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 China Affordability: New Opportunities for Global Financial AutomationJune 15, 2005By Rolando Gonzalez It used to be that only the rich financial institutions had the capital to fully equip their branches and headquarters with currency counters and bill authenticators. The thinking at the time being such a large investment in equipment for every teller and position needed would be highly prohibitive. This is no longer the case as new Chinese suppliers have arrived on the global scene providing financial institutions with inexpensive, high quality equipment at 25% of the cost available 10 years ago. This situation is rapidly changing as American companies like “Accubanker USA” and European companies such as “De La Rue” are making joint ventures with the best financial equipment manufactures in China. Resulting in the ability to bring to market inexpensive, high quality bill counters and counterfeit verification equipment. Yet it is not easy to change old prejudices, it took Japan several decades to convince the Market that they could make high quality inexpensive cars. Now high quality and inexpensive manufacturing are the mantra of the modern Chinese supplier. In a recent survey of Chinese and US manufacturers by Industry Week and the Cleveland based Manufacturing Performance Institute, 54% of Chinese companies cite innovation as one of their top objectives, while only 26% of US respondents made innovation a priority. It is this new mindset and manufacturing economy in China that is benefiting western companies with high tech, high quality, low price, same warranty financial equipment. It is hard to imagine one can travel to the so called Third World enter one of many a financial institution and find there bill counters and counterfeit detectors at every teller station. While in the more relatively developed western financial world one goes to a neighborhood bank were the high salary Bank Teller is counting money by hand with no equipment to check bills for counterfeiting. This is the cruel trick of conformity that the western banking community has yet to go beyond. Placing aggressive and creative companies in the counterfeit verification and bill counting arena with the challenge of changing this cruel trick into the treat of financial opportunity. The Chinese manufacturer being the linchpin in this mighty endeavor to move all other markets. It is time to be made aware that your teller no longer needs to spend there valuable time in front of the customer counting money as one did in the previous century. Such archaic and inefficient manner of business is only allowing one to provide sub-standard service to their customers and allowing counterfeiters to effect negatively an ever shrinking bottom line in the competitive world of banking. In a recent cash automation study, comparing the benefits of utilizing a bill counter over counting by hand, it was found that the average bank teller can count and batch at a speed of 150 to 200 bills per minute, while the standard electronic bill counters can do the same at a speed of 1000 to 1500 bpm. More over the inefficiency of unautomated cash handling is further exacerbated when checking for counterfeits. A bank teller can spend up to 40 sec.’s in determining the authenticity of a suspect bill while a cash authenticator can do it with a higher degree of certainty in less then 1.5 sec.’s. These timesavings do not only represent thousands of dollars in labor cost reductions but also allow tellers to generate increased revenue from referrals and the sale of additional bank products. The Banking Industry and many other cash intense industries are beginning to realize that the market has radically changed due to the ascendance of ATM and Internet banking. They no longer have the luxury to spend money on slow antiquated banking methods and large work forces. The new generation of banking client expects a level of speed and efficiency that cannot be achieved with the current banking environment. The age of the Digital Bill Counter has arrived and those who see this see China as the way to accomplish the changes needed. |
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