Cash automation is the often-overlooked key to financial institution's success

According to a 2021 report from the Federal Reserve Bank of San Francisco’s Diary of Consumer Payment Choice, American consumers still use cash for 26% of all payments and for nearly 47% of payments under $10.

Furthermore, the report notes, “A majority of consumers continued to increase the amount of cash they are carrying and/or storing, while nearly 80% of respondents who made in-person purchases did not indicate that they were avoiding or averse to using cash during the COVID-19 pandemic.”

Most FI leaders would agree these findings underscore the notion that cash management and cash automation in the branch should remain a priority. However, the challenge for FIs is ensuring their staff can handle and manage cash more efficiently while also focusing on the overall customer experience. Enter: Cash automation, the tool that offers FIs the ability to optimize operations, collect data and forecast better — helping not only the direct handling of cash in the retail banking environment but also the FI’s overall profitability. ...

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Source: FinLedger