Financial institutions using TCRs and Jack Henry bank cores have potential data insights & operational efficiencies that are simply begging to be unlocked. Here are five high-value advantages that await Jack Henry core users who implement CFM integrations & solutions.
You know your branch expenses and you know you need to cut them down, but how? Well, how much money would you save if each of your tellers could finish their end-of-day duties and be out the door 30 minutes earlier?
Let’s say you pay, on average, $25 per employee per hour, with two tellers & one branch manager closing out daily across ten branches. So, if you can cut the cost of paying three employees for 30 minutes to close out ten branch locations, you save $375 a day! And with 260 business days minus 11 US federal holidays in a year, we can multiply that $375 by 249 days to find that you would save $93,375 by implementing just one of CFM’s software integrations for a year.
And with happier staff that work fewer hours and get home earlier each day, employee retention rates will likely rise while staffing costs drop (which can cost $4000-$5000 per new hire1). Furthermore, with more efficient banking transactions & staff within the branch, you will also find opportunities to cut back on employee hours as needed.
The shift to a universal banker model is well on its way to becoming the norm for many financial institutions. It provides a better client experience and allows for more successful transitions to advisory conversations leading to new revenue. So, making this experience pleasant & easily adoptable by staff and clients alike is crucial to achieving your ideal outcome. And it’s not about changing the tech infrastructure you’ve built, but instead fully integrating and upgrading your software to unlock new service possibilities and decrease costly inefficiencies.
Appropriately cross-training staff on both transactional and advisory banking capabilities is the most crucial piece of this transition. However, the next step is to equip staff with the tech needed to simplify and streamline your ideal execution with real clients. Many banks and credit unions use portable pin pads to help clients. And that is definitely a step in the right direction, but without CFM, you miss out on diminished end-of-day balancing, genuine real-time posting, and smooth transitions to advisory and sales-generating conversations.
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For next-level service, imagine entering a branch with someone greeting you at the door, tablet in hand, ready to help you with any transaction you need to be done. What could have been a 15-20 minute purely transactional trip, due to teller lines and unequipped staff, evolves into a 10-minute pit stop that explores loan rates as well.
Tablet-based banking is the very near future of banking. It not only eliminates teller lines; but also provides better service and more time to talk about revenue-generating activities while completing a client’s transactional requests. Pair that with Teller Cash Recyclers (TCRs), and you are well on your way to achieving clients’ pressing demands for a modern banking experience.
As of 2022, 75% of financial institutions currently implement TCRs in their branches. These help FIs keep lower cash reserves within a branch while also providing better security, more efficient & accurate transactions, and invaluable data (when integrated through CFM).
CFM’s iQ gives you comprehensive real-time analytics on all of your TCRs. We could confuse you with a difficult-to-follow paragraph listing what capabilities this robust analytics dashboard can provide you, but bullet points should prove to be the best way to present all its perks:
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Did you even know you could get that much information on your TCR investments? With CFM, that’s not just possible; it’s our standard.
You can modernize your banking experience without a full-blown tech remodel. Give your customers a choice in how they operate in your branch. Assuming you have already broken free from the dreaded queue rope (it’s okay if you haven’t, this is a safe space), there are so many options to go from a passable customer experience to an exceptional customer experience. For example, a customer coming in for a simple transaction may want to self-serve rather than wait around for a universal banker. This is a win-win since it stops your universal associates from being stuck doing low-value transactions.
Now, what if that same customer decides they actually do need some help from a banker mid-transaction? Well, a tablet-based universal associate can easily take over their transaction and move the customer to another workstation to free up your self-service kiosk. And just like that, the customer is engaged in an advisory conversation with your well-trained Universal banker.
Level up full, assisted, and self-service options with CFM– and no, you DO NOT need a specific core, brand/make of TCR, or a free wish from a genie to achieve integration with your current core. Instead, using S4+NORM gives you a universal driver to integrate your Jack Henry core with any TCR makes and models.
Through CFM, you can break free from the chains of workstations and shift to thinner, cloud-based environments.
It is highly unlikely that your current integration assets don’t enable you to use transit cassettes and self-audits. The most significant benefit of cassette-based TCRs is the avoided armored carrier expenses associated with replenishing funds in your ATMs & ITMs. This allows a single employee to take cash from a TCR straight to a self-service machine to add funds on their own, as the technology provides dual-control security. They can also give you the advantage of accessing cash quickly and safely when experiencing weather or machine-related issues.
And with self-audit-capable TCRs, there is no need for the heightened security risk involved in removing all the cash within a TCR, then counting or running it through another TCR. And saving valuable employee time (sometimes hours) and abilities can be better leveraged elsewhere in the branch. Another cost-effective perk enjoyed by those FIs integrated through CFM.
With all features at the forefront of technological advances and trends in the banking industry, you can trust that CFM will integrate with the latest developments and stay on the cutting edge of banking innovation.
CFM supports its partners with the best service in the industry. Our call support team ensures no one gets escalated three times before their questions are answered. You will have your issues resolved accurately and rapidly to enjoy a 99.8% uptime rate. Yeah, that’s unreal, huh?
CFM is THE BEST banking software integrator in the banking industry. If you don’t love your current tech, processes, and branch costs, make a call you’ll never regret making. Let’s talk.
1) https://www.glassdoor.com/employers/blog/calculate-cost-per-hire/
https://www.reuters.com/markets/us/big-us-banks-see-higher-expenses-workers-rising-wages-2022-01-19/
https://www.bls.gov/oes/current/oes433071.htm
