault to teller workstations to dispense and deposit cash as needed with every transaction. This eliminates the need for teller drawers, trips to and from the vault and the dual control assistance from the head teller. Incoming cash from customers is deposited into the recycler and is ready to be dispensed back out with the next cash-out transaction. Furthermore, the the time it takes to generate start funds and balance teller drawers at the beginning and end of the day is eliminated. As soon as the teller logs onto the teller application and the recycler, he or she is ready to go. Because the recycler keeps an audit trail of all it’s transactions, it is always in balance and end of day procedures take only a couple of minutes.

Generally branches reduce six or more hours of teller and head teller time per
day after the implementation of recyclers. Because the tellers are more productive and no longer have to manually handle and count cash they have more time to engage customers, promoting, referring and cross-selling other products. Physical branches are the most expensive customer delivery channel, but they are also the channel where the highest-value transactions take place. The more time is spent engaging with customers in the branch, the more invested customers will become in the relationship. This increase in customer-facing time with every transactions can easily double cross-selling results.

Finally, the cost of maintaining and securing large cash inventories in the branch is high. Typically branches keep a lot of excess cash on hand in order to handle their customer transactions, especially in anticipation for peak operating times. Moreover, there is usually at least one armored cash delivery trip every week to deliver cash or to ship excess. By using recyclers, branches can maintain a real-time view of their cash levels where by all the cash in the branch is available for customer transactions. This means that cash deliveries can be more cost-effectively scheduled and the cash inventory of the branch can decrease by up to 30%. Recyclers can track every movement of cash in, out and within the branch. By maintaining this real time vantage of the branch's cash position cash forecasting and ordering is more accurate and auditing is simplified at every level from branch to enterprise.

This is just the tip of the iceberg. Under the surface the operational benefits, cost reductions, and increased profitability of recyclers go on and on. If you would like to see a detailed analysis of automating the control of cash in your branches, contact us.

At ARCA, we see beyond the hardware and software to the real problems that we help people solve. Cash automation is all we do and we would love to to talk to you about it.