The situation is well-known: When depositing or withdrawing cash, citizens sometimes have to accept long distances to the nearest bank branch. Cashback offers at checkouts provide a useful alternative. But who helps the retailers? Because bank closures also pose challenges for retailers.
Hurdle for Retailers
The German banking landscape is changing rapidly: The number of branches is shrinking at an alarming rate. The German Retail Association (HDE) warns of the consequences of this development. Every closed branch means a loss of direct support for retailers in obtaining change and depositing cash revenues. In the last six years, over 30 percent of bank branches have already been closed.
In particular, the disappearance of bank branches in rural areas creates a significant additional effort. Higher costs and longer distances are challenging.
Exploiting Efficiency Potential
Replacing cash with cashless payment alternatives is not a customer-friendly solution for retail. Despite the trend towards increased use of card payments at checkouts, a representative survey within the Bundesbank study "Cash of the Future" shows that 93 percent of respondents still want to decide for themselves which payment means they choose.
This result once again underscores the importance of cash logistics and the necessity for retailers to maintain it efficiently, transparently, and securely. But where can adjustments be made? How do retailers bypass the current burdens? The answer is digital cash logistics.
Master the Present – with Software
To meet customer demands and counteract cost pressures, it is important to digitize cash logistics processes. With Interactiv Cash Control – our platform and app solution for cash management – the entire cash path can be depicted, controlled, and monitored transparently. Ordering change and documented drop-off of revenues (safe bags) can thus be carried out time and resource-efficiently.
Additionally, the solution simplifies collaboration with the cash transportation company – through the integration of ALVARA ICC into the cash center software of the cash transportation company, for example, Pecunia.
Efficient Cash Handling Today
For retailers, it has become more of an obligation than a choice to deal with efficient cash logistics. A decision against coins and bills leads in the wrong direction. Consumers want the choice in the payment process. To avoid collapsing under the burden of increased costs and immense efforts, it is worthwhile to look at software solutions. With a tool that takes over communication and monitoring tasks in cash management, they skillfully counter the current challenges – today and in the future.
By the way: The National Cash Forum launched at the beginning of the year – an initiative of the Deutsche Bundesbank – is also dedicated to ideas around efficient cash management.
Would you also like to benefit from efficiency and security? We give you insights into your ICC advantages!