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Bytes MS, Nedbank sign R65m deal

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 31 Jul 2015
Bytes Managed Solutions' Alan Anderson says cash recycler technology will improve operational efficiency and safely at Nedbank branches.
Bytes Managed Solutions' Alan Anderson says cash recycler technology will improve operational efficiency and safely at Nedbank branches.

Bytes Managed Solutions and Nedbank have signed a deal worth R65 million that will see new teller cash recyclers improve customer experience, bank teller efficiency and safety for bank employees and customers.

The Altron subsidiary says the recycler is designed to improve the productivity of the bank teller's role by automating the acceptance, authentication and validation of bank notes, and making the notes instantly available for dispensing to customers.

"This lets tellers process transactions more rapidly and efficiently, giving them more time to spend on offering greater levels of service to the customer, and cross-sell and up-sell additional products and services, thereby offering banks an opportunity to improve revenue," according to a Bytes statement.

The R65 million deal sees Nedbank buy 250 NCR Teller Cash Recyclers from Bytes for use in branches across South Africa. Bytes says this is a step forward in the modernisation of branches to suit the needs of the 21st century consumer.

"As consumer banking needs and preferences evolve with the advent of online banking, banks have made it a strategic imperative to ensure their branches carry the latest self-service technology required to ensure a more efficient and satisfactory banking experience."

According to Bytes business development director, Alan Anderson, bank robberies are still a common threat in South Africa and the acquisition by Nedbank is a powerful deterrent for criminals.

"In addition to the product improving operational efficiency at branch level, the preventative nature of the device will ensure Nedbank is less exposed to potential theft at its branches," says Anderson.

In an increasingly digital world, bank-customer behaviour is changing. A 2014 McKinsey & Company report found that in the US, 65% of customers interact with their banks through multiple channels. The report, however, found digital channels have not replaced physical channels and consumers still value face-to-face interactions at their bank branch. McKinsey found customers who use mobile and online banking more than once a week were over 60% more likely to be active retail-branch users than those who do not.

Bytes believes cash recyclers will help banks to make sure they still provide high value interactions at their branches while modernising in-branch technology to aid efficiency.

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