Maximizing cash cycle efficiency with remote services

Picture the scene: during the bustling holiday shopping season, a major bank’s cash processing system suddenly fails. The breakdown halts operations for several days until a technician arrives with the required spare parts. This disruption causes local businesses to face cash shortages, ATMs to run dry, and customers to shift their shopping online. Such interruptions not only divert money from the local economy, but also add unnecessary stress right before the holidays. 

Considering that a single minute of downtime can cost a business an average of $9,000¹, even brief outages can have profound economic consequences beyond the initial point of failure.

“Maximizing system uptime is crucial for maintaining efficiency and productivity in cash processing operations,” says Matthias Gukelberger, Global Vice President, Head of Strategic Business Segment Service at Giesecke+Devrient Currency Technology. “Neglecting this can disrupt the broader cash cycle, damage customer trust, and lead to significant revenue losses and downtime costs.”

Major players in the cash cycle, including central banks, commercial banks, and cash-in-transit companies (CITs), implement various strategies such as preventive maintenance and automation to keep their systems efficient. However, the risk of occasional system failures remains a concern that must be addressed, as any downtime waiting for repairs incurs costs and can cause further disruptions downstream. 

While on-site technicians are often able to make quick repairs, some situations require additional expertise to diagnose and fix problems. Traditionally, this has involved calling in an external technician, which could lead to further delays. 

For businesses that process larger volumes of cash – from major cash centres to medium-sized commercial bank branches – the macro-scale time and cost savings are significant. Moreover, the sustainability benefits are equally crucial. They not only ensure compliance with ESG initiatives, but also help future-proof businesses in a world that is increasingly focused on environmental consciousness.

Security without compromise

While the advantages of remote service solutions are clear, security and compliance remain top priorities. Financial systems, including cash processing operations, are particularly vulnerable to malicious attacks. Relying on external vendors often raises legitimate concerns for compliance managers, who must carefully balance the benefits of granting remote access to third-party technicians against the risks of sensitive data being compromised and vital systems being tampered with.

These concerns emphasize the importance of establishing clear access policies and adhering to relevant industry standards, which provide a framework for managing information security and access controls. Adhering to such standards ensures transparency and helps to reduce risks by clearly defining who can access specific data, when, and how. This not only protects the integrity of cash operations, but also minimizes the risk of financial losses and reputational damage.

“Ultimately, it’s about maintaining stringent control over system access, especially in sensitive operations like cash processing,” explains Matthias Gukelberger. “G+D’s remote solutions are designed with robust security measures, adhering to the highest standards, and ensuring that customers retain full control over their system data and access at all times.”

Introducing G+D Remote Solutions

As a leader in SecurityTech, G+D has developed a suite of remote service solutions, including G+D Remote Support and G+D Visual Support, that are fully compliant with the highest security standards. These solutions provide clients with the benefits of speed and convenience of remote service, while ensuring complete control over access and data integrity.

Returning to the holiday season scenario, with G+D Remote Support, the commercial bank can authorize secure remote access to its cash processing system, allowing a G+D expert to quickly identify the problem and perform the necessary diagnostics or repairs. If on-site intervention is necessary, G+D Visual Support assists in-house technicians through AR-enabled video guidance. Should an external technician’s presence still be required afterward, they will arrive fully prepared with the necessary parts to promptly restore system functionality, minimizing any additional delays.

As businesses increasingly strive to enhance efficiency, remote service solutions offer a practical and sustainable strategy, especially during peak periods, when even the slightest disruption can cause significant chaos. These solutions ensure that systems operate smoothly, preserving both business continuity and the holiday spirit.