Editor's Note: This is Part Four in our Banking Technology Buyer's Guide Series - a multi-part series devoted entirely to banking technology strategies, trends, and how to find the right equipment mix for your branch of the future. Read Part One here, Part Two here and Part Three here.
While the debate about whether or not branches will exist in the future continues to go strong, an unquestionable truth is this: the teller line is becoming extinct.
Yes, the new Branch of the Future is warm, inviting, and...open. No lines, no cash drawers, and no being chained behind an imposing counter.
It’s now about creating a destination and a memorable experience for your customers and members. When employees are bound to a cash drawer and a cold obtrusive teller counter, achieving that goal is almost impossible.
How is Technology Enabling New Branch Layouts That Bring Open Retail Back to Retail Banking?
The newest wave of engaging branch design is eliminating teller lines with an open floor plan – all powered through Teller Cash Automation (TCA) technology.
TCA continues to grow among FI’s and includes Teller Cash Recyclers (TCRs) and Teller Cash Dispensers (TCDs). TCRs have the capability to securely store, dispense and intake cash, while TCDs only have the ability to securely store and dispense cash. Because of TCDs limitations, TCRs are becoming more widespread, with a reported 53% of FI’s considering implementing a TCR in a new branch within the next year.
Why is TCA Becoming an Integral Part of Branch Transformation?
The use of TCA technology means eliminating the restrictive cash drawer, all the counting and balancing behind it, and security risk of exposed cash – giving huge flexibility in branch designs. The sky becomes the limit where a branch can focus on creating the best client experience through design – without the additional worry of how to best secure cash since it’s locked in an inaccessible safe built-in to the TCA machine.
No longer is a protective teller counter necessary, but can be replaced with smaller Teller Towers where employees can engage in consultative type conversations – side by side with clients. Better ability for customer engagement means better service and better upsell opportunities.
Staff now becomes universal in the services they can perform, not segmented because of their location limitations. They can walk away freely from their counter at any time to better assist clients and even complete a deposit or withdrawal from anywhere in the branch.
While many would agree that migrating to Teller Cash Recyclers is the right choice, the branch transformation enabled by these machines doesn’t simply end with the hardware. Cash Flow Manager (CFM) is a software solution to give FIs insight into whether their devices are turned on, being used, being used effectively, optimally deployed, and properly maintained. It also provides flexibility in allowing a branch to choose the right TCA machine mix for their branch – even if that means a variety of several makes and models. Branches can pick and choose what makes sense for their network and have actual data behind how many machines they really need.
The Point - Teller Cash Automation is no doubt changing the way a branch operates, but the financial institutions that will come out on top are the ones who design their branches with technology in mind, rather than simply adding new technology to old configurations.
* Stay tuned for the final part of our Banking Technology series where we bring it all together on finding the perfect technology strategy for your branch.
GET THE BANKING TECHNOLOGY CHEAT SHEET
As an addition to the Banking Technology Buyer’s Guide series, we’ve put together a cheat sheet that lists all the banking technology options, equipment, and objectives discussed.