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3 Tips To Realizing A Faster Cash Recycler ROI

Process ReviewDeploying cash recyclers is a monumental task. After the purchasing decision has been made, there are quite a few logistical items that need addressing. You will obviously need to determine the location of each machine, collaborate with IT to ensure smooth core software integration, and, most importantly, make sure that your staff is prepared for the new hardware.

However through the years we've learned that there are a few less obvious items that tend to get lost in the shuffle. Below are three ‘common sense' ways for your bank to get the most impact out of a cash recycler as quickly as possible.

  1. Process review. In any bank, there is a process for everything and especially if it involves cash. Whether it's related to drawer limits, vault buy/sells, or even what happens when a teller takes a break for lunch, today's branch has processes ingrained in daily operating procedures. For each scenario, your expertly trained tellers are expected to follow process and limit deviations. The problem with that expectation is that many of your processes change as soon as a recycler is installed. With each process change there is an increased chance for confusion during the initial installation period. For example, take a vault transaction. Instead of a vault event happening under dual control in the back room, it could be handled more efficiently at the recycler. This simple change directly impacts customer service, the number of employees needed at the teller line, and perhaps even your branch manager. By allowing an adequate amount of time for reviewing all internal processes prior to installation, you will be ahead of the curve.
     
  2. Stop counting money. Yes, this might seem obvious, but it's probably the most common problem we see. Prior to automation, a teller counts cash two or three times during a standard cash transaction. It's a habit that is ingrained into a teller's DNA and is one of the more difficult ones to break. DO NOT COUNT MONEY. Training your tellers and customers to trust the machine will cut down on queue lines, create better customer engagement, and will change the staffing requirements for your branch. The improved eye contact and elimination of the distractions created by counting cash will give your tellers an opportunity to build a stronger rapport with your customers.
     
  3. Review your cross selling objectives. Now is the perfect time to fine-tune your cross selling program. Eliminating cash counting functions from your teller's responsibilities will allow them to spend more time focusing on the customer to learn about their other financial needs.  But they have to be prepared for those conversations.  Waiting weeks, or even months, before transitioning your tellers to a cross selling program that is optimized for cash recycling will cost you money.

By proactively planning for the impact of a cash recycler in your branch, you will be able to quickly realize your ROI objectives. Take the time to plan accordingly and benchmark performance pre- and post- install. If you would like assistance ARCA can help. Please don't hesitate to contact one of our cash automation process experts with questions.