CRM shows banking sector's future

The banking sector is intricately tied to financial transactions and it's impossible to envision financial activities without it. Banks play a pivotal role in keeping the economy running through various transactions. To cope with the growing demand for banking service, banks need to expand their branches, which entail substantial investments in renting space, hiring new employees, and interior design.

One of the primary functions of banks is to handle cash deposits and withdrawals according to customers' needs. A large portion of bank employees is dedicated to this task, which often becomes complex and time-consuming, leading to customer dissatisfaction. The most viable solution to this problem is greater utilisation of Cash Recycler Machine (CRM). Presently, banks are heavily investing in CRM to streamline operations. Given that a significant number of bank customers primarily visit branches for cash transactions, establishing new branches demands considerable financial outlay.

CRM machines facilitate the delivery of advanced services to customers efficiently and cost-effectively. Moreover, their compact size requires minimal space, facilitating easy installation. Placing CRM machines in high-traffic areas such as markets or industrial zones simplifies cash transactions for customers, resulting in enhanced satisfaction and reduced pressure on banks. Localised services alleviate the burden on banks, thereby boosting employee productivity. Furthermore, CRM machines not only handle cash deposits and withdrawals but also detect counterfeit and damaged notes, ensuring enhanced security.

By adopting CRM technology, banks can significantly reduce operational expenses compared to traditional cash counters manned by multiple employees. In the foreseeable future, CRM machines are poised to replace conventional cash counters in banks. Therefore, it's imperative for banks to prioritise CRM technology to bolster customer satisfaction and maintain a competitive edge in the market.

Md. Tajul Islam

Student

Islamic University, Kushtia

[email protected]