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Forty-five percent of bank executives say they're using outdated solutions.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 Yet, many financial institutions have no plans to replace or optimize outdated cash automation solutions and, as a result, miss out on systems that offer a range of benefits and increase cash visibility across the organization.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.
One solution that stands out is the CashWare® solution.
The CashWare® solution offers a broad range of features that make cash handling more efficient throughout the branch. Here are a few reasons why upgrading to CashWare® may be the right move for your financial institution.
Works with most of the leading cash recyclers and cash handling devices
The CashWare® application can unify all devices under one robust solution—with a single-sign-on for all users. CashWare® works with most of the leading cash recyclers and cash handling devices, making it easier for financial institutions to adopt a universal banker model and get the most use out of their hardware.
Walks tellers through transactions for better customer experiences
The CashWare® solution also offers a unique feature that guides tellers through transactions with suggested mixes of cash denominations for withdrawal transactions. This feature means that tellers can focus more on providing excellent customer service, ensuring that each transaction is efficient and accurate.
The CashWare® solution is easy to learn, minimizing the burden of providing extensive and repetitive training to new personnel.
Provides access to vital user activity data for compliance, while keeping cash secure
With the CashWare® solution, branch managers can easily obtain essential user activity data that can help them enforce process compliance within the branch. It provides crucial security and control as cash moves throughout the bank: from teller to teller, teller to vault, and vault to teller. As a result, bank leaders can leverage the data to build a culture of accountability, reinforce training, and uncover potential issues, such as internal theft or cash leakage due to human error.
Integrates with the CashWare Advisor® reporting dashboard
Combined with the CashWare Advisor® reporting dashboard, the CashWare® solution offers users key insights and reports to improve branch network performance. With this end-to-end solution, branch managers and teller supervisors can have clear line of sight into total cash inventory by denomination, users who haven't cleared their end of day totals or devices that are offline. Regional managers and operations executives can gain access to up-to-the-minute reporting on cash recycler utilization, making it easier to uncover missing device audits or identify opportunities to relocate a recycler for effective utilization. IT executives can easily assess device performance throughout the branch network. This insight can help them maximize the usage of cash recyclers and target those with poor performance for repair or replacement.
Empower Your Branch with Cash Automation