Would you believe that your Teller Cash Recycler (TCRs) are hiding an expensive secret from you? No, it's not about the money they hold, but something even more valuable. While you may not even know it, buried deep within your machines are invaluable data and analytics that could help your financial institution cut equipment costs by hundreds of thousands of dollars.
If you’re like most of us, saving that much money is kind of a big deal… So, what secrets could they possibly be keeping from you?
Here are 4 actionable analytics you didn’t know you needed, found inside your TCR machines
1. Your machine might not really need to be replaced
You have a TCR that your staff keeps complaining about breaking down. It's not that old so you pay to have it repaired several times. Week after week, it still malfunctions.
Your first instinct would probably be to just replace it with a new one. But if you had Error Analytics running on your machine, you could get actionable data on whether or not it really was broken beyond repair by identifying the root cause of the malfunction. Why would this be valuable?
In many cases, the problem isn't a hardware issue at all. Analytics might tell you that the malfunction was from improper loading - a user error, not an equipment issue. The teller wasn't familiar with how to load the machine properly and was creating the breakdown every time.
Now, instead of getting rid of a perfectly good machine and having the expense of buying a new one, you could see that a little extra training would solve the problem.
2. You have too many TCR machines in your branch
You've installed two recyclers in your branch, and your staff and customers are raving about how much better things are. When it comes to adding TCRs to a new branch location, you immediately think yes, why not spread the improvement to more places?
What you couldn’t know without Usage Analytics is that you don’t need two in your branch, and could save yourself thousands of dollars by taking one you already have and moving it to the other branch location. You might find that only one side of a two-person TCR is being used, or that the number of transactions on one machine is really low. These machines could easily be re-purposed without anyone even missing them.
Again, instead of spending thousands of dollars on more equipment, analytics gives you a backed-by-data reason to not buy more and optimize the placement of ones you already have.
3. You might be overpaying for service
More than likely, you've got your machines on a service contract based on time intervals. But what if you're not using your machines as much and don't need to have it serviced as often?
Or, maybe you're on the other end of the spectrum and not getting serviced enough, resulting in breakdowns and additional service calls?
Usage and Error Analytics can give you insight into how often you need maintenance based on real device usage, not just a guess based on how long it's been since the last service. This could drastically reduce your service costs, and/or reduce downtime, too. Preventative maintenance would be done when needed, and Proactive maintenance would be based on live machine data/status that requests service before the machine breaks down. Who wouldn't want that?
4. You might really need a dispenser and not a recycler (or vice versa)
How do you make an educated decision on if you have the right solution in the right place? Without any analytics or data, it probably means you are taking an educated guess.
What if you could get actionable data that tells you the right equipment for your business need?
Cash Flow Analytics can give you transactional data to identify the right equipment for each specific location. You might see that a location is cash negative and isn't really taking cash in, so a dispenser would better match your needs versus a recycler.
So the final question is...how can you get to these analytics? CFM is the software engine behind getting all of this data.