There are approximately 4951 banks in the USA and each city in the United States has around 150 banks. Banks play many important roles, but the primary role of a bank is to take in funds as deposits from people, sort them and then lend them to people who need money. Banks act as a bridge between people who lend money to the bank(depositors) and the people who take loans from the bank(borrowers). The banks also play a very important role in credit creation and in the transfer of funds.
Many banks are currently facing some difficulties concerning cash management. These cash management challenges involve a lack of proper forecasting of both speed and quality, a redundant system, and huge bank volume. Also, banks need many money counting machines, which have higher requirements. Calculating currencies is another huge challenge for many banks out there.
Difficulties that banks deal with concerning cash management
There are many challenges that banks face when it comes to cash management. Some of them mentioned in the article below will give you an explicit idea about the pain points.
- Banks need a large number of money-counting machines. A lot of money is received and given out every hour of the day. Without a counting machine, it becomes very difficult to keep track of the money that goes in and comes out. Hence, money counting machines for bank become the only savior in these circumstances. The back office of every bank especially needs multiple counting machines to make sure that there are no discrepancies.
- Every money counting machine that is used in banks has high requirements. They are used for counterfeit detections since a lot of money is received every day. If counterfeit notes are found, not only will there be a huge loss encountered by the bank, but also people will start questioning the bank's credibility.
- Every money counting machine in a bank needs to have an interface with the bank's system first. Only after that, it can easily upload data to the computer. This linking is extraordinarily costly and drains out a lot of time.
- The counting machines must be able to convert foreign currencies apart from converting US dollars. A machine which can recognize different currencies easily would be of great help. This is a huge challenge for any bank concerning cash management.
- It's very time-consuming and tedious for the Banks to record things like the serial number of every bill. This is a very vital process of money tracking. Still, abnormalities can be traced in time. In this way, a lot of time goes into all such tasks, and the banks cannot focus on other important aspects of the business.
- Strenuous manual processes that are prone to have errors
If individual tasks are executed physically, there will be a lot of errors. To rectify these errors, ample time will be wasted. Every bank has to plan and execute various strategic endeavors. If the bank takes up so much time on back-end tasks like inputting, consolidating, and putting the validity of data, there will be no time left for the bank to work on various strategic endeavors.
How can Ribao machines solve these problems faced by the banks?
Ribao machines bring in many solutions to all these problems related to cash management. Some of them are as follows:
- Arranging for a front desk
We recommend you use our Ribao BC55 at the front desk. In this way, thirty-two different types of currencies can be recognized easily. Our Ribao BC55 can get hold of all counterfeit bills. The BC55 makes data uploading quite easier to the system quite hassle-free and records the serial number of each bill with 100% accuracy. In this way, a lot of time, investment and manual labor are saved.
- Back office/Backstage
It’s a huge headache for the banks to count a pile of banknotes in the bank office. To take off that headache, we have our Ribao BCS160 to count all the banknotes, irrespective of their numbers. It also has an automatic system to reduce dust cover and thus save the operator from getting damaged.
- The counterfeit detection capability
This is highly suitable for money counting as it can improve the efficiency to count money. With features like preset face, clearing function and orientation leading function, it is the best for counting large amounts of money.
Banks face a lot of problems related to cash management these days. We, the Ribao stores, try to bring in solutions that will solve money counting problems and make lives easy for the bank. Also, if the bank invests so much time in sorting the problems related to cash management, it will never be able to do all the tasks that are important to them. We aim in making sure that the bank gets the maximum accurate output with the lowest investment through our products.