Nedbank’s purchase of 250 NCR Teller Cash Recyclers (TCR) from Bytes Managed Solutions (Bytes MS) for R65-million is part of the bank’s move to improve customer experience through branch transformation.
Branch transformation entails the modernisation of branches to suit the needs of the 21st-century consumer. As consumer banking needs and preferences evolve with the advent of online banking, banks have made it a strategic imperative to ensure that their branches carry the latest self-service technology required to ensure a more efficient and satisfactory banking experience.
According to a 2014 McKinsey & Company report, consumers are 60% more likely to be active retail branch users than mobile or online, and consumers see these additional banking channels as complementary to the core branch channel.
However, consumers still expect higher value interactions at their bank branches and since the teller cash recycler automates cash handling by tellers at the branch, it enables them to process transactions more quickly and efficiently while offering a greater customer experience.
Ordinarily, the teller would spend considerable time counting cash received from the customer, checking for counterfeits and securing the cash in a safe. The recycler is designed to improve the productivity of the bank teller’s role by automating the acceptance, authentication and validation of bank notes and making the notes instantly available for dispensing to customers. This enables tellers to process transactions more rapidly and efficiently, giving them more time to spend on offering greater levels of service to the customer, and cross sell and upsell additional products and services, thereby offering banks an opportunity to improve revenue.
The cash recyclers provide a high level of security and can help facilitate an open-plan, modern and transformed branch environment through the removal of security glass at the teller booth. This changes the branch banking environment into a customer centric, user friendly environment thus enhancing the customer experience and improving branch based customer engagement.
Key benefits of the solution include:
* Reduction in cash deposit transaction times by up to 50% and cash dispensing transactions times by up to 40%;
* Reduction in cash exposure at the branch. Cash is stored securely as the recycler has a built-in safe with restricted access. All counting and verification is conducted inside the recycler, minimising the time that cash is exposed; and
* Superior note authentication technology from global leader Giesecke and Devrient (G&D). The use of preventative detection methods result in a significant reduction in the acceptance of counterfeit notes.
According to Alan Anderson, Bytes Managed Solutions’ Business Development Director, bank robberies are still a common threat and the acquisition by Nedbank of the cash recyclers is a powerful deterrent for criminals.
“In addition to the product improving operational efficiency at branch level, the preventative nature of the device will ensure Nedbank is less exposed to potential theft at its branches,” says Anderson.
“Used correctly in conjunction with cash management software, the devices can ensure a more productive banking experience for the customer. Additionally, with the removed bullet proof glass from in front of the tellers, the recyclers allow for a more comfortable and customer centric environment within which to transact.”
Bytes MS clinches R65m Nedbank deal
Nedbank’s purchase of 250 NCR Teller Cash Recyclers (TCR) from Bytes Managed Solutions (Bytes MS) for R65-million is part of the bank’s move improve customer experience through branch transformation.
Branch transformation entails the modernisation of branches to suit the needs of the 21st-century consumer. As consumer banking needs and preferences evolve with the advent of online banking, banks have made it a strategic imperative to ensure that their branches carry the latest self-service technology required to ensure a more efficient and satisfactory banking experience.
According to a 2014 McKinsey & Company report, consumers are 60 percent more likely to be active retail branch users than mobile or online, and consumers see these additional banking channels as complementary to the core branch channel.
However, consumers still expect higher value interactions at their bank branches and since the teller cash recycler automates cash handling by tellers at the branch, it enables them to process transactions more quickly and efficiently while offering a greater customer experience.
Ordinarily, the teller would spend considerable time counting cash received from the customer, checking for counterfeits and securing the cash in a safe. The recycler is designed to improve the productivity of the bank teller’s role by automating the acceptance, authentication and validation of bank notes and making the notes instantly available for dispensing to customers. This enables tellers to process transactions more rapidly and efficiently, giving them more time to spend on offering greater levels of service to the customer, and cross sell and upsell additional products and services, thereby offering banks an opportunity to improve revenue.
The cash recyclers provide a high level of security and can help facilitate an open-plan, modern and transformed branch environment through the removal of security glass at the teller booth. This changes the branch banking environment into a customer centric, user friendly environment thus enhancing the customer experience and improving branch based customer engagement.
Key benefits of the solution include:
* Reduction in cash deposit transaction times by up to 50% and cash dispensing transactions times by up to 40%;
* Reduction in cash exposure at the branch. Cash is stored securely as the recycler has a built-in safe with restricted access. All counting and verification is conducted inside the recycler, minimising the time that cash is exposed; and
* Superior note authentication technology from global leader Giesecke and Devrient (G&D). The use of preventative detection methods result in a significant reduction in the acceptance of counterfeit notes.
According to Alan Anderson, Bytes Managed Solutions’ Business Development Director, bank robberies are still a common threat and the acquisition by Nedbank of the cash recyclers is a powerful deterrent for criminals.
“In addition to the product improving operational efficiency at branch level, the preventative nature of the device will ensure Nedbank is less exposed to potential theft at its branches,” says Anderson.
“Used correctly in conjunction with cash management software, the devices can ensure a more productive banking experience for the customer. Additionally, with the removed bullet proof glass from in front of the tellers, the recyclers allow for a more comfortable and customer centric environment within which to transact.”