The Future of Cash Management Technology - Brink's Latvia
The Future of Cash Management Technology
22 Apr 2020
With cash continuing to be a preferred payment method for consumers of all ages, cash-handling technology is constantly evolving for the future. As a result, both retailers and banks are always looking to invest in new services and devices to meet the needs of their customers more efficiently.
With the development of more advanced cash technologies, organisations across all industries can provide personalised experiences and faster transactions for their customers.
Looking Ahead to the Future
As more organisations strive to provide a modern experience for their customers, staying informed of the latest trends and technologies is critical.
Check out three areas of cash management technology to keep on your radar this year:
As the demand for cash remains prevalent, banks and financial institutions are investing in ATM upgrades. Some new features include:
More banks are transitioning to cash machines that allow customers to access their personal accounts with a mobile phone rather than an ATM card. Cardless machines add convenience for their customers as they never have to worry about losing their card or forgetting their PIN, and it can expedite the ATM transaction.
Additionally, cardless ATMs are more secure than traditional ATMs with the growing prevalence of card skimmers. Now with an extra layer of security, customers have peace of mind and can trust their bank is protecting their personal and financial data.
Another addition to the cardless technologies is the use of biometric authentication. These machines are able to learn consumer preferences based on past transactions and then provide tailored services. Most recently, Samsung and Diebold collaborated to develop an ATM and mobile app that lets customers make transactions using their smartphones and facial recognition for authentication.
Some biometric ATMs remove the need for the customer to use a card or mobile device entirely. Instead, the ATM uses the customer’s physical attributes, such as their fingerprint, iris, or face, to access into their account. ATMs that use biometrics are able to offer a higher degree of customer convenience and security.
Interactive Teller Machines (ITMs)
More community banks are making the switch to ITMs. While ITMs are similar to traditional ATMs, they include video conferencing technology that connects consumers directly to a live cashier.
Branches that implement ITMs are able to expand their footprint without the expensive infrastructure or staffing costs. They can provide their customers with greater service and convenience by extending personalised, “face-to-face” service past the standard business hours.
Additionally, customers are able to experience immediate credit to their account when making deposits to ITMs – whereas deposits processed in a standard ATM can take a few days to hit the customer’s account.
Cash Tracking and Reporting
In today’s mobile environment, businesses and financial institutions have a greater need to manage their cash from anywhere, on any device. A few recent updates include:
The advancement of cloud-based reporting platforms now enables companies to gain real-time visibility to let them optimise and process transactions anywhere in the world. Storing data in a centralised location enables organisations to view their cash-related data on demand, from any device that can connect to the internet.
Smart safes and recycler developers are also turning their attention to focus on what data the safe can produce and make available for the customer, rather than the actual security features. The data-driven analytics are tailored to provide customers clear KPIs and greater cash visibility throughout the business day, and improve cloud-based portals for store managers and business owners.
When organisations have access to the latest data, they’re able to make smart and relevant business decisions. When businesses only have access to out-of-date information, they’re unable to make efficient cash flow forecasts.
Artificial Intelligence (AI)
As customers become more tech-savvy and digitally connected, organisations must invest to meet and support the new modes of engagement. AI can assist with:
Data Mining Capabilities
Through intelligent automation, organisations can expose and use enterprise data that is traditionally stored in complex core systems. With more enhanced data analytics, retailers and banks are able to tailor services and experiences to individual customers rather than targeting large general groups of consumers.
Businesses in all industries can maximise their operational performance and customer satisfaction using key insights pulled from the data.
Interactive Chat Bots
Leveraging AI can help automate repetitive tasks and potentially improve customer service. As more businesses and banks offer real-time chat bots, customers are able to receive assistance on questions immediately and conveniently any time of the day. This also saves store and bank employees' time, and lets them reallocate their energy to more complex enquiries or tasks.
When businesses implement AI solutions, the automated technology can perform the minute, smaller tasks that typically pull critical time away from employees – increasing the organisation’s efficiency and maintaining strong customer service.
As the competitive pressures and rising expectations of customers continue to grow, more organisations are turning to technology solutions to provide enhanced security and added convenience. In addition, with consumers' strong preference for cash, organisations are also looking for technologies that can better protect their bottom line and service their customers. In the coming year, we’ll continue to see more technologies developing that focus on providing a modern digital experience to customers and tailoring services specifically to individuals.
Entrust Your Cash Management to Brink’s (CTA)
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