Wednesday, 17 July 2024
UK banks predicted to handle 13 percent more cash by 2020
The Bank of England recently reported a 5 percent rise in the volume of cash circulation in the UK. If the volume of cash continues to increase at even half of this rate, Wincor Nixdorf predicts that by 2020 banks will be handling 13 percent more cash, compared to today.
The rise of cash in circulation means that banks and financial institutions in the UK need to be better prepared to make cash handling more efficient and safer over the next few years. The ATM Industry Association (ATMIA) also claims, “cash is one of the most successful technologies ever invented, being history’s longest-lasting, most resilient form of money”.
At the European ATMs 2016, which takes place on June 14-15 in London, Wincor Nixdorf will be presenting new technologies to better prepare banks and financial institutions for the branch transformation of today and tomorrow. The particular focus this year is on solutions that enable consistent and transparent cash processes for financial institutions.
Cash optimization
From cash recycling to cash process optimization, Wincor Nixdorf will be showcasing some of their advanced solutions for cash automation at the show. Designed to offer banks flexibility and the possibility to process different currencies at the same time, Wincor Nixdorf will be displaying the newly launched, C4560 4+4 – a cash recycling system with an innovative banknote storage concept as its core element. This multifunctional system offers maximum capacity and flexibility for outdoor installations. Bringing this to life with a live business case, Simon A. de Witte, Senior Sourcing & Contract Manager at ABN AMRO Bank, will be speaking about their cash distribution strategy through increased business hours and improving ATM services and functionality.
The robust ProCash 280 will also be featured at the event, demonstrating how ATM deployers can provide customers with easy access to cash with this high performance ATM. The adaptable system offers intelligent safety features and a compact design alongside best of breed dispensing technology, ensuring maximum availability levels at all times.
Omnichannel customer experience and operational excellence
Customers today are more demanding than ever and expect a seamless experience regardless of the touchpoint used. While they require the speed, flexibility and convenience of digital banking, they still value face-to-face interactions and completing transactions in branch, highlighting the importance of a truly omnichannel business model.
Retail banks are working hard to respond to digitization by providing multiple mobile technologies and online banking options. New technologies are beginning to make it easier for consumers to complete a transaction, regardless of the chosen channel – for example withdrawing cash with smartphones, quick response codes and contactless cards through near field communication (NFC).
This technology is now enabled with Wincor Nixdorf’s PC/E Server transaction services which intelligently connect digital and physical channels to deliver intuitive and user friendly services to the customer. This solution will be showcased at the event on the innovative CINEO C2020, which will also be running ProFlex4 – multivendor software which effortlessly provides a seamless customer experience by delivering services with the same look and feel across all channels.
With a key focus on efficiency, the Wincor Nixdorf team will also be showcasing software and services which are designed to optimize ATM operations, explore a banking branch in virtual reality and discover improvement potentials for delivering excellence at every touch.
Re-disseminated by The Asian Banker
