1 / 2

Cash Recycler Machines i.e. CRMs and their benefits - AGS India

The main benefit of CRM is that, in addition to enabling cash withdrawals like an Automated Teller Machine or an ATM, it allows the bank customer to deposit cash in the same machine.<br>

mark106
Download Presentation

Cash Recycler Machines i.e. CRMs and their benefits - AGS India

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. CashRecyclerMachinesi.e.CRMsand theirbenefits Thebankingindustryhastransformedrapidlyoverthepastfewdecades.Whiledemonetisation fastrackeddigitalisationoftraditionalbankbranches,banksarenowinstallingvarious self-servicekiosksatitsbranchestoreducetheburdenontellersandenhancecustomer convenience.Onesuchself-servicekioskistheCashRecyclerMachineorCRM. TheUSPofaCRMisthat,inadditiontoenablingcashwithdrawalslikeanAutomatedTeller MachineoranATM,itallowsthebankcustomertodepositcashinthesamemachine.For instance,whenacustomerwithdrawscashfromanATM,theamountisinstantlydebited– likewise,whenacustomerdepositscashthroughaCRM,theamountiscreditedreal-time.A customerhastwooptionstodepositcashinthemachine–1)Byusingadebitcardand2)By enteringthebankaccountnumber. LetusunderstandhowaCRMbenefitsbothcustomersandbanks: Itsavestime&increasesoverallefficiency Acashrecyclermachineautomatesthecashhandlingprocessbyvalidating,sorting,storing andfurtherdispensingnotes.Thisnegatesmanualinterventionandsavestime.Sincethe depositednotesarerecycledandprocessedforwithdrawals,CRMsalsoreducecashreplenishmenttrips. Cashhandlingprocesspreviouslywouldinvolvetheexchangeofmanyhands,thusincreasing thechanceofshrinkage.WiththeautomationthataCRMoffers,thechancesofhumanerror aremitigated, and efficiency is improved. Ithelpsinoptimisingoperationalcosts ACRMperformsbothfunctions–cashdepositandwithdrawal.Therefore,ithelpsbankoptimisetheoverallcosts.Italsoreducestheburdenonphysicaltellers,allowingbankstofocus onimprovingcustomerexperience.Infact,itisexpectedthateverynewbankbranchthatopens mayhouseatleastoneon-siteATMandaCRM.Thisisbecauseabankbranchincursacostof aboutINR60forprocessingacashtransactionandwiththeinstallationofCRMsthiscostis reducedsignificantly,therebyensuringeconomiesofscaleforacquiringbanks. Itisapotentialtooltoreducescounterfeitcurrencyincirculation CRMsareenabledwithRBI-supportednoteidentificationprotocolsandmechanisms,allowing themtodetectfake,soiled,andcounterfeitnotes.Suchnotesarenotacceptedbythe machines,thuspreventingthemtoenterthemainstreambankingchannel.

  2. Itcanpotentiallyimprove availabilityofcashintoughgeographical terrains SinceCRMsrecyclethedepositedcashanddispensethesamedenominationsforwithdrawals,itreducesthedowntimeofATMs. Thisisextremelybeneficialintoughgeographicalterrains wherethecashreplenishmentcycleislongerortougher.Intier-4andbelowtowns,aCRM can beblessingascustomersdonothavetowaitlonghoursordaystogetherforwithdrawingcash. Itincreasescustomerconvenience Depositingmoneyinatraditionalbankbranchentailsstandinginlongqueues,interactingwith tellersandfillingdepositslips.Fornew-agecustomersandevenseniorcitizenslookingfor convenience,CRMisaboon.Ithasnomanualintervention.Acustomerhastosimplywalkintoabankbranchore-lobbywiththecash,enterhis/herdetailsontheCRMmachine,insertthe cashintheslotandconfirm.Themoneyisdepositedreal-time–inminutes,makingitmore convenientforcustomers.WithinteroperabilityofCRMs,nowcustomerscanwalkinto anyCRM,irrespectiveofthebankandcompletethecashdepositprocess. Additionally, wearelikelytoseeanincreaseddeploymentofCRMs–giventheRFPsalready floatedinthemarket.CRMswillalsobeakeyelementinDigitalBankingUnitssetupby ScheduledCommercialBanks.Thisself-serviceterminalwillcontinuegainingmomentumasit willreducebanks’operationalcosts,improveefficiencyandincreasecustomersatisfaction. AGSTransactTechnologiesLtd.,oneofthelargestintegratedomni-channelpaymentsolutionsprovidersinIndia,intermsofprovidingdigitalandcash-basedsolutionstobanksandcorporate clients,manages4,704CRMsunderitsbankingoutsourcingsegment(asonSeptember2022).

More Related