By : Lisa Kellermeyer
May 04, 2017 08:00 AM
It goes without saying that efficient performance across your ATM network is absolutely vital if you want to achieve high standards of customer experience and operational efficiency throughout your business as a whole.
For most banks, the ATM estate is the most highly valuable customer-facing asset. On the consumer side, 50 years of ATMs and consistent performance have resulted in expectations for universal availability and reliability.
One of the key processes involved in managing an extensive ATM network is reconciling transactions and cash - ensuring that the data you receive from your ATMs matches the physical movement of cash in and out of those machines. This process brings a number of manual challenges that a comprehensive solution like NCR Reconciliation can help your business overcome.
Why cash and transaction balancing is so important
Customer experience is a critical barometer of performance in the retail banking industry. Therefore, efficient cash and transaction balancing is a must. If a customer comes forward with a complaint that they received the wrong amount of cash in an ATM withdrawal, the bank should have the ability to find and analyze the relevant data quickly and accurately.
Taking a long time to get back to a customer on an issue like this - and in a worst-case scenario coming back with inaccurate information - will reflect poorly on your brand and could result in the customer taking their business elsewhere.
Similarly, you need accurate, easily accessible data to ensure that your ATMs are receiving the right amount of cash from replenishment suppliers. If the amount of cash your vendor was supposed to deliver doesn't tally up with the amount of physical currency in your machines, you will need an efficient tool to reconcile that discrepancy. This is one of several benefits to be gained from having complete visibility into the movement of cash throughout your network.
Current challenges and how NCR Reconciliation can help
For many banks, one of the biggest drawbacks of traditional cash and transaction balancing is that it is very much still a manual process. Despite the range of technologies available today, there is a heavy reliance on members of staff manually working their way through large amounts of complex data to spot discrepancies.
This has some obvious disadvantages, one of the biggest being the cost required to have back-office teams focused on reconciliation processing. Then there is the very real danger of human error and delays, which can lead to longer response times and a negative customer experience.
NCR Reconciliation solves these problems by automating cash and transaction balancing across your ATM estate. It gives you unrivalled visibility into cash balances and transactions by drawing on data from a wide range of sources, such as ATM electronic journal logs, bank ledger accounts, cash vendor reports and more.
Rather than painstakingly making their way through reams of information, your staff will be given direct reports of unreconciled transactions, freeing up their time to focus on researching and resolving the problems. Processes that took a team of individuals days to manage can be completed by NCR Reconciliation in a matter of hours.
Making this process a part of your wider channel management efforts can help you to achieve that wonderful but sometimes elusive outcome banks so often strive for - greater efficiency and lower costs for the business, and a better experience for the customer.