Despite forecasts from tech experts that mobile payment apps and contactless payment cards will create an entirely digital future for the finance industry one day, it can be safely said that cash won’t be taking leave from our lives anytime soon. To be honest, the use of coins and notes has actually risen in the past few years. Reports have shown that the amount of circulated cash increased by nearly 13 percent from 2002 to 2015. Besides that, notes and coins account for about 60 percent of all transactions even today.
However, there exist several loopholes in the process of cash handling by several financial institutions, which make the whole thing highly fragmented. This, in turn, opens them up to various inefficiencies that ultimately increase the expenses of operations.
At present, banks are dealing with several factors that directly affect the expenses of their cash distribution chains. The presence of chronic inefficacy such as handling the same cash multiple times creates a redundant cost burden both on banks and businesses. However, there is one effective solution for such problems of banks and that is, banking courier service provided by many reputed security firms in Queensland. Opting for this service can help to ensure cash will be delivered safely with the usage of tamper-proof technology and armed security.
Costs of cash management often get increased due to addition of human error into the operations. Mistakes made by the working staff is another significant loophole. However, investing in advanced devices like recyclers, which can count cash as well as reconcile it in a day, may help a great deal. It can take out huge costs of businesses.
There are plenty of people who opt for cash in transit, but not all of them get the service effectively. This is because there are many security firms which do not use proper cash management technology when offering cash in transit (CIT) service. This leads to an increase in the costs, and necessitates more comprehensive efforts. On the other hand, good CIT service providers streamline their processes using latest technology and properly thought strategies for increasing efficiency and eliminating loopholes.
Thus, as we can see, there are certain substantial loopholes in cash handling. However, they do not come without a proper solution. All we need to do is implement these solutions properly in order to ensure proper management of the coins & notes.