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Banks are Using this to Lower their Cash Costs

Businesses all over the world continue to leverage technology in boosting efficiency and enhancing customer satisfaction, and banks are not taking a back seat.

Today, banks are investing in technology and other innovative ways of ensuring that their customers always wear a smiling face. How are they doing it?

Well, we have that all figured out – Read on!

Using cash optimization and ATM management software

As the banking industry continues to grow, more institutions are getting involved, and competition is getting stiffer. Bank managers and stakeholders are now forced to wear their thinking hats to come up with ingenious ideas on how to please their customers – after all, there is no bank without its customers.

Most banks and financial institutions now offer uninterrupted, smooth, and reliable distribution networks, especially in cash distribution and cash accessibility.

You’re probably be wondering: What is cash accessibility, and how does it impact the performance of banks?

Well, in today’s banking landscape where virtually everything is digital, banks are faced with the task of deploying their ATMs to strategic locations, managing their fleet of ATMs, and ensuring that their customers always have easy access to cash.

Here is a simple analogy to help you understand the relationship between banks and their customers. Banks need customers to patronize them so they can stay in business and the customers want to be sure that they can access their money whenever they want.

Fulfilling these needs calls for strategic partnerships with professionals who are skilled and have the resources to handle operations to lower operational costs while ensuring customer satisfaction. This brings us to the available services for banks and their ATMs, and an important aspect of cash distribution that needs to be addressed.

What’s the problem with cash distribution in ATMs?

ATM transactions are made every day, whether within the bank premises or at the supermarket on the street. While banks continue to acquire suitable locations for their ATMs and later on make the effort to satisfy customers’ demand for cash in their ATMs, they are saddled with the responsibility of managing all their cash in all these ATMs at the same time.

It is a grave error to run out of cash in these ATMs, but it is also not optimal to leave too much cash in each ATM. The purpose of ATM management software is to help banks find out just how much cash is required in each ATM, to reduce guesswork that leads to expensive consequences.

The Solution

Banks now employ the services of experts who are able to help manage fleets of ATMs and ensure their cash distribution process is ideal. Combined, both of these create a robust money distribution network that ensures unhindered access to cash. These ATM software providers are now crucial to any bank that wants to save on operational cash distribution costs.

Careful consideration of these factors will provide insight into the framework and cost of launching an efficient cash distribution network.

Who are cash optimization SaaS companies helping?

  • Those who have declining cash demand per ATM but increasing cash costs
  • Those who spend too many resources on cash forecasting
  • Those who have too many cash buffers earmarked for uncertainties in bulk cash orders
  • Those who need to make the right decision between using suspense or in-transit accounts to balance treasury
  • Those who have too much emergency and unscheduled cash loads
  • Those who have to use too many personnel or third parties to track and monitor their cash cycle

To avoid high cash distribution costs and ATM cash mishaps, it’s best to use top ATM and cash optimization providers.

Which cash optimization software providers are top banks using?

Banks like the Royal Bank and Bank of Montreal are using Perativ.

Perativ, one of the renowned Canadian ATM operator that has successfully deployed over 10,000 (branded) ATM across Canada. with ample experience in deploying low-cost cash optimization software solutions has successfully met the needs of major banks. It offers automated cash distribution optimization platforms for banks seeking to spend less time monitoring cash levels at their ATMs, conveniently scale up or scale down their ATM fleet, and ultimately optimize their cash distribution network.

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