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Forty-five percent of bank executives say they're using outdated solutions.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 Yet, many financial institutions have no plans to replace or optimize outdated cash automation solutions and, as a result, miss out on systems that offer a range of benefits and increase cash visibility across the organization.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.