Cash handling is a core part of a bank’s branch operations. But all the counting, recounting, checks, transit, security and other factors make it a draining task for tellers. So, it’s no surprise that finding ways to automate cash handling at self-service is key to driving important efficiency savings and boosting security.
While some may argue that rising digital transactions mean cash use is becoming obsolete, that's far from the reality. There’s still an important role for cash—whether it’s providing consumers with a simple means of payment, serving cash-heavy countries like Germany and India or providing critical access to a form of payment for underbanked populations.
The pandemic has had an interesting impact on cash trends, too. While the number of cash transactions at the ATM fell by around 60 percent in some countries, withdrawal amounts increased. And now, as the pandemic continues to dip and spike, so do cash banking patterns, increasing the complexity and costs of managing cash and ensuring customers have access to it at all times.
This is where the benefits of cash recycling really come into play, enabling deposited cash to be reused for cash withdrawals (once it’s gone through internal bill validation to ensure no counterfeits or unfit notes reenter circulation).
That’s why financial institutions (FIs) in various parts of the world are using ATMs with cash recycling capabilities, easing the costs associated with their branch management. It’s also why cash recycling is expected to see significant growth in the coming years.