While having advanced digital technology benefits us all every day, the risks associated with this continue to increase. Each year, cybercrime and data security breaches grow, with more than 3 billion individuals estimated to have been impacted in 2023. The average cost of a data breach to businesses costs around $9.3 million per year and … Read more
Banks and credit unions routinely rely on third-party vendors to process transactions, protect their computer and data systems, service their ATMs, consult on banking operations, and much more. The process of outsourcing allows bankers to focus on their core business operations and the services they provide, while leaving things like ATM management, cybersecurity, and other … Read more
For retail stores and financial institutions, cash is king, and there are few resources as important as a high-quality cash-in-transit (CIT) service. From moving paper currency and coins to cards and other valuables between locations, almost everything that occurs in a business setting is layered on top of the foundation of a trusted and reliable … Read more
Mark Twain once said, “The rumors of my death have been greatly exaggerated.” The same can be said for cash and coins in the United States. It’s estimated there was $54.6 billion worth of cash in circulation in 2023, and still, predictions about the demise of physical currency continue. Only 43% of Americans say they … Read more
It’s been just over 50 years since the introduction of Automated Teller Machines (ATM) to the United States, and it is hard to imagine the modern banking landscape without them. They provide secure and convenient access to funds 24/7/365, without the challenges of staffing and servicing. In recent years, as functionality has expanded, they have … Read more
How Cannabis Dispensaries Can Effectively Manage their Cash: Best Practices for Cash Management The cannabis industry is rapidly growing, seeing more and more legal sales each year. In fact, legal cannabis sales are expected to reach $71 billion by 2030. With legalizations along the Northeast Coast piling up, the industry is growing faster than the … Read more
Enhancing Bank Customer Service with ITMs New technology sometimes comes with the unwanted result of alienating customers or leaving them fending for themselves in an increasingly isolated and digitized world. For banks and credit unions, over-relying on these forms of tech can sever crucial customer-bank relationships. To combat this potential problem, financial institutions are now … Read more
Financial institutions, government agencies, medical facilities, and companies across the globe are facing rising security threats—both online and at their physical premises. According to The State of Ransomware in Financial Services 2023, financial institutions have seen a rise in ransomware assaults from 55% in 2022 to 64% in 2023, nearly double the 34% recorded in … Read more
As banking professionals know, while cash transactions are decreasing overall, cash is not going away anytime soon. As we highlight in our recent post, large swathes of our population, as well as the majority of businesses—85%!—still rely on cash for a significant portion of their purchases and operations. That’s why secure and efficient cash handling … Read more
Whether you’re in the financial services industry or help run another business or organization that frequently handles cash transactions, you may find yourself overwhelmed by the burden of managing cash logistics, from front-facing cash handling to secure cash transportation. While more and more transactions go digital, physical currencies are still an integral part of commerce … Read more