Every industry has unique challenges when it comes to cash automation management. The challenges don’t stop there as each business within an industry has its own unique needs in order to maintain and expand their customer base.
In today’s changing landscape, financial institutions are confronted with increased costs as a result of regulatory changes, interest rate margins, etc. The ongoing challenge is how to maintain profitability.
Most businesses, including Financial Institutions, struggle to find ways to become more efficient and handle manual processes in a better and in a more streamlined manner. One of the most labor intensive tasks at a financial institution is the process of handling cash.
The core challenges are:
- Time and Labor Costs – the time and labor associated with a teller’s day-to-day job,
- Human Error – the amount of mistakes that can happen while a teller processes manual transactions, and
- Security Risk – cash in a teller’s drawer represents an increased security risk, Inefficient Cash Inventory Management – a manual cash environment can result in excess cash at the branch and increase risk, processing costs associated with the preparation and cross-shipping of cash orders to and from the branches, and armored courier expenses.
Through the use of cash automation devices, financial institutions can:
- optimize cash management (i.e. reduce cross-shipping expenses by processing all cash within the branch). Idle cash is turned into revenue generating cash, and
- realize labor efficiencies by freeing employee time to focus on cross-selling opportunities, and reduce labor costs by helping employees process transactions effectively and efficiently.
Compuflex Can Help
Compuflex has an array of solutions that support almost every recycler or dispenser on the market today. Our proven solutions can be used in conjunction with existing teller applications, on their own, or integrated within a teller application using our proprietary UCM solution.