In an era when there is talk of machines replacing people in the workplace, the TCR provides one example of automated transactions enhancing workers' productivity, opportunities and well-being.
The technology not only delivers more accurate, secure transactions, for staff it eliminates repetitive and stressful activity and enables greater customer interaction and job satisfaction.
The traditional teller role involved counting notes, checking their validity, time consuming balancing activities and vault trips. Beyond this, security concerns meant that there needed to be a Perspex screen between the teller and customers. Not only did you communicate with customers while focused on notes but quite frequently the time-consuming nature of the average teller transaction meant the customers had spent time standing in line in a not particularly welcoming environment prior to reaching the counter. So how would you describe the traditional teller role? Stressful, repetitive, demanding. In these circumstances, though tellers might pride themselves on the speed and accuracy with which they were able to accept and dispense cash, this in no way compares with the automated equivalent. There can be no doubt that for such transactions the comparative advantage lies with machines that can sort, count and authenticate up to 1800 notes a minute. It is a skill set that lends itself to automation, but it does not necessarily mean the replacement of man by machine. Rather it enables the deployment of staff with a wider, more people focused skill set operating in a customer-centric environment.
It's hardly surprising that turnover has been high in the traditional teller environment. TCRs have not only created greater efficiencies by enabling more accurate, speedier transactions and eliminating the need for time consuming end of day balancing activities, they have redefined the teller role and helped enhance the branch customer relationship.
The adoption of TCR technology redefines the branch but also presents new challenges. As banks adapt to an evolving omnichannel environment so there is a need for greater expertise in the branch. For the teller this is the beginning rather than the end. The way in which these roles are transformed will determine the effectiveness of the branch going forward. A 20 September 2018 American Banker article highlighted that for many customers 'tellers are still the face of the institution ' and the challenge is to transform tellers to 'a more general banker role'.
As we have discussed elsewhere, it is essential that banks develop 'emotional trust' beyond that expected of 'transaction bankers'. The modern branch delivers new ways to interact with customers. In an increasingly competitive environment, there are enhanced opportunities to build trust and grow the customer relationship.
