Client’s Challenge:
In 2014, our client – a Tier-1 pan African financial institution, deployed the Cash Drop Box (CDB) to all the branches to provide very quick service to customers making deposit of N40,000 and below in the banking hall.
This initiative allowed bank customers to make deposits offline without need for a teller officer. However, this solutions had some drawbacks:
- Bank Customers had to wait to receive value on the deposits made.
- Customers were prone to making mistakes on the deposit slips
- The process of evacuating, posting and reconciling was tedious
- Some fraudulent customers took advantage of the drop box to deposit fake notes
- There were cases of customers disputing how much was deposited in the drop box
Our Approach: The Teller Cash Recycler
Inlaks deployed The Teller Cash Recycler (TCR), an Automated Cash Deposit Machine that accepts and processes cash online-real time. The TCR allows cash deposit from both account holders and third party without card authentication. The TCR recognition module has been designed to accept to a high degree the peculiar quality of notes in our economy.
The Good News for Our Client
- Speed and accuracy of transactions: The TCR can validate account numbers before posting. Customers also get instant receipt and value on transactions posted.
- Improved customer experience: The TCR has reduced the crowd in branches as customers are generally happier to do their transactions faster.
- Reduction in fraudulent transactions: The use of TCR eliminates Cash Suppression Fraud.
- Cost Savings: The net savings on a TCR machine per annum is N1,631,112.00 as a TCR can do the job of two (2) tellers.
- Ability to process high volume: The TCR processes as much as N200,000 per transaction unlike the drop box whose limit was set at N40,000.
- Average daily TCR transaction: 144 (Tellers do between 100 and 120)
Within a year, Ninety Seven (97) units of TCR had been deployed and value of transactions carried out in 2019 was N9.4B.