There seems to be no end in sight to the current labor shortages in banks and credit unions. This labor challenge can negatively impact a financial institution's operational performance. The intense competition for workers and high turnover rates suggest hiring new people might not be the only solution to today's workforce challenges. Ultimately, banks and credit unions should find ways to make work easier and require fewer people. That means they should examine existing processes and identify those that are ripe for automation.
A good place to start is cash management.
Automating cash management can help busy branches maintain operational efficiency despite the labor crunch. Cash automation removes the hassle of counting cash. There's no need for dual counting and recounting because the solution quickly and accurately counts and secures cash and helps tellers stay in balance throughout the day. As a result, this solution helps your financial institution adapt to today's ongoing labor shortage, which many believe is part of a larger demographic shift.
Consider the Value of Automation
The Covid-19 pandemic accelerated demographic trends – such as the exodus of boomers from the workplace – that were already shaping workforce participation levels. Businesses had started planning for baby boomer retirements, but no one expected the sharp uptick in older employees leaving the workplace — and no one expected the Great Resignation, in which people have quit jobs en masse to find better opportunities or just sit on the sidelines.
Currently, 47% of businesses rank labor shortages as a significant issue. With labor so expensive and scarce, retaining talent is more difficult than ever. Burnout rates persist as companies try to address exceedingly high consumer expectations with less head count.
That’s why it’s imperative for banks and credit unions to make the most of the workers they do have. Cash automation offers a powerful assist.
Leverage Automation to Become an Employer of Choice
According to a recent study, 85% of business executives believe automation will help them retain employees and hire new talent during the ongoing Great Resignation.
With a solution that automates tedious processes like cash handling, businesses can crush workforce efficiency while boosting workers’ fulfillment and job satisfaction.
Automation eliminates labor intensive repetitive tasks, especially those that can be stressful — such as counting and securing cash. Ultimately, it gives employees time to do what they signed up for: providing excellent customer experiences.
When a cash automation solution takes care of the menial task of counting cash, tellers have more time to develop customer service; branch managers have more time to build a successful team and take on strategic growth projects.
How Cash Automation Makes a Difference
Cash automation helps businesses create a hassle-free work environment.
In banking, one of the biggest stressors a teller faces is whether their drawer is in balance. At a busy branch a teller might have to check their drawer several times a day and seek assistance in counting cash from a supervisor or peer for validation.
Time spent counting cash and worrying about their drawer balancing eats away at productivity and employee contentment and satisfaction. It also interferes with relationship building and upselling in the branch, as tellers focus on counting cash instead of connecting with customers.
This video from our friends at Avivatech explains how cash automation facilitates positive customer and employee experiences.
The value of the time your financial institution recoups for business development activities can be significant.
Although digital banking has reduced branch traffic, consumers are still coming into the branch for cash transactions, as well as personal, face-to-face financial advice — the kind of interaction that builds customer loyalty. When tellers have more time to interact with customers, they can ask questions that may ultimately lead to additional services including lending agreements or investment accounts.
How Cash Automation Works
A complete cash automation solution leverages a cash recycler driven by a middleware application, which connects to the teller application and core banking infrastructure to accurately track cash and transactions. A robust middleware application like CashWare® communicates with all your cash recyclers and dispensers to unify your cash operations and make cash transactions fast and efficient.
Why Investments in Automation Are Investments in Human Capital
Even with cash automation or other technology tools, your branch’s number one asset will always be people. However, when you don't have enough people to operate efficiently and provide successful customer experiences, your branch is going to be negatively affected.
Strategic investments in technology can increase worker productivity and reduce turnover.
With our cash automation solution, your financial institution can automate the essential function of cash management and gain the accuracy, speed and control human labor consistently fails to deliver. With the transaction efficiency and security this solution brings, banks and credit unions gain greater control of cash operations and other key areas of their business. This ultimately helps to make the work environment more satisfying.
Your financial institution’s ability to automate mundane tasks will play a role in its future success. Find out how you can upgrade your technology with cash automation to maximize productivity of every worker. Our branch automation experts are on standby to help you assess your organization’s readiness for cash and check automation. Connect with us today!