The banking industry has been changing for some time. The move toward technology, efficiency and changing services has brought about a shift in the financial services industry. However, due to the coronavirus pandemic that the world has been battling for the last year, the financial industry has been transforming at a rapid pace not previously seen. This transformation has led to the empowerment of cash management outsourcing.
Since the arrival of COVID-19 in the U.S. in late 2019 / early 2020, financial institutions have moved away from more simple cash management services so as to focus on more complex financial transactions while maintaining social distancing needs and adjusting bank operating hours and operations.
Part of this change has been outsourcing some of the cash management responsibilities. Outsourcing ATM cash management to independent businesses can be both cost effective and help to ensure that cash is sourced and distributed in a timely manner.
Advantages of Outsourcing Cash Management
Here are some of the advantages of outsourcing cash management services:
- Forecasting – Reliable cash management providers can help provide insight into demand levels and efficiency so that ATMS are adequately stocked at all times.
- Management – Cash management providers can help balance ATM errors, resolve customer disputes, and keep ATMs stocked at all times.
- Workforce Resources – With cash management being handled by an independent business, internal financial institution resources can be reassigned to more pressing tasks.
- Increased Customer Satisfaction – With well-stocked and reliable ATMs, customer satisfaction increases, which, in turn, increases customer loyalty.
Due to the COVID-19 pandemic, financial institutions have necessarily made significant changes in their operations. However, that hasn’t meant any less of a need for cash services or distribution of cash into society. By outsourcing cash management operations of their ATM fleets, financial institutions are able to refocus their workforce to provide more in-depth, personalized customer services. The changes in how financial institutions are likely to last long after the global pandemic has been relegated to the history books.