While cash may be a smaller piece of the “transaction pie” these days, most of your business customers (particularly retail and hospitality) still take in a significant amount of cash and need to bank it.
A diagram of a graph description automatically generated with medium confidence. But these journeys to and from the branch take your customers away from their business, or cost them labour time for an employee to do it. CIT collections are more convenient, but for some unaffordable.
Clip has a better solution, and participating in their shared deposit network is a great way to show that you understand and are responding to the challenges of your business customers. It also has more direct benefits for you in the form of cost savings, efficiency, risk management, and more.
Let’s dig into some of the key reasons why your bank would want to participate in shared infrastructure deposit services:
1. Cost Savings and Efficiency:
Shared infrastructure deposit services allow multiple banks to utilise a centralised system, sharing your operational costs, maintenance, and security expenses. This approach enables you to reduce your individual overheads significantly, making it a cost-effective option compared to current in-house processes.
2. Enhanced Security and Risk Management:
Shared infrastructure solutions leverage the most secure, reliable, and safest banking technology. With features such as real-time monitoring for fraud detection, robust AML transaction reporting, SSL security protocols, and multi-factor authentication, shared infrastructure solutions offer best-in-class compliance functionality.
Shared deposit networks are typically placed under on-site video surveillance in convenient public spaces, ensuring business customers making cash deposits don’t have far to travel with their cash receipts and feel safe and secure depositing at any time of day.
3. Scalability and Flexibility:
As you expand your operations or adapt to changing business needs, shared deposit networks offer scalability and flexibility. This allows you to easily extend your outreach to business customers, in existing or new markets, without the need or expense of another branch. These locations also offer the opportunity to champion your bank’s brand in these new market locations.
4. Streamlined Operations and Resource Optimisation:
By outsourcing services to a shared deposit network, you can focus on your core competencies, leaving the management of business cash deposits to dedicated specialists. This streamlines operations and allows you to re-allocate internal resources more efficiently, leading to improved productivity and enhanced customer experience in the branch.
5. Convenience for Customers:
Shared deposit networks offer a centralised location where customers from multiple banks can deposit cash close to their businesses. This convenience offers greater efficiency for your customer and fosters positive customer experiences and enhanced loyalty.
(Click here to hear what retailers are saying about the value of clip)
6. State-of-the-Art Technology:
Shared infrastructure solutions are designed to be advanced and nimble. Because they are not dependent on existing banking systems, they can offer state-of-the-art functionality and features that legacy banking platforms are unable to achieve without tremendous development time, effort, and cost.
Shared infrastructure deposit services offer a host of advantages for your bank, including cost savings, enhanced security, and operational efficiency. The flexibility, scalability, and convenience of this shared solution make it an indispensable tool for banks looking to optimise resources, provide state-of-the-art security, and deliver exceptional customer experiences. By leveraging shared infrastructure deposit boxes, you can focus on higher-value banking services while ensuring the safety and protection of your customers' cash.
Learn more about Clip’s groundbreaking deposit solutions here, or contact our experts using the form below to discuss how your bank can benefit from shared deposit solutions.
