Cash continues to play an important role in the Irish economy, being involved in around 70 per cent of point of sale transactions. While recent surveys suggest that card payments will overtake cash for the first time in 2020, any forecast of a cashless society can be put on hold for the foreseeable future.
What does this mean for businesses in Ireland? Whether we consider the retail, banking or service sectors, there is a continuing need to process cash. Put simply, effective cash management will enhance security, enable higher customer service standards and improve the bottom line.
Glory has a wealth of experience in all aspects of cash management, enabling major banks and retailers to best manage their cash transactions in more than a hundred countries worldwide. But it isn't just about the big players. As John Corcoran, managing director of Glory Ireland explains; 'We have the breadth of portfolio backed up by best in class service to deliver results whatever the size of your business'.
What are the key drivers in the retail and banking sectors? In a highly competitive retail market the key to improved margins is reduced costs and the most effective use of resources while at the same time delivering best in class customer service. It is all about competitive edge. As well as reducing losses due to error and shrinkage the effective deployment of technology enables you to free up staff from labour intensive costly processing tasks, enabling them to refocus on higher value customer facing activities. It's also about keeping cash in motion, both in the front and back office. When it comes to efficient operation, as well focusing on the supply chain, progressive companies recognise the importance of cash chain management in delivering competitive advantage. Glory has the technology and experience to help at every stage and with 42 per cent of the market is the largest global supplier of back office recyclers.
Glory's CashInfinity solutions offer the versatility to optimise any retail cash chain - from cashier and self-checkout counter to the back office to the bank. Whether it’s cashing up the store at the end of the day or preparing floats for shift change, automation removes the burden of manual cash processing and releases retail staff to spend more time focussed on their customers. Rather than cash remaining idle the idea is to keep it moving so that it works for your business.
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Equally, the banking sector is rapidly evolving in response to the increased adoption of new technologies and to competition from players unencumbered by legacy systems and by fixed cost investments in large footprint bricks and mortar. Responding to changes in consumer behaviour, banks have been investing heavily in digital channels, yet there remains a demand for the face to face interaction only available in the branch. The challenge is that reduced customer visits to large traditional premises mean many existing branches are no longer fit for purpose. To remain viable, branches must adapt to deliver the services customers want in a cost-effective manner.
The challenge is that reduced customer visits to large traditional premises mean many existing branches are no longer fit for purpose. To remain viable, branches must adapt to deliver the services customers want in a cost-effective manner. Recent research demonstrates that bank customers still value personal service and new technologies deliver opportunities for enhanced human interaction at the branch.
Working with Glory, banks around the world have adopted teller cash recyclers (TCRs) and assisted/self-service solutions, enabling them to redesign the branch in a more welcoming secure open plan format. Deploying TCRs, and therefore removing the cash prize, enables a bank to eliminate physical barriers between tellers and customers. It also redefines the role of customer facing staff. Staff no longer need to spend time counting and authenticating bank notes, rather they are able to act more as advisors and sellers of financial products. For cash based teller activities, TCRs reduce transaction times by up to 50 per cent making staff more productive and reducing the time customers have to stand in queues. The correct balance of staff and technology also enables further cost saving in that banks can deploy branches with a smaller footprint. Bank branches need to evolve. The good news is that with Glory 'the branch of the future ' is available to you now.
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In today’s changing business environment, Glory delivers the solutions that deliver competitive edge in both the retail and banking sectors. The continued importance of cash means those who best manage the processing of cash transactions can deliver real efficiency, increased accuracy, enhanced security and improved customer service all of which result in improved profitability.
As a global leader in cash technology solutions, we provide the financial, retail, cash centre and gaming industries with confidence that their cash is protected and always working to help build a stronger business. Our cash automation technologies and process engineering services help businesses in more than 100 countries optimise the handling, movement and management of cash. Employing over 9,000 professionals worldwide, with dedicated research and development and manufacturing facilities across the world, Glory is built on a rich customer-focused, technology-driven heritage spanning a hundred years.