Security, tech, and more: Here’s what’s trending in cash management
Rapidly developing technology, increased operating costs, and security threats—these realities all directly affect financial institutions and businesses that deal with high cash volumes. Operators looking to stay competitive are implementing trending solutions and tactics in their day-to-day processes.
Lenny Evansek, Senior VP of SafePoint® Business Development for Loomis, believes that operators will face familiar challenges moving forward.
“The trends that we saw in 2018, and expect to continue to see in 2019, are banks rationalizing their financial center footprints, causing companies to explore ways to deposit virtually; rapid adoption of automation in the front and back of house; offsetting the labor crunch with technology; and the cost of handling cash to continue to rise.”
We’ve rounded up some of the top current trends and insights to keep in mind when it comes to your cash management strategy.
All about automation
“Companies have gone from testing and talking about automated solutions and technology to full-scale adoption and expansion,” Evansek says.
There’s no denying that the future of cash-handling and management is in automation. By making the switch from manual to automated processes, operators in both retail and financial industries are able to significantly reduce error while in turn freeing up staff resources to be allocated more efficiently.
“Choosing the right solution that’s the balance of keeping employees, customers, and cash safe with a monthly cost that fits within the budget can be a big challenge for operators,” says Evansek.
Leading cash management providers are in tune with what modern businesses need. The right provider will work with you to tailor a smart safe or recycler solution around your specific cash volume, no matter how large or small. This enables operators to still benefit from things like intuitive, advanced technology and provisional daily credit, at a price point that allows them to see a quicker return on investment.
Investing in secure, cloud-based technology
“Companies want access to information as quickly as possible, with no risk, and in a format in which they can integrate the data into back office enterprise resource planning (ERP), accounting, or treasury workstations,” Evansek says.
Cloud-based data storage solutions help businesses eliminate the risks associated with manual data capture and usage. While financial institutions and retail operators tend to think first and foremost about keeping their cash secure, confidential data is equally vital to protect, making cloud-based storage solutions one of the most important new security trends to consider.
Using data to make long-term business decisions
Beyond just protecting data, operators should be thinking about how to use data to advance their business in the long run. For financial institutions, implementing an ATM cash forecasting solution can be a game changer. By partnering with a cash management provider, operators can analyze past data to optimize their cash flow, and ultimately reduce risk and overhead cost, and streamline day-to-day operations.
For retail or QSR operators, having complete visibility of business performance, profits, and cash levels via an online portal is equally eye-opening. Loomis Direct, for example, gives customers remote, around-the-clock access to their data so they can easily view cash-in-transit and deposit information, download reports, and contact their rep.
For some, data visibility is more important than anything.
“A client once told me that the information about the cash in their store is just as important as the cash itself,” Evansek says. “Gaining access to deposit information right away reassures businesses that the technology is installed and operating correctly, and that it’s being used to its full potential.”
Finding the right solution
Ultimately, the point of outsourced cash-handling is to help businesses improve efficiency and accuracy and increase profits in the long run. The right provider will not only help you stay ahead of the trends but offer a comprehensive approach that combines cutting-edge hardware and software with outstanding service and expertise.
Discover how Loomis’ suite of solutions can help drive your operations and power your business forward.