![]() Banks and credit unions need better ways to manage cash. It's true: the number of cash transactions has declined, but with fewer personnel, there's still too much cash to keep up with when using manual processes or antiquated cash automation systems that don’t operate seamlessly. Also, higher turnover means there may be fewer people with expert cash handling skills to process currency accurately and efficiently. Cash management can account for 5-10% of a branch's costs. The reporting required to understand and control it within the branch can take hours as managers gather data from different systems or paper logs. The risk of inaccuracy is high; and the tedium of this work can increase attrition rates. Forty-five percent of bank executives say they're using outdated solutions. Upgrading tech has become a priority. Yet, many financial institutions have no plans to replace or optimize outdated cash automation solutions and, as a result, miss out on systems that offer a range of benefits and increase cash visibility across the organization. Today, there's good news. With the rise of advanced cash automation solutions, financial institutions can attain greater control of cash operations than ever before. Purchasing Refurbished Banking Equipment: An Overlooked Best Practice of Banks and Credit Unions9/28/2022
![]() Many leaders at banks and credit unions have never fully explored the advantages of purchasing refurbished banking equipment. However, in today’s business environment, this option must be considered, especially as you strive to keep your branches running smoothly and stay on track with new technology rollouts, conversions or upgrades that modernize your financial institution and enhance its competitiveness. For every bank or credit union, having the right hardware is business critical, whether it’s scanners, teller printers or signature pads. You need to make sure every device functions effectively every day so that customer interactions happen seamlessly. Malfunctioning or insufficient quantities of equipment can frustrate tellers and customers, taking the focus away from the customers’ needs and hampering operational efficiency and growth. However, with supply chain challenges caused by the ongoing pandemic and inflation, it might be harder to acquire devices that were easy to find a year ago. Plus, prices and surcharges are increasing at dizzying rates. Competition for new equipment is heating up, with some organizations hoarding equipment by acquiring a “just-in-case” supply. The good news? Buying new is not the only option.
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