Auriga Urges Banks to Make the Most of Technology to Prepare for Bank Holiday Cash Dash

Auriga Urges Banks to Make the Most of Technology to Prepare for Bank Holiday Cash Dash
25.05.2017 11:00 am

Auriga Urges Banks to Make the Most of Technology to Prepare for Bank Holiday Cash Dash

Banking

Auriga, a leading provider of banking technology, is urging banks to prepare for sudden spikes in cash withdrawals this weekend, as another bank holiday puts pressure on banks to get cash to the right place at the right time.

“It’s more than just the money in your customer’s wallet that’s at stake”, explained David Smith, Business Development & Partner Management at Auriga, “if your customers can’t get access to their money, they’ll turn to your competitors and let you know about it on social media. Your brand reputation is on the line. While there are many elements to consider, simple steps can help you get the timing of your deliveries right, and keep your cash levels at their optimal level.”

Predictive technology can help banks to plan for seasonal swings, ‘self-learning’ data and analysis can forecast where cash will be required and help banks plan for optimum cash delivery and pickup for each cash point. Automated cash management minimising out of service time for ATMs, and reduces the costs of cash management by between 10% and 25% - bringing benefits for banks and their customers.

“Of course, banks have several very important factors to weigh up here – the costs of insurance to keep cash om the branch and vault need to be minimised, the logistical costs of topping up cash machines if they run out, the cash’s cost locked-up the counting costs and the cash and so on.

Some banks might choose to hold off replenishing supplies to make sure the next delivery arrives just before it is needed, increasing the cash availability risks, while others will rely on putting multiple ATMs in each location, or accepting the increased insurance costs. While the strategy you take will depend on your specific branch calendar, country regulations, number of cashpoints in your network and lots of other variables.

However, you manage it, make sure predictive technology is at the centre of your strategy – cash shortages are expensive and slow to rectify, and a mistake that no bank can afford to make.

Cash is still the preferred payment in many towns up and down the UK, especially seaside villages where small businesses rely on tourists with cash to pay for goods and services. Customers expect to be able to get cash out when they arrive at their destination and they won’t be happy if they can’t find it. Spare a thought for the businesses and tourists in the seaside town of Tenby which ran out of money at its cash points over the Easter Bank Holiday weekend - risking lost revenue and a hit on the local economy.”

Related News

Sberbank rolls out business-to-business supply chain app

Sberbank has launched a mobile app called Bank of Business Partners for Android. From now on, Android smartphone users of the ... Read more »

Shopify introduces major product launches, including Shopify Balance and Shop Pay Installments

Shopify Inc., a leading global commerce company, announced new and updated products at ... Read more »

Neobank Jingle Pay chooses W2 to power its new Super App for the Unbanked

W2, the leading provider of real-time digital solutions for global regulatory compliance, announced today that it has joined forces with neobanking group... Read more »

NatWest research: UK small businesses accelerate transition to cashless during pandemic

UK SMEs are moving to accept card and contactless payments at an increasingly rapid rate as a result of the coronavirus crisis, according to findings published today by... Read more »

Ant Group releases 2020 CSR Report: digital technology can help create a better future

Ant Financial Services Group (“Ant Group”) has released its 2020 Corporate Social Responsibility (CSR) report,... Read more »

Nearly one of three consumers is past due on at least one bill - due to COVID-19 pandemic, new ACI Worldwide research reveals

Nearly one of three consumers (27%) is past due on at least one bill and nearly 50 percent will need up to a year to catch up on bills due to the COVID-19 pandemic, according... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel