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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>

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

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  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).

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