These days banks must walk a very fine line, modernizing services and providing the digital options many customers expect while providing a personal connection and one-on-one financial expertise that many customers still demand. As banks strive to meet the ever-changing expectations of their customers their partnership with their Cash-In-Transit (CIT) carrier becomes increasingly more important. With each emerging trend banks need to evaluate how to reduce cash-handling tasks, which ultimately allows the banks to move toward a more personal experience for customers. That’s where a strong CIT partner comes into play.

Rethinking bank branches

Many reports in 2024 indicated that bank branches continue to decline. However, some of the bigger financial institutions are reversing this trend and plan to add branches in 2025 and revamp existing ones in the coming year. The article What Role Should Cash Play in Banks? shared that what bank customers report wanting the most is a great branch experience where they can get great financial advice. Banks that are expanding their branch presence are making this idea the focal point of these spaces as they move forward.

To be able to create a great branch experience and offer great financial advice, it is imperative that the bank staff is available to assist customers. This may mean the bank needs to rethink current procedures and look at how to minimize the amount of time staff spends on cash management tasks. The right CIT partner can provide options like outsourcing these tasks. The biggest advantage of outsourcing is that banks get back the time and space needed to focus on bigger priorities, like connecting with their customers.

The role of ATMs continue to evolve

As ATMs evolve banks are trying to use them more to assist customers with basic transactions. These days most ATMs do much more than just dispense cash. The problem is many customers still see that as their main function. The article What Role Should Cash Play in Banks? stated more customers are increasingly using ATMs to access cash, pointing out this is an ideal time for banks to educate customers on how to handle additional transactions at the ATM. “One aspect of this branch experience is to empower workers to train customers on how to use ATMs for more basic transactions so that lines remain short and focused on giving customer advise,” the article stated.

This makes outsourcing ATM services, an industry best practices for nearly the last decade, a must. In addition to safety, outsourcing ATM preparation and processing almost instantaneously improves day-to-day operations, creating more opportunity for bank staff to work with customers.

Providing options and solutions

FIs that take the time to share their customer experience strategy with their CIT partner may discover options and solutions that were not on their radar. A strong CIT partner can help FIs discover how to support their strategy while reducing risk and increasing efficiency. 

If you would like to review your FI’s current strategy or a recent changes with a Rochester team member, please click here or contact info@rocarmco.com.