Cash Recycling Is The Wave Of Future In The ATM Industry
Thanks to the recent ATMIA U.S. conference, we know that the ATM Industry is changing and technology is becoming more advanced than ever before. Unlike a few years ago when the average ATM machine just dispensed cash, today's ATM machines offer a wide variety of services and resources including being cash recyclers. In this article, we will break down cash recycling and provide you with insight into how it’s changing the financial industry and more.
What Is Cash Recycling? How Does It Work?
If you're unfamiliar with the term “cash recycling”, this machine takes deposits from the average retail bank customer, counts the funds, sorts the money, and then reuses the money for cash withdrawals. Thanks to the use of cash recycler ATM machines, teller efficiency in banks has actually gone up because the average teller doesn't have to handle large deposits as they may have in the past. What's even better is that because the ATM can count and reuse the funds, this has also reduced the number of armed security visits that most ATM machines would have required in the past when large batches of cash were removed from a machine. Yes, cash recycling ATM’s help to improve teller efficiency, and the overall customer experience in a bank as well since the average teller does not have to deal with as many deposits as they did in the past. With this technology, bank tellers can focus more on helping consumers with their financial needs including opening accounts and offering more services that will lead to the bank’s financial growth.
Who Are The Major Players In The Cash Recycling Industry? Cash recycling is certainly the future of the business world because the average business owner operates at a 24-7 pace and wants to have the flexibility to conduct their financial transactions whenever they want. With a cash recycling ATM machine, a business owner can conduct their financial transactions at their own pace, on their own time, without having to race to the bank to make their deposits or withdrawals before the bank closes, as they may have in the past.
As with any new industry, cash recycling has created major opportunities for companies to grow. Some of the biggest players in the industry now include ATEC, ARMCA, and Hyosung. Cash Recycling ATM’s Help Business Owners and Banks Besides benefiting more local business owners, cash recycling ATM machines are also helping banks across the United States to lower their labor costs. At the ATMIA conference, Five Star, a credit union based in Georgia and Alabama confirmed that they were able to convert roughly 75% of their branch transactions to cash recycling ATMs or drive-through ITM technology. this move has saved their credit union roughly $240,000 a year in labor costs. It’s likely that as more banks become aware of the Five Star Credit Union success story, we could see many more banks across the United States convert their branches to cash recycling, drive-through ATMs, to cut down on their labor costs, while also benefitting local businesses as well.