MT. PROSPECT, IL (December 3, 2013) -- In order to remain competitive, financial institutions (FIs) are focusing on increasing the productivity of their employees,¹ and regardless of asset size, technology is a critical part of any FI strategy, particularly when the focus is labor savings. Choosing the right technology can have a deep impact on employee productivity, customer retention and overall profitability.
Cummins Allison, the leading innovator and provider of coin, currency, check handling solutions and ATMs, has seen an increased demand for multi-use currency processing equipment and self-service coin counting machines among FIs as they make it a priority to replace outdated equipment with highly accurate, upgradable and proven technology. These solutions not only bring important value-added services to customers, but also boost labor productivity, and therefore overall savings for the institution.
Boost Daily Customer Transactions and Obtain Added Benefits
FIs that select proven currency scanning and counting technology can replace outdated devices that are underperforming, slowing down simple tasks, and taking time away from customer interaction. Staff tasks become faster with quicker currency scanning speeds and fewer stops, while accuracy remains high as the currency processing equipment ensures incorrect and counterfeit bills are instantly detected. Utilizing these technologies does more than just boost customer service – FIs can enjoy the added benefit of saving valuable staff time and resources.
Coin counting machines that offer streamlined sorting, collection and storage can also lead to quantifiable time savings. Bin storage models eliminate the need for tellers to manage and lift several bags of coin; instead, they simply roll the bin into the vault and never touch the coin again. Choosing a coin counter with sorted-bag capacity, which sorts the individual coin denominations into separate bags, makes it easier to manage and transport coin, providing more flexibility for collection and pickup. With this streamlined operation, tellers can focus on more high-quality tasks, such as interacting with customers and even cross-selling opportunities
Reduce Labor and Increase Productivity
Outdated currency scanning and counting technology can slow down simple tasks – and stymie productivity – in the highest volume areas and at the teller window. Labor and time savings can be achieved by investing in a single device that has multiple capabilities, such as processing currency and scanning checks. While maximizing the device’s footprint, FIs can make more productive use of employees’ time – which can often lead to more high-value interactions with customers.
“With these technologies, our tellers probably have 25 or 30 percent more time back in their day to complete other tasks; they’re more efficient and productive,” said Joel Serna, teller manager, Rio Bank. “We’re also able to cut down on after-hours work and costs because the equipment ensures the vault is always in balance at the end of the day.”
Using new, highly reliable technology, virtually any branch can now process large quantities of currency in less time than ever before. Cost effective solutions like these help an FI utilize their key personnel where they are needed the most. As banks begin to earmark more funds for technology spending, it’s imperative that they evaluate where these dollars will have the most impact, and technology solutions that improve internal productivity, drive traffic, and improve the customer experience should be a high priority.
For more information on how your financial institution can benefit from advanced currency, check coin processing solutions and ATMs, visit www.cumminsallison.com.
¹ Rising to the Challenge, Productivity in Accounting and Finance Organizations, IMA Study.
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, checks and coin. We also offer a complete line of full-function automated teller machines (ATMs). Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visitwww.cumminsallison.com.