Partner in digital transformation
The currency industry has been incorporating and implementing digital solutions for the past couple of years. Just as in other industries, including automotive and health care, new technologies and software solutions have made processes more efficient and created new value. While cash will keep its importance even in the digital age, underlined by the growing demand for cash, digital technologies will enhance the efficiency of the cash cycle. Dr. Wolfram Seidemann, CEO of G+D Currency Technology, talks about combining both worlds.
Digitalization and cash – isn’t that a pair of opposites?
No, on the contrary. We have been balancing and offering both physical and digital solutions for quite a while and call the combination of both Advanced Currency Management. Digital transformation is more than just technology. It means developing new and innovative solutions for the benefit of our customers. This was one of the main reasons for acquiring Transtrack, a leading software company in cash management. Together, we are offering the most complete cash management software suite for both commercial customers and central banks.
What would you regard as the key success factor when it comes to digitalization of currency and the cash cycle?
There are three aspects that come to mind immediately. The first is security. Safeguarding the integrity and stability of the currency infrastructure, and thus of the economy of any given country, has priority over everything else. The second is control of availability and quality of cash in circulation using digital technologies and data intelligence. The third aspect is efficiency: continuously evolving and optimizing the cash cycle with the latest technologies.
How do you ensure that these factors are met?
We make sure that everything works seamlessly together in a modular system – technologies, processes, hardware and software – making it easy for players in the cash cycle to configure solutions to their needs. Just a few examples, we are working on solutions for remote and predictive maintenance and on algorithms for inventory control and capacity planning, which enable just-in-time supply and delivery of currency where and when required.
Where does the trend toward digitalization leave the physical product?
Banknotes as a tactile product composed of substrate, security features, and design are still a very important part of our business and society. I am convinced it’s exactly the analog characteristics of banknotes and coins that make so many people still appreciate cash. As we offer end-to-end solutions for the whole value chain of banknotes, we are partners for our customers at every step in the process. We have always taken a customer centric view, combining the more tangible aspects and the digital and software solutions in our Advanced Currency Management portfolio.
The other vision we have, is building digital bridges between all players in the cash cycle, connecting technologies, people, and processes.Dr. Wolfram Seidemann, CEO of G+D Currency Technology
What is the way forward for the industry looking at a time-span of three to five years?
In the longer run, I see two important goals. A large amount of data is gathered worldwide through sensors. However, data alone is not information, and information is not knowledge. We need the right algorithms and data intelligence tools to turn data into knowledge, thus enabling our customers to make better decisions – decisions based on facts and figures. The other vision we have is building digital bridges between all players in the cash cycle, connecting technologies, people, and processes. This will not only ensure a smooth functioning of the cash cycle but also significantly improve efficiency and reduce cost. Digital solutions are increasingly adding value for our customers, and we are their partners in transformation.