How Cash Recyclers Generate Revenue for Banks
Can a cash recycler directly increase branch revenue? Could you consider cash automation a revenue generator? In short, yes, but it really depends on your infrastructure and staff training.
Get ready for an industry buzzword: cross selling. By eliminating the mind-numbing task of counting money, your tellers will have time for quality conversations with your customers. Time to build relationships, find out what customers' needs are and focus on which products and services will help them meet those needs.
And by increasing the speed and accuracy of transactions and removing the fear of being out of balance, cash recyclers allow tellers to shift their focus from the cash to the customer.
Building revenue through cross selling is the low-hanging fruit of cash automation. Do it well and the results can be staggering. But cross selling can present some challenges since staff isn't always ready for this change. Many times, tellers were hired for one skill - their ability to count cash accurately.
These days, tellers must also be salespeople. You may discover some tellers have natural sales ability but others may need more training to hone their skills. Training goes a long way, but in the future, human resources will need to reassess the skills and traits for teller positions. So while cash automation can free tellers' time, they need to be able to effectively use that time with the customer.