Wincor Nixdorf white paper: Eight Steps to Successful Cash Recycling

(PresseBox) ( Paderborn, )
Demand for 24/7 access to cash remains high despite growth in non-cash payments. This not only creates opportunities for financial institutions to strengthen customer trust but also creates challenges to provide such services cost efficiently. Cash recycling systems (CRS) can help lower branch operating costs through greater cash management automation and at the same time improve customer experience through advanced services.

Wincor Nixdorf, in collaboration with ATMmarketplace.com, has published a new white paper, “Eight Steps to Successful Cash Recycling,” which offers valuable insight into planning and implementing recycling technology.

The paper draws on Wincor Nixdorf’s industry expertise and trusted experience in introducing and deploying CRS systems in the banking sector, providing guidance on how financial institutions can take cash automation to the next level.

A crucial first step is to define the business case, which requires a per-branch location analysis. How many deposits can and cannot be done as self-service transactions? Should cash recycling systems add to existing services or serve as an alternative to some existing counters or ATMs?

Since the handling and accounting of banknotes in circulation is generally regulated by a country’s central bank, financial institutions need to carefully analyze local central bank requirements before introducing recycling. Varying criteria on the frequency of deposited denominations, on the currencies and denominations planned for recycling cassettes and on the CRS locations require efficient configuration.

Introducing CRS affects the daily operations of banks’ branch and self-service networks, requiring close involvement from staff, IT teams and cash-in-transit providers. By automating the handling of cash routine tasks can be processed more efficiently, which not only provides customers with a quick and effective service but frees up staff to focus on offering enhanced services to their customers.

These are just a few of the steps described in the Wincor Nixdorf CRS white paper, which provides many useful tips in mastering the migration process to cash recycling.

The paper also highlights the many benefits of using cash recyclers for financial institutions. For instance, cash recycling lowers operational costs through reduced cash-handling operations in branches and cash centers and through lower cash inventory. Cost savings can also be achieved through the reduction in CIT visits as well as by reducing or eliminating the need for night safes and counter security areas.

Numerous financial institutions are already embracing cash recycling technology, with many more now planning to make the move. According to RBR’s “Deposit Automation and Recycling 2014” report, automated deposit ATMs (including recycling ATMs) will account for 42% of total ATMs worldwide by 2019, and automated deposit ATMs will grow at a CAGR of 11% between 2014 and 2019.

The Wincor Nixdorf white paper “Eight Steps to Successful Cash Recycling” can be downloaded here: info.wincormarketing.co.uk/WhitePaper_ATMMarketplace_Cash_Recycling.html

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