Necessity might be the mother of invention, but Teller Cash Recyclers (TCRs) are the magic behind your financial institution’s branch transformation, especially when integrated with your branch’s core banking technologies.
If you’re not familiar with TCRs, they are basically cash storage units that automate the cash cycle by accepting, counting, storing, and dispensing notes. They also authenticate notes, perform vault transactions, and provide automated cash audits. Praised for their efficiency and time savings, TCRs are now utilized in at least 30% of U.S. branches nationwide—and this trend is sure to continue.
Does this information make you want to put some magic into your branch operations?
No need for a wand… CFM can help you get started with TCRs and find integration solutions that fit your goals and objectives.
Here are some of the best TCR tricks we know:
Without TCRs, tellers and associates spend a lot of time counting cash. Typical counting actions include start-of-day, withdrawals, deposits, refilling ATMs, auditing, end-of-day, and more. That said, it can take 45 to 60 seconds for an associate to manually count cash before giving it to the client.
When a TCR is used, cash dispense time is lowered to an average of 8 seconds per transaction. So, if an associate has 60 cash clients per day, a TCR can save the associate up to 1 hour of counting time (60 clients x 1 minute=1 hour). The associate can then use that hour to develop the client-associate relationship, cross-sell products, and provide other valuable services.
The time savings don’t stop at cash-dispensing time either! Consider vault transactions. With TCRs, your associates can eliminate dual-person authentications because TCRs do the counting and verifying; this saves 5 to 10 minutes per transaction. So, for every 4 associates, 1 to 2 hours can be saved per day.
When you look at the big picture, it’s possible to save on FTE and reduce staff when time savings from TCR implementations are considered; a magic trick everyone can appreciate.
Want to see how much you can save? Use this ROI calculator:
While operating TCRs within a traditional banking model is entirely feasible, their functionality really shines when they’re allowed to lead an advisory-based model. And this is where the Universal Associate (UA) Model can be initiated.
Universal Associates are employees who are cross-trained to perform a variety of banking services in a more personalized, seamless fashion—from dispensing cash and opening accounts to accepting loan applications and performing account service activities. Switching to a UA Model means you’re converting to an open branch design where workstations and TCRs are paired and then placed throughout the service area.
With an open branch design, Universal Associates can easily cross between workstations as needed, making staffing more flexible. In addition, since TCRs make cash drawer changeouts unnecessary, you can have anyone open a shift, cover a lunch, or close a shift. Clients can enter the lobby area and talk to anyone while the TCR does all the footwork.
As the old adage says, “Out of sight, out of mind.” This maxim truly applies when TCRs are used as cash handling solutions in financial institutions. A TCR essentially replaces the cash drawer at a teller workstation—so aside of the money received and dispensed during a client transaction—no cash is out in the open. As a result, the probability of theft is lowered. And because TCRs can function as 24-7 vaults, end-of-day cash does not have to be removed and taken to the branch’s main vault.
Besides concealing cash, TCRs can interact directly with a financial institution’s alarm system. An alarm trigger can be programmed to release a set amount of cash in the event of a robbery, which can get a thief out of your location and away from clients … or buy time until police officers can arrive.
Your financial institution’s core technology is going to be the determining factor in how well TCRs can help streamline your branch operations. There are three types of workflow solutions you can deploy (each with varying degrees of functionality and cost), depending on your level of technology integration:
Standalone Integration-The client approaches an associate for a transaction, the associate adds information into a teller application, and then adds information into the TCR to complete the transaction. Both the TCR and the teller application must be balanced each day. Not much of a time saver, but better than nothing.
Soft Integration (Screen Scraping)-The client approaches an associate for a transaction, the associate adds information into a teller application, and then the soft integration sends information from the teller application to the core. A command is sent to the TCR and the transaction gets completed. End-of-day reports must still be pulled and balanced. Saves more time than a Standalone solution, but not quite A-game.
Direct Integration-The client approaches an associate for a transaction, the associate inputs the information into a single, CFM-integrated interface, the interface communicates with the TCR, and the transaction gets completed. No balancing thanks to real-time posting! It’s like magic!
Beyond these integrations, CFM offers a variety of technology solutions that can further your TCR capacities and maximize your ROI. For example, a handheld device called RTA can send cash transaction requests to a TCR from anywhere in the branch; a tablet-based solution called Nomadix can process cash and non-cash bank transactions in a similar fashion. Both solutions reduce client wait time and speed up transactions, giving staff more time to interact with clients and create a positive in-house experience.
Are you ready to see how TCRs can help you work more magic in your bank or credit union? Contact CFM anytime for a no-obligation assessment. We will determine how your current technologies and operating model can work with TCRs, what you can add within your budget and timeframes, and how to roll out a successful implementation.
