MOUNT PROSPECT, IL (December 15, 2014) -- Data breaches at major retailers were the topic of much conversation and controversy this year. There were over 500 data breaches in 2014 and 75 million data records were exposes, translating into a growing concern about credit and debit card security.1 These concerns may lead consumers to rely more heavily on cash and checks for their purchases.
Cummins Allison, a leading innovator of coin, currency and check processing technology, as well as ATM solutions, discusses how investment in the right branch automation technology can help financial institutions (FIs) accurately and efficiently process these low-tech payment forms.
Cash Transactions Lead to Opportunities for FIs
As retailers ramp up their cash-office operations to handle an increase in cash and check payments, FIs must follow suit. With the right technology in place, large volume cash and check deposits from commercial customers can be quickly and efficiently processed on the same machine. And investing in high-quality cash and check scanners is one of the easiest ways to positively impact branch automation. With these systems in place, tasks that usually take hours can be completed in a matter of minutes.
FIs can also leverage a potential increase in branch traffic by offering value-added in-branch services like self-service coin machines. These machines can benefit both retail and commercial clients, making it easy to process large volumes of collected coin without waiting in teller lines. Many of today’s self-service coin machines can be customized with features that make them more engaging, such as enabling customers to make deposits directly into their checking or savings account or opt to get a portion back, while depositing the rest.
Preparing for October 2015 EMV Compliance
Although cash is the most trusted and secure form of payment, the global standard for interoperation of integrated circuit cards, also known as EMV, is poised to level the secure payments playing field for credit cards. Financial institutions are expected to adopt EMV microchip technology for new cards by October 2015.
For many, this will include ensuring that all branches are equipped with EMV-compliant ATMs. Financial institutions can benefit from making an early investment in ATMs that are EMV-capable. These machines are already equipped with the proper hardware features, allowing FIs to make the transition to EMV software at their own pace. This capability is an advantage in the long run, providing FIs with the ability to improve their overall services without incurring unnecessarily large upgrade costs.
Whether it’s through advanced cash and check processing, customer-centric self-service coin redemption or next-generation ATMs, FIs must invest in technology that creates an enhanced and secure in-branch experience. Not only will these solutions boost productivity and customer service, but ensure branches are prepared for changes in customer behaviors now and into the future.
For more information on how check, currency and coin processing technology can transform your branch and improve customer service, visit www.cumminsallison.com.
1 Stopthedatabreaches.com, “Data Breaches are a Big Problem”. CUNA Advocacy Group.
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.