Cash Office Technology
The cost of cash management is increasing due to upward pressure on wages and plateauing or declining cash transactions in many sectors. Businesses are looking to implement technology in a drive to increase efficiency and keep costs down. Our consultants can guide you through the challenges and help you select the right solution for your needs. Taking an independent approach means we can provide you with the best possible advice.
Quantifying the potential benefits through your network is critical for establishing a business case. Qualifying the feasibility and relevant impact of these benefits is essential.
Impacts of the technology on your supply chain need to be included in the business case. Changes to Cash in Transit costs, banking or processing fees, or the need for additional services can all have an impact.
Some technologies are customer facing – others only interact with staff – but the decision to use technology will have an impact on your customers’ experience if only from changes to internal processes or resource levels. This should always be considered.
Technologies range in type from simple note deposit solutions through to note and coin recyclers, and further to fully automated cash offices or cash recycling ATMs. Each business and location within a network will have different requirements and one solution may not fit all.
Providers and Operating Models
Depending on the technology considered, products are available through a range of providers and operating models including the Cash in Transit companies, banks, distributors, as well as direct from the manufacturers. Understanding the different options and how they may impact your business, other cost centres and long-term contractual relationships is key to success.