Cash Dispensers and Recyclers (CDRs) have the potential to be game-changers when it comes to improving the client experience, increasing efficiencies, and controlling and securing cash, so it’s no surprise that financial institutions are heavily invested in them.
The problem is, most FI’s essentially waste their CDRs and leave tens-of-thousands of dollars on the table because their machines aren’t being used to their full potential—essentially wasting their CDRs.
To put it bluntly, about 90% of Financial Institutions buy Teller Cash Recyclers and Dispensers they don’t need.
Are you a member of the 90%, or are you in the elite 10% that has your CDRs dialed in? Let us guess—did you plug your CDR in, walk away and now assume the machines are being used optimally?
If you’ve already invested in CDRs and the above sounds more like you than you’d like to admit (don’t worry, we won’t tell), it’s time to get cracking, stop squandering these incredible machines and get more out of your cash automation investment.
Let’s get to the bottom of the issues you’re facing by taking a look at the 5 most common ways you might be wasting your CDRs:
How Your Cash Machines Are Wasted:
Waste #1: Underutilized or Misdeployed Machines
Misdeployed or underutilized machines are one of the wastes of CDRs. Unfortunately, it’s also one of the hardest to notice—especially when you have staff giving you positive feedback on how great the machines are working.
For example, you might have two recyclers in a branch and think they’re delivering great benefits – transactions are faster and staff are happier. In reality, only one side of each machine is being used (i.e. 50% utilization rate). This means you are paying for two machines when you really only need one.
Waste #2: Broken/Unused Machines
Even worse than misdeployed machines are ones that are broken or completely unused. Surprisingly, it happens a lot more than you think—on average 17% of cash automation machines purchased aren’t being used!
How can that possibly happen? When you don’t know what your inventory is, or how it’s being used—wasted CDRs happen. For example, if the person at corporate responsible for managing the CDR fleet has no visibility into which machines are turned on or which ones are just sitting there—it’s easy to miss a wasted CDR.
Waste #3: Limited Hardware Choice
When it comes to creating an integrated CDR fleet, most financial institutions are limited to specific makes and models of hardware — which forces them to waste money on overpriced machines that are often times not even the best fit.
Waste #4: Paying for Service You Don’t Need
Most financial institutions spend thousands of dollars on services they don’t need.
With no data into how often your machines really need preventative maintenance or what a fair service contract price should be, you end up paying an inflated amount based on an industry average of the busiest and worst performing machines, which is always higher than what it should be.
Waste #5: Buying Machines You Don’t Need
All of these misdeployed, underutilized, broken, and unused machines lurking in most branch networks leads us to the ultimate CDR waste—buying extra machines you don’t need because of wastes 1 through 4.
What’s the solution to get the most out of your cash automation investment, reduce costs, and eliminate waste? It’s visibility into how CDRs are being used and performing, then leveraging that visibility to remove the waste and optimize your fleet.
How can CFM help? Our innovative solutions identify wasted machines, eliminate issues and help you make smarter decisions with your data. When it comes to CDRs, our cash automation software eliminates wastes and gives you actionable analytics, visibility of hardware and reduces your purchase and maintenance expenses.