TCR Supplier Selection - Beyond Feeds and Speeds
When it comes to selecting potential suppliers, the discussions typically move quickly to the things that are most easily measured, like operating speeds, feed characteristics, unique hardware features and of course, price. While all these factors are an important part of any technology decision, there are also more important factors that should be carefully considered.
As the Global Market Leader in teller cash recycler (TCR) deployments worldwide with decades of experience in cash automation technologies, Glory recommends that Financial Institutions look beyond the surface of speeds and feeds to what matters most to their long-term success initiatives. Let’s call these high impact factors needs, deeds and seeds.
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Teller Cash Recyclers - Don't Major in the Minors
Within the context of the ongoing discussions about branch transformation, initial conversations most often revolve around strategies for improved CX, branch staffing, delivery processes, and physical facilities. Inevitably, decisions related to currently available technologies also come into the picture at some point with the goal of supporting the various decisions made about CX staffing, processes and facilities. One of those technologies often being considered is the Teller Cash Recycler or TCR.
The challenge now becomes, how should a financial institution proceed with the technology review and selection process? Assuming the goal is generally about selecting the appropriate TCR technology that supports the organization’s overall strategy, provides a high-quality customer experience, and delivers a sound business case, this is an incredibly tall order!
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Branch Automation: First Things First
So here we are, deep into ongoing discussions and potential initiatives around getting to the right future branch strategy and footprint. Some say, “no branches”, while others think micro-branches, pop-ups, or a scalable branch approach could all be part of the answer. While branch transformation remains ‘front and center’ in today’s discussions, early experimentation has produced very mixed outcomes and false starts, including technology decisions without a clear business strategy. These efforts have often been both expensive and disruptive.
Some are saying to take it slow… “Let the market evolve until things become clear related to investing in branch technologies.” This messaging is both right and wrong. First, it is being put-forth in some cases because the supplier offering that advice does not have, or plan to have, evolved technologies in its solution set. This fits the ‘wrong message’ profile, certainly, since many branch tech suppliers do offer these advanced technologies intended to offer AI services, automate many/most branch transactions, or provide branch access to banks’ SMEs via remote video.
On the other hand, the messaging is correct. This is simply because, just like bank clients or CU memberships are each diverse groups with a wide range of needs, financial institutions [FIs] are similarly diverse with a wide range of current needs as well as future needs related to their strategic mission. Some are ready to take the lead with branch technology, and others are simply not!
With this in mind, let’s look at taking first things first! If there ever has been a ‘sure bet’ when it comes to branch technology, it is the added value of teller cash recycling technology. Let’s review the overall value proposition.
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