The way automatic teller machines (ATMs) are used has changed for the better, allowing automated processes to make the experience easier for everyone. As a new year dawns, new developments emerge as new technologies help to make these automated processes even easier.
Daniel Litwin, host of Banking Experiences (formerly Inspired Banking) sat down with Bill Budde, VP of Banking Strategy and Solutions at Hyosung, to talk about the updates and changes within the company regarding the future of cash automation. This includes cash recycling, which has made it easier for money to change hands reliably and with fewer errors. “Before recycling technology was introduced…it was a pretty onerous process to do all these things” says Budde. He mentions that, even though the process used to be more of a hassle, it’s always been needed. “Sometimes it is to prevent fraud and theft, but also it’s also to make sure you’ve got your books in order and make sure that you’ve got an auditable process that’s repeatable.”
With more automated processes, counting and handling money has never been easier, especially as more banks and ATM locations feature teller cash recyclers (TCRs). With these machines, Budde says “we’ve got all the rest of this time for our employees to really engage with customers and really focus on value add for the enterprise.”
Budde also talks about what the future of cash automation has to address, such as how the technology can go beyond the machines themselves. “Instead of having to manually pull out money, and manually count it, and then manually enter it into the machine to tell it how much you got, you can pull it out in an automated fashion,” says Budde, “and put it into a secure device that then can kinda be moved from one location to the next.” From here the person moving the device can easily tell the machine the money that has been stored and the money that is being moved. In this way, “the machine knows every single bill that’s come out of it and every single bill that goes into it.”
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