Since 1992, labor costs have increased by 125%. Cash deposits and withdrawals are the main driver of branch foot traffic and account for over 50% of all transactions. 25% of tellers time is spent sorting, counting and re-counting cash. Vault buys and sells take two tellers off the teller line, on average 8 to 10 times a day totaling approximately one hour each day for the typical New York financial institution. The problem for most Financial Institutions; how can we reduce expenses while increasing teller and branch productivity?
How can you Reduce costs and Increase Branch and Teller Productivity?
For most financial insitutions, the most time consuming and least profitable aspect of operations is managing the flow of cash in the branch. End of day balancing, vault buys/ sells, errors, overages, shortages, slow times followed by out of control busy periods throughout the day with long wait times plague the modern day financial institution.
How can you do more with less…
The solution is to automate cash handling at the teller line with a Best Products teller cash recycler. Tellers spend less time manually counting because cash recyclers quickly and efficiently process cash transactions. The use of cash recyclers allows tellers to focus on what’s really important: your customers. Empowering staff leads to an increase in high value activities, such as up selling and cross selling. Best Products teller cash recyclers also improve security and can help facilitate a more open concept in branch design and layouts.
Benefits of Automation
Create a More Efficient Branch
Because cash recyclers automate cash handling, many time consuming tasks such as vault buys and sells, withdrawals and deposits can be done quicker with out additional staff. Existing staff can be trained to be more effective in customer facing sales roles. In addition, the use of a cash recycler reduces average transaction times by 30 seconds therefore reducing your cost per transaction and wait times.
Optimize Your Cash
Since nearly half of all branch transactions involve cash, implementing a cash recycler immediately creates efficiencies. Daily balancing time is virtually eliminated. Secondly in most applications the vault buy and sell process can be eliminated. In most branches, it takes two tellers several minutes off the teller line to remove or secure cash from the vault. By utilizing a cash recycler, cash is kept secure at a higher level at the teller line. In most instances, it eliminates the need to enter the vault. Cash Recyclers also reduce cross shipping expenses by utilizing all cash within a branch.
By lowering your costs per transaction, through speed, and accuracy a more efficient labor force is created. Depending on branch volume and cash transactions, traditionally two tellers using one teller cash recycler can do the work of three tellers while providing the same level or better customer service. Cash recyclers turn employee focus from counting cash to helping customers and building relationships.
“In order to know where you are going, you have to understand where you are”. Understanding how your branches work is the key to uncovering waste, inefficiency, redundant work and unnecessary costs.
How can Best Products Help?
Contact us today for a Free branch analysis. Once we determine you are a candidate for automation, we will then recommend a branch audit.
What is a Branch Audit? A trained Best Products automation expert will come into one or more of your branches and give you a quantitative analysis of staffing, transaction flows, branch cash volumes, and vault buy/sell times, average transaction times, as well as improvement recommendations. The branch audit studies the branch’s distribution channels to understand your technology needs, requirements, and your goals. Once we understand where you are, we can suggest a technology strategy to help determine where you want to be. Some important questions we will look at are:
- How will cash recycling impact your branch operations?
- What kind of technology and how many units should I use?
- How will the technology be integrated?
- Will all your branches benefit or just some?
- What is the best staffing mix?
- How will you make cash recycling a success in your branch?
Contact Us today to speak with an expert who will help determine if a branch audit is right for your financial institution.
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