4 Must-Have Features of a Teller Cash Recycler

Each financial institution is unique in its approach to customer service, product offerings, and business strategies. But there are certain priorities that the most successful banking operations share — efficiency and accuracy.

How are you utilizing resources with minimum cost and maximum output to achieve these goals?

A teller cash recycler is one viable addition that can elevate every facet of your operation. Keep reading to learn how, along with key features of a TCR device, enhancements to financial performance, and benefits your customers or members will experience right away.

understanding teller cash recyclers

A teller cash recycler plays a crucial role in the optimal teller station. The TCR machine sits close to a bank teller and allows for the automation of cash transactions with mechanisms that count and evaluate notes. Think of it as an all-in-one bill counter, dispenser, and compact storage vault. There are different models of TCRs with varying speeds and capacities, but the following are standard abilities:

• Collects cash deposits
• Ensures authenticity by checking for counterfeit bills
• Sorts bills by denomination
• Counts bills and verifies total amount
• Stores bills in a secure location
• Dispenses bills when necessary
• Provides means to refill ATM, and vice versa

benefits of teller cash recyclers

Teller cash recyclers have been known to elevate entire branches, from operations to customer service, in these ways:

• Enhanced efficiency and productivity by minimizing cash handling and digitizing balancing.
• Improved security and risk management with a hard exterior, tamper detection, and user authentication requirements.
• Lower costs by optimizing cash management, for example, reading instantaneous cash levels and trends from the machine.
• Enhanced customer experience by automating transactions, providing real-time account updates, and reducing wait times.

valuable TCR features

Seek out these TCR features to streamline operations, enhancing your efficiency and reliability.

1. The ability to integrate with core teller applications, such as teller transaction software, fraud detection, and reporting tools.
2. A user-friendly model — think touchscreen displays and automated cash handling for operational efficiency.
3. Tight security measures that allow for trusted use throughout daily operations. Here’s how it typically works:
   1. Money is accepted to an input “cassette” within a safe.
   2. Sensors authenticate or deny bills before sending them to a rejection bin or sorting by denomination within cassettes.
   3. For withdrawals, money appears in a designated output bin.
4. Transaction tracking and reporting abilities that generate reports for auditing and reporting requirements.

implementing TCRs

You might be wondering: How does a financial institution start implementing TCRs, and where should they be utilized? The short answer is that TCRs are valuable in every modern financial institution.

Regardless of your starting point with existing technology, there’s a lot to consider when it comes to implementation. Consider starting with these steps:

1. Take a look at all of your operational needs and goals, specifically the volume of cash you’re working with. This will help you select a machine that appropriately handles your branch’s needs.
2. Evaluate your existing software systems, identifying which provide the most value to employees and customers and would be worth integrating into your new TCR.
3. Scope out the layout of your branch. Is there obvious space for TCRs? Or will the new additions require some rearrangement of your physical space? Low-volume and high-volume machines vary in size, so it’s smart to evaluate these logistics early in the process.
4. Develop an implementation plan with as many specifics as possible, i.e., identify a TCR model that best meets your needs, articulate how the technology boosts your financial institution’s mission, and plan how to train your team on this new technology.
5. Secure stakeholder support and follow through with your plan, making sure that everyone is clear about the benefits of this new technology. A TCR does not replace a teller; it enables employees to handle more advanced tasks and prioritize customer services that demand human interaction.

additional TCR considerations

The following three considerations are important to keep in mind as you select and implement a teller cash dispenser:

• Change management. We can’t emphasize enough the importance of training tellers and staff on using TCRs effectively. To achieve this, you’ll want to follow change management strategies to ensure smooth adoption and acceptance.
• Integration and maintenance. TCRs are able to meet integration requirements of your existing banking systems, but they must be supported with ongoing maintenance and support.
• Vendor selection. It’s important to work with a reputable vendor that not only provides seamless installation and integration with your existing banking systems but also offers reliable ongoing maintenance and support.

Our team at Element is happy to answer any questions you may have about teller cash recyclers and how this simple addition can change the game for all of your banking needs. Reach out to start the conversation.