The Question of Automating Banking Services

There was a situation when the President of the Association of Russian Banks wrote an open letter to the Central Bank of Russia, raising the question: is it worth purchasing such expensive banking equipment if it does not always bring benefit? All those devices for sorting banknotes and their immediate verification, and other technical innovations do not always pay off for small banks that do not handle large cash turnovers. To this the Central Bank of Russia replied that such structural units with limited capital may, “for a certain period of time,” refrain from using special equipment for sorting and checking banknotes, but on one very strict condition: to verify the authenticity of banknotes by four criteria using any methods. This indicates that the Central Bank wants to set a clear direction for the development of the credit institutions sector.

However, this system has some flaws. Managers see no sense in any reforms, considering them a simple “money-grab.” Some believe that you cannot compare the Central Bank and the policies of small credit institutions because they are in different “weight categories.” Unfortunately, we have developed a principle of unquestioning compliance with orders, without examining their motives.

Undoubtedly, electronic queuing systems and banknote-sorting machines with high-quality detection will bring profit and significantly reduce expenses. Do you want to save time processing cash, save money on tellers’ and staff salaries, and spare your nerves over all these points? There is probably no businessman who would answer these questions negatively.

There is a strict order: to check banknotes for authenticity by at least four characteristics. Suppose a credit institution has a modern banknote sorter that can inspect notes in the ultraviolet range, detect magnetic properties and the thickness of the note. Usually dimensions are checked manually by a person, but with the appropriate equipment checking an average batch of cash takes almost 40 times less working time and resources. All that remains for the person is to identify which banknotes are suitable and which are unsuitable for use.

Optimization of the workflow makes it possible to bring banking operations into full compliance with the modern requirements of an increasingly fast-paced life.