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ATMIA, the leading non-profit trade association representing the entire global ATM industry, has announced Auriga as the winner of the “Improving the Costs of Cash White Paper” contest. Auriga’s “The Cash Management Crunch Resolved by Auriga” white paper was acknowledged for its insights into cash management optimisation.
The contest encouraged the global ATM industry to advocate for the future of cash. It highlights software, strategies, and other tactics focused on reducing costs and remaining competitive as a payment method. The accelerated trends for more digital banking, a declining use of cash for everyday payments, and a reduction in ATM networks are increasing the cost of managing, moving, and securing physical cash.
For banks and ATM deployers who are pivotal to how access to cash is preserved, solutions that ensure effective cash management and logistics, while reducing operational costs, need to be deployed. Auriga’s involvement in ATM pooling initiatives illustrates how ATM fleets can be rationalized to be both more efficient to run and deliver better customer service. Its WWS Cash Management solution, the multivendor and multichannel solution, sets the standard for end-to-end cash management.
Forecasting future cash needs
WWS Cash Management helps banks to optimize, anticipate, automate, support, control, and report on the entire cash inventory and replenishment process for all entities involved in the cash management process. It defines the standard for end-to-end cash management.
Effective predictive analysis is essential to cash management optimisation – it ensures the correct cash orders are delivered to the right locations, at the right time. This reduces the cost of cash operations to deliver the best customer experience.
Auriga’s solution self-learns to define optimised cash orders and thoroughly analyses 12 months (or more) of data, computed by sophisticated algorithms with self-learning predictive algorithms, to forecast the notes and coins needed in various currencies and denominations for each ATM channel. Specific forecasting models can also be created for each ATM, based on their transaction histories and special events such as bank holidays.
These forecasts are then combined with logistics and legislation that apply to each cash point and unit (branch, cash depot, cash centre, cash management office) involved in the cash management process. By “instructing” the appropriate replenishment activities, also CIT management is optimized, with operational savings that come from an increased self-service availability, reduced warehousing of all cash points, reduced cash procurement costs and cash-in-transit costs.
ATM pooling
ATM fleets can be rationalised to be more efficient and cost effective and deliver better customer service. Banks who opt-in for ATM pooling can make the most of the operational efficiencies. widespread cash services and customer experience improvements achieved.
By positioning ATMs in locations where customer demand will be greatest, ATM pooling controls cash management fees. ATM networks can be operated with optimal costs, be on track to break even, and make profit. With multiple banks sharing ATMs, the loading and transport fees for cash in transit are much less. Insurance costs are lower too with fewer ATMs to protect.
Next-Gen cash management
To future-proof cash management, banks and ATM operators must ensure their operating strategies prioritise efficient, nimble, highly scalable, and continuously available service channels – both physically and digitally. WWS Cash Management’s harnessing of predictive analytics and centralised end-to-end automated management controls costs, while maintaining high availability of access to cash in even the remotest areas.
Banks that are enhancing cash management at ATMs are seeing a 25% reduction of orders, a 15% reduction in manpower costs and a 10% to 20% reduction of cash handling and cash transport costs after 18 months. [1]
Read Auriga’s “The Cash Management Crunch Resolved” white paper here.
[1] According to recent data
