In early May, ATM Marketplace posed a very interesting question in its blog Post Covid-19: A Wake Up Call for Financial Institutions and Credit Unions.
“It’s becoming clearer that social distancing could be a matter of life and death, but how can an institution still be customer friendly while keeping staff and customers safe?”
One solution that many banks and credit unions could consider (and should consider) is outsourcing cash vault management. Early on in this COVID-19 crisis, banks saw ATM usage increase, a trend that has continued. Having a Cash-In-Transit (CIT) partner handle the cash vault management offers a bank many benefits, including the ability to essentially close a branch, but continue to service its customer through its ATMs.
Outsourcing cash vault management provides a bank with an opportunity to simultaneously improve business operations and customer relations.
After establishing a vault at the CIT’s facility, technology allows banks to remain in complete control. The off-site, centralized inventory of cash and coin is managed by the bank via a secure site and used by the CIT to then service the bank’s branches, ATMs, and even the bank’s commercial customers. Often times, banks discover that they gain efficiencies just by having access to this type of technology.
The secure site enables approved bank employees to change denominations or adjust load amounts or frequencies with a few clicks instead of several e-mail exchanges. Similarly, checking fill dates or the previous day’s activity is all done online at the bank’s convenience. Every log-in to the system provides up-to-date inventory levels, which also helps make informed decisions. The ability to instantly access information doesn’t end there. Cash vault management sites provide robust reporting capabilities.
These services are available to make your business more efficient by streamlining reporting and reducing operating costs. Customers continue to discover that our Cash Vault Services help reduce risk, improve efficiencies, and lower costs when coupled with Rochester’s ATM or Armored Transportation Services.
Improving customer relations
The relationship a customer has with its bank of choice is important. It’s the difference between them staying and going. More than ever, banks are quickly realizing that there are more benefits to outsourcing cash vault management than improved business operations. Once the logistics of cash management is eliminated, the bank is once again able to focus on its customers. Often chosen by customers for the promise of personalized services, this is especially key for regional and community banks.