At the beginning of the global COVID-19 pandemic, industry experts predicted a significant increase in branch closures. After all, if in-person interactions were the main cause of spread, we should see a swift abandonment of more traditional banking. Right?
Not so much.
Current data reports a net decline of 1,463 branches, a figure around 12% higher than 2019. But there were 1,200 new branches built this past year, or 20% more than the average of the last ten years. Why? Shouldn’t the push for less human contact and massive closures push things in the other direction?
It would seem the pandemic, while reinforcing the benefits of alternative banking, has also significantly highlighted the ongoing desire for human contact and in-person interactions. The key, however, is to provide these much-needed services while keeping both the public and employees safe.
Teller cash recyclers (TCR) can help with that. Here are three important ways TCRs can help increase the safety of your branches.
Reduce Time Spent In-Branch. One of the key procedures for doing business amidst COVID-19 is the need to limit the number of people within enclosed spaces. In most cases, this means fewer people allowed within the branch at a time and longer lines outside the facility. So, keeping a fast flow of transactions is not only important for limiting contact it is essential for maintaining the comfort of account holders.
TCRs increase the speed and accuracy of standard transactions. With the right TCRs in place withdrawals can drop from an average of 45 seconds to around 6-8 seconds. Deposits, which average 5-10 minutes can be reduced to 2 minutes or less. Overall, teller availability can increase by 12-18% per day.
Decrease Handling of Cash. While studies show the virus responsible for COVID-19 typically lasts less than 24 hours on porous surfaces such as cardboard or cloth. U.S. currency, being made of linen and cotton, it is unlikely to hold the virus for very long. However, experts suggest the amount of exposure could be critical factor in whether a person comes down with the disease.
Fortunately, TCRs can help your institution limit the amount of direct cash handling to which branch employees are exposed by:
—Operating as 24-hour vaults to eliminate the need to move large quantities of cash for opening and closing.
—Counting and verifying cash deposits and withdrawals automatically to reduce the time spent counting and reviewing bills.
—Slashing the number of trips to the vault for additional cash cuts down on close-contact interactions as well as direct contact with potentially contaminated currency.
Improve Opening and Closure Procedures. The pandemic has added a slew of safety measures and processes to the opening, closing, and general operation of most businesses. With TCRs in place, your branch can cut average teller balance times from 8-15 minutes down to 1-2 minutes per teller. In addition to helping balance drawers, their ability to serve as a 24-hour vault pares down the time and cash needed to get the branch rolling every morning and move currency to storage at night. Overall, TCRs help financial institutions trim hours spent on standard practices to help bring timelines under control.
The pandemic may not have eliminated the need for branch banking options, but it has changed the way financial institutions need to operate. Reducing potential exposure and account holder time in branch is not only essential for account holders but also to keep employees and their families safe. Fortunately, Teller Cash Recyclers offer a variety of benefits to help your institution meet those needs while improving the overall performance and convenience of your branch’s service offerings ‒ during the pandemic and well into the future.
Contact Contact Jeremiah O’Connor by email or at (415) 483-1524 for a free, no obligation consultation. Or click here to schedule a meeting.