Today, when a consumer wants to transfer money to someone else, they frequently hop onto an app or service like Zelle®, Paypal or Alipay to move their cash instantly. But many others still head to one of their financial institution’s branches to manage their transactions including deposit/withdrawal, transferring money, especially in large amounts, or complex transfers. That’s because the branch is a physical endpoint that turns financial instruments like checks, money drafts and wire transfers into money.
The branch facilitates a cash network putting money into their customers’ personal and business banking accounts so they can use it for paying bills, money orders, buying foreign currency, or loading a prepaid card among other needs.
In this article, we’ll shed some light on how financial institutions can improve managing physical money movement and minimize the complexity and cost of it as they look to right-size their branch networks.