Of Market Penetration in the United States
Additional Safes Estimated to be Deployed by 2020
Represents Treasury Revenue Opportunity to Banks
The Remote Cash Capture market is shifting from the legacy CiT deployed model to a Bank Deployed Smart Safe Solution. Banks are looking to control their clients’ experience and design solutions consistent to their brand’s value offering and unique from their competitors.
Banks who move with the market shift will:
With only a 10% market penetration and an estimated Remote Cash Capture market in the US opportunity of 1.2 million safes in total, now is the time to get started.
There are three elements that are fundamental to every Smart Safe – User Interface, Bill Validator and Controller.
Smart Safes streamline the cash management process, store money in a more secure environment for increased safety, provides transactional data. WiFi connectivity allows users to reconcile deposits with your bank, giving you advanced access to the funds.
A cash recycler both accepts and disburses cash. It securely stores money, keeps an accurate accounting of cash on hand, and automates the cash cycle.
A cash recycler works by first feeding banknotes into the device that are then passed through a bill identifier to determine the denomination and validity of the banknotes.
Then, the cash is stored in separate cassettes for dispensing in future transactions.
You want to offer your clients a program where implementation, maintenance and support are all managed in one place with enough flexibility to meet your client’s unique needs.
Whether your clients want the option to lease, finance through the bank, or buy their equipment, having a managed service provider to support your bank-led offering and who can pivot with you is crucial.
Focusing on the customer experience enables you to control how the product deploys including the sales process, the contracting process, and onboarding and life cycle support.
Your bank deployed program leaves YOU in the driver’s seat.
Legacy Remote Cash Capture programs relegate banks to only providing provisional credit and depository services which leaves cash on the table and bank clients at the mercy of a 3rd party.
Today, the market shift provides immense opportunity for the bank to increase treasury revenue by 80% to 100%, maintain a 5-year client product agreement, and increase what was once $125.00 a month revenue portion to an average of up to $600.00 a month.
With the smart safe market penetration currently at 10% and total market opportunity of 1.2 million safes, banks can expect the market to grow in next 3 years by 58,000 units which equates to an estimated $400 million revenue potential.
Banks who deploy their own Smart Safe program have a significant opportunity to increase vault fees and provisional credit fees. Also to acquire new clients outside your traditional branch footprint. This allows you to take traditional lending clients and add them as depository product clients too.
Bankers who move swiftly will win the advantage.
The courier smart safe programs are a one size fits all approach leaving the bank to provide only provisional credit. Meanwhile the customer is contractually obligated to the 3rd party vendor and not the bank.
A bank deployed model allows the bank to sign a product agreement direct with the client and distinguish themselves from the competition by being more responsive to their client’s needs. This provides a path for greater and faster revenue potential and flexibility to choose the components of a solution that the bank can make uniquely their own and that best fits their clients’ expectations and needs. It’s best in class hardware options. It’s an active network to help safe monitoring and depository reporting. It provides sales and project resources that compliment and support the bank’s customer growth and retention strategies.
You set the standard and your industry will follow.
You may have very important clients that are loyal to your bank, but if these clients have retail or business locations outside of your bank footprint, they’ll have to open accounts with a competing bank in those outside areas. With your own bank deployed Smart Safe program, you remain the first choice to open any new accounts no matter where their business is conducted.
For banks looking to reduce cash in the branches a skillfully deployed Smart Safe offering can entice clients to a once a week pickup with a smart safe and daily provisional credit, helping you to achieve your branch cash volume goals.
Now, you can be where your bank is not geographically to foster client relationships in a whole new way.
1st Source Bank, headquartered in South Bend, IN
$5.7 Billion in assets
Opportunity: Large cash client wanted to be on a Smart Safe program in 2 months
Solution: Superior Press RCC Express Model with a manual posting process
Result: A successful bank implementation, going live in 2 months and now with a happy client with multiple smart safes. Bank has since upgraded from the express model to a fully integrated remote cash capture program to scale for more smart safe clients.
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