The Impact of Cash Recyclers on Branch Staff - The Manager Story
In this three-part series, we'll look at how cash recyclers impact people in the branch. What does cash recycling mean for branch managers, tellers and customers?
Branch managers answer to many customers: account holders, branch staff, regional managers and the corporate office. They're responsible for branch operations as well as managing and developing their staff. As if that weren't enough, they're also accountable for branch performance and profitability. Needless to say, branch managers welcome things that make their lives easier.
We've shared our thoughts on how cash recyclers improve the efficiency of cash processes in the branch. And how cash automation technology helps branches reduce costs and increase revenue. That makes recyclers a win for the c-suite. But how do they impact the people who use them every day?
Under the Microscope
Increasingly, branches (and branch managers) are under the microscope. Banks are evaluating branches to determine their value to the network. Which means regional and branch managers are under pressure to reduce costs and increase revenues.
But when manual cash processes dominate staff and budget resources, managers naturally prioritize those tasks. Their focus is on managing cash rather than people and reducing costs over increasing revenue.
For example, banks set a cash limit for each branch in order to control excess cash inventory, maintain insurability and reduce risk. Keeping cash inventory within the limit is critical, so managers allocate significant resources to it. The focus, then, is on cash limits rather than the branch's true cash needs.
Cash recyclers change the mindset from cash to customers — processes to people. They allow managers to prioritize revenue-generating efforts like cross-training, sales training and other staff development opportunities.
Advia Branch Manager, Lyndsey Wyatt, explains the benefit of having more time. “Now that we have a lot more time and use it more effectively, the teller staff, specifically, has a chance to be more well-rounded as employees. With the teller line being so busy all of the time, the cash recyclers have really given us more time to cross train our employees and give them more opportunities (for growth) within the credit union.”
Uncover Hidden Gems
A teller who struggles with balancing might have excellent people skills. But balancing mistakes can overshadow any opportunity for a manager to develop that natural skillset. Recyclers eliminate transaction and balancing errors so tellers can confidently engage customers in new ways.
Talking to customers during each transaction leads to higher referral rates and higher cross-selling revenue. “When it comes to serving our members, we really want to be able to engage in quality conversations with them. We want to provide financial advantages… find out what their needs are. In order to do that, we need to have time. Having cash recyclers in our branches provides us that opportunity. It has enabled our team to be able to move our focus away from the transaction to have better conversations with our members.” shares Nancy Loftis, Advia Credit Union.
Proactive Cash Management
Recyclers eliminate complex scheduling and artificial staffing around labor-intensive cash processes like dual control, cash transit and inventory management. By capturing important data about cash usage, they also give managers insight to estimate cash volumes and denomination needs more accurately.
It's a perfect example of recyclers shifting the mindset away from managing cash limits to managing for cash needs. Porsha Powell, Southgate Branch Manager for Advia Credit Union discusses the improvements at her branch here.
Life is Easier
In an era when branch visits are on the decline, branch employees are often the face of the bank. So they need to make the most of limited opportunities with customers. More productive, happier branch staff delivers better service customers and that makes life easier for branch managers.
Lyndsey Wyatt sums it up perfectly. “Recyclers have definitely helped me as a branch manager. I like to really focus on what makes life easier for my staff. If it's easier for them, more efficient… it's easier and more efficient for me as well. The convenience of the cash recyclers ... and just how they affect everyone in such a positive way definitely brings a smile to my face at the end of the day and makes my life a whole lot easier as well.”
In Part 2 of this series, we explore how cash recyclers change the very nature of a teller's work.