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With the aim of improving customer experience, banks are also adapting to the changing culture of their customers, who are becoming more familiar with technological advancements.
According to data from Statista, although the penetration of smartphone usage in Indonesia is still at 27%, it is expected to steadily rise with broader internet access.
Furthermore, in this year of 2020, the world is facing the challenge of the COVID-19 pandemic, leading to reduced physical activities and an increased need for alternative technology-based communication.
Current Challenges in Banking Industry
The evolving behaviors and lifestyles of people have driven various businesses, including the banking industry, to undergo transformation, particularly through digital branch transformation.
Digital branch transformation has been one of the most discussed topics in recent years.
The rapid advancement of technology has opened up new possibilities for banking services, such as the transfer of various services to self-service areas and the automation of services through sophisticated machines.
However, the banks still face a unique challenge.
On one hand, millennials and Generation Z customers are increasingly accustomed to and dependent on technology. On the other hand, banks still serve senior customers who, even though they use smartphones, may prefer face-to-face interactions and assistance.
Aside from customers’ preference issue, some services also require staff verification, making them unsuitable for full digital processing, such as large cash deposits.
Cash Deposits at Banks
“But aren’t there cash deposit ATMs available now?”
Source: www.mediakonsumen.com
You might ask this question, and indeed, cash deposit ATMs have been present in various ATM outlets for some time.
However, what you might not realize is that the cash deposit ATMs you see or use have limitations, such as deposit amount limits, accepted banknote denominations, and the fitness level of banknote that can be deposited.
So, can cash deposit ATMs replace the role of tellers in cash deposit services?
The answer is a definite no.
Cash deposit ATMs can handle small deposits with a good banknote fitness level, like when your child wants to deposit money received during festivals or occasions using fresh, new, and crisp notes.
However, what if you are a business owner with a building supplies store, who receives cash payments in various denominations and conditions every day? Some notes are new, while others are old, torn, dirty, or even washed; some might be in denominations of Rp 100,000 mixed with Rp 5,000 and Rp 2,000 notes.
In such cases, these business owners usually deposit their sales proceeds through tellers rather than cash deposit ATMs. That’s why the role of tellers remains crucial, even as the banks shift to digital technology utilization.
Source: www.semarang.bisnis.com
Technology cannot completely replace human roles, especially in terms of verification and flexibility.
However, the role and performance of tellers can be improved to create a better customer experience.
Advantages of Teller Cash Recycler and How It Differs from Cash Deposit ATMs
To address these challenges, cash processing technology experts developed cash recycling technology integrated into a teller cash recycler machine.
What is a teller cash recycler?
A teller cash recycler is a deposit and withdrawal machine specifically designed to assist tellers.
Although it has a similar function as cash deposit ATMs, a teller cash recycler has different objectives and capabilities.
The teller cash recycler is designed to be placed at teller counters (not in self-service areas) to help automate deposit and withdrawal transactions for customers.
In short, the teller cash recycler automates the counting, authentication, sorting, storage, and digital balancing processes, eliminating the need for tellers to handle money manually.
How is Teller Cash Recycler Different from Cash Deposit ATMs
To understand why teller cash recyclers were developed despite the presence of cash deposit ATMs, let’s discuss the advantages of teller cash recyclers:
1. Accepts All Types of Banknotes
As mentioned earlier, cash deposits are not limited to new and large denomination notes; they can also consist of worn-out and small denomination notes.
Regardless of the denomination and condition of the banknotes, teller cash recyclers can accept and process them accurately and without any issue.
Source: www.carapandang.com
2. Faster Transaction Processing
Have you ever used a cash deposit ATM? Cash deposit ATMs have enclosed hoppers (where money is placed) since these machines are meant for self-service use.
When depositing a large amount of money, cash deposit ATMs process the money in multiple steps.
In contrast, teller cash recyclers come with open hoppers, allowing you to place all your money on top of the hopper, and the machine will continuously process the money, significantly reducing processing time.
Source: Glory Case Study, Isbank.
3. Secure Verification
Some transactions still require verification, such as large amounts of withdrawals.
ATMs typically have withdrawal limits; for example, basic cards may only withdraw a maximum of Rp 10,000,000, while premium cards may withdraw up to Rp 25,000,000, and so on.
Although the specific limits may vary depending on policies, banks impose these restrictions for security purposes to minimize potential losses in case of criminal activities (fraud).
But what if you need to withdraw more than the card’s limit?
This is where tellers and their services take part.
Assisted by teller cash recyclers, tellers can process large amounts of withdrawals (and deposits) in various denominations quickly and efficiently, ensuring a smooth and secure transaction.
Furthermore, teller cash recyclers are equipped with authentication sensors to detect counterfeit money, ensuring transaction accuracy and safety.
4. Convenient Transactions
During the COVID-19 pandemic, services must continue to run optimally despite the risk of transmission being present everywhere.
Tellers, as front-line service providers, interact with many customers daily, exposing themselves to a high risk of contracting COVID-19 from customers and the used money.
Teller cash recyclers can be implemented in self-service mode (while still located at teller counters) to enable customers to perform transactions independently. As a result, tellers only need to monitor or verify transactions.
This way, tellers no longer need to handle money directly, promoting physical distancing between tellers and customers during transactions.
In Conclusion…
The broad advantages and benefits of teller cash recyclers have made them a critical element in the transformation of digital bank branches.
We understand that tellers are still necessary, at least until technology provides more advanced verification systems or more flexible deposit and withdrawal solutions.
Therefore, the ideal digital branch today does not eliminate conventional services but updates them through integration with technology.
This aims to enhance operational efficiency in branches while creating a better customer experience.
And teller cash recyclers can help you achieve just that!
Read more here about how teller cash recyclers can support digital branch transformation..
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