Banks, Credit Union’s, and Caisse Poulaires, commonly referred to as FI’s (Financial Institutions), face similar challenges when it comes to the day-to-day task of counting and processing money in their branches. Embracing and leveraging the use of technology is a common way to improve efficiency, save time, and make routine tasks a little simpler. These technological improvements have been happening for millennia, in fact ever since the invention of the wheel, mankind has been looking for ways to make life easier. In today’s 21st century World, it makes even more sense to leverage technology. Since 2011, when the first polymer bill was introduced by the Bank of Canada, counting money became a more complex task. Whether counting bills by hand or with a friction type currency counter, both methods became more time consuming and in a lot of cases, less accurate. Hand counting a mix of paper and polymer bills is more time consuming, the feel of paper and polymer is different and so bills tend to stick to each other more. Currency counting machines were introduced back in the 1970’s and only had to deal with paper bills. Roll the clock forward 40 years, currency counter technology (LED sensor technology) hasn’t changed but now these machines have to deal with a mix of paper and polymer bills, and in some branches, foreign currencies such as U.S and Euro’s.
The technological differences between currency counters and Currency Discrimination counters could be likened to the differences between dot matrix printers and laser printers, or between old mechanical adding machines and calculators. All good products in their day.
The 21st century calls for 21st century ways of doing business and counting money should be no exception. The use of Currency Discrimination counters, increases efficiency, productivity, lower operation costs, and are more cost effective in the long term.
Currency Discriminator’s Function
By scanning and identifying the image of each denomination, Currency Discrimination counters automatically add the total dollar value of the stack being counted. Currency Discrimination counters are able to count mixed denominations and different currencies (U.S, Euro, and many more). The relative small footprint allows these devices to be utilized as a front counter, or back office device.
The following are just some of the many Currency Discrimination counter benefits:
Enhancing Productivity and Efficiency
Currency Discrimination counters save a tremendous amount of time counting bills while ensuring an accurate count is achieved. It can help sort bills by denomination and ensure the value of money being deposited is correct.
Improving Customer Engagement
Faster more accurate processing of commercial deposits will improve customer relations, enhance the branch experience, and provide the tools necessary to do the job. With less time being spent on the process of counting cash, more time is allocated to focus on building relationships with key customers or acquiring new ones. This also means, customers will spend less time waiting in lines, improving their overall experience at the branch.
Reducing Labor costs and Overhead
With labor costs on the rise, your associates time is better spent elsewhere rather than manually counting and recounting cash. Currency Discrimination counters also provide network integration and can reduce or eliminate the need to manually post transactions. Less keystrokes means less time spent and less errors being made.
Increasing Security and Detecting Counterfeits
Banks, credit unions, and Caisse Populiares are vulnerable to the acceptance of counterfeit currency every time they accept a deposit. Processing deposits on old outdated technology that does not have the ability to check for counterfeits exposes them to risk. Currency Discrimination counters have sophisticated image detection methods that provide counterfeit detection and rejection for all currencies processed, whether you are processing Canadian or foreign currency.
Cash counting is a daily process and in many branches, is a customer facing task. Embracing technology, enhancing productivity, efficiency, and improving customer engagement, FI’s can focus on more important tasks. Call or email us today to discuss how we can help your cash management process. You may also learn more about our Currency Discrimination products here.