Operations and customer service.
Banks and credit unions are continuously striving to improve both of these areas. In fact, many within the industry are now using this time to reevaluate both operations and customer service and the link between the two. The tricky part is how to do both at the same time. How do banks make operations more efficient and reduce costs while simultaneously investing in key personnel to be more available to better serve customers?
Add in these unusual times where the safety of both employees and customers is paramount and the answer to the question becomes even more convoluted.
However, there is an easy solution that many banks, especially community ones, overlook. Outsourcing cash vault management. Outsourcing cash vault management may be the very link between operations and customer service that banks are missing.
Outsourcing Cash Vault Management and Operations
Too often the response to the word “outsourcing” is that it will be just another line item on the budget. Instead the focus should be on the potential cost savings that come through new efficiencies and reduced risk.
One Rochester Cash Vault Services customer was able to eliminate 1.5 FTE’s within its cash vault department. Additionally, the bank eliminated another .5 FTE when it reworked some of those employees’ responsibilities and moved them to more customer-oriented positions.
Most banks also experience an efficiency boost because ordering, reporting, and balancing, tasks that used to take hours, now take just minutes using an online web application. The online web application that Rochester in particular uses is equipped with robust reporting tools that give the bank more information in a more organized format in just minutes, helping them make more informed decisions.
The reduction in risk is invaluable. By outsourcing, banks no longer need to send out staff to balance, load currency, or repair ATMS. Not to mention, being able to maintain an off-site inventory also improves safety.
Outsourcing Cash Vault Management and Customer Service
Every operational win that banks experience by outsourcing also is a win for the customer service side. The ultimate outcome is that employees that could be serving customers are no longer spending time counting and verifying cash. This is especially important for community banks, often chosen for their commitment to personal service. By refocusing employees’ time and energy, the banks are able to move in a direction that showcases service and personal relationships.