Large volume cash deposit is a task where too many people are involved.

Why do I write too many?
If you are looking closer to the process you will understand why.

The classical cash operation from e.g. retail to the bank includes at least for major steps.

First the cash point.

Here a first time intensive cash counting process is done by the cashier. After this the cashier has to bring the money to the back office where it will temporarily deposited.

Second the back office.

The cash has to be re-counted, normally by the double checking principle to avoid problems.

The first step already transformed the cash into “dead capital”. The cash causes more problems than benefit at that moment. It has to be secured and it is not yet gaining interests because it is not yet booked to the account. In fact the pile of bills is reducing every minute by increasing the CIT costs and virtually by the lost of interests.

Third the cash in transit (CIT)

This is one of the moments where the cash is most vulnerable. Anything can happen so the security risks are enormous at this step. By mastering a complex logistical process the money will at least be transported to the bank.

Forth the cash center

The cash will be counted again by the labor intensive four-eye principle. Just until now we can apply the rule that the money is not yet working for its legal owner, but still producing costs.
Finally the cash will be booked into the account and can start to create interests.

Conclusion

The classic cash operation is slow, labor cost intensive and sometimes a non-transparent process.

In the next article I will show up a solution which will dramatically reduce this process by transform it into an intelligent cash collection solution.

So stay tuned.