• Home
  • National News
  • Bank at smart ATMs soon: All you need to know about cash recycling machines
Bank at smart ATMs soon: All you need to know about cash recycling machines

New types of ATMs are now revolutionizing the banking industry in India. Here's all you need to know about them.


Year 1967 marked the start of a revolution in banking, when Barclays installed the first-ever Automated Teller Machine (ATM) on a street corner in the borough of Enfield, London. It was a simple device, designed to dispense £10 notes through the day.Between 1967 and 2018, the ATM has evolved exponentially in terms of both technology and reach. While the basic function of an ATM continues to be dispensing money, the technology – both hardware and software – has undergone a sea-change. In recent times, ATMs have added new capabilities such as video-teller capabilities, biometric identification, and card-free access with smartphones for more secure transactions.
New types of ATMs are now revolutionizing the banking industry in India. These machines, CRMs (cash recycling machines), are designed to recycle deposited cash for use in subsequent withdrawal transactions. The benefit of deploying a cash recycler is enhanced efficiency – both in terms of operations as well as costs, consistent and reliable counting of cash and detection of counterfeit notes during both cash deposit and cash withdrawal, enforcing RBI’s clean note policy as well as 24 X 7 availability. The CRM has emerged as a better alternative, as it is more cost effective than separate specialized devices for dispensing and depositing.
For financial institutions, the cost of handling cash represents a significant part of ATM operating costs. In a CRM, since the cash deposited by the customer is also recycled for withdrawal, the frequency of cash loading and replenishment can be minimized, reducing the number of CIT (Cash-in-transit agency) visits, in turn reducing CIT, cash sorting and cash handling costs. Also, retailers have recognized the immense value of these machines and are adopting recycling technology as it automates the manual process of counting and sorting of cash, thereby streamlining the administrative and cash management processes.
Offering convenience to customers has always been central to CRMs. A smart CRM today offers benefits such as cardless deposits, online credit, bill payments by way of barcode scanning and secure access through NFC technology. CRMs are designed to support the Digital India initiatives including Bharat QR code for Cardless withdrawal, soft-keyboard for data-entry of UPI transactions and Aadhaar – enabled biometric authentication, thereby making it more feature rich and customer-friendly.
Going by the consumer demand for DIY (Do-It-Yourself) banking over the last few years, CRMs are expected to become an essential constituent for financial institutions and banks self-service channel in the near future.
We are already witnessing how smart CRMs are able to precisely recognize the visiting customer. With the help of data analytics, these machines can deliver personalized messages and content, greatly increasing the potential for superior customer engagement.


Powered by back-end data analytics, software tools and customer segmentation strategies, these smart CRMs can emerge as clairvoyant avenues for a financial institution’s cross-selling endeavors. All these features have translated in making the CRM the ideal centerpiece of an Omni-channel banking environment.
CRMs represent the true future of the self-service channel in India. With advanced hardware and software technologies, smart CRMs are tipped to become an invaluable channel that generates great economic value. Banks that have adopted smart CRM technology have not only enhanced customer experience but have also built cost efficiencies. With interoperability, it will also enable banks to generate additional revenue and attract new customers.
As technology progresses, the CRM is likely to be an intelligent and cost-effective extension of the bank branch, providing customers with most banking services and with a more personalized touch. Aren’t you excited about this future? I surely am!



More in National
Bodies From the Sky: CCTV Captures Horror as Plane Crashes Into Buildi...

The alleyway at the centre of the crash was littered with debris from pieces of the plane's cabin along with personal goods from luggage, which were scattered a...

Recently posted . 13 views

Train Carrying Migrants From Maharashtra to UP Ends up in Odisha, Rail...

The migrant workers said they were informed that the train’s driver had lost his way because of some mix-up.  

Recently posted . 17 views

Manisha Koirala brings in China to support new Nepal map. Governor Swa...

Manisha Koirala was censured on Twitter after she tweeted in support of Nepal amid its border dispute with India.  

Recently posted . 17 views

राजीव गांधी के वो 5 बड़े योगदान, जिनसे बदल गया हिंदुस्तान

-- राजीव गांधी ने अर्थव्यवस्था के सेक्टर्स को खोला. -- 1988 में की गई उनकी चीन यात्रा ऐतिहासिक थी. ...

Recently posted . 19 views

A quick comparison of India’s Richest Man and Pakistan’s Richest Man

There is no doubt that India and Pakistan have produced notable billionaires even as family businesses have passed down from generation to generation. However, Indi...

Recently posted . 26 views

First day at New Delhi railway station: Long queues and Aarogya Setu

Outside the New Delhi Railway station on Tuesday, there was a steady flow of passengers — students, migrants and professionals from within and outside Delhi &...

1 week ago . 48 views



Thought of the day

मुस्कराना जिन्दगी का वो खुबसूरत लम्हा है, जिसका अंदाज सब रिश्तो से अलबेला है जिसे मिल जाये वो तन्हाई में भी खुश और जिसे ना मिले वो भीड़ में भी अकेला है