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A 2019 survey of National Retail Federation (NRF) members revealed that the industry is taking an estimated $50.6 billion hit due to shrinkage alone. For the average business, that equates to about 1.38 percent of your revenue needlessly lost. However, these numbers do not fully capture all of the other side effects and consequences that shrinkage could have on your business, including on its overall operational health, its employee morale, and even the experiences and prices it presents to its customers.

When an ATM fails, it can cost more than just a hit to the bottom line for your business. Throw in unhappy customers, lengthy downtimes, and costly repairs, and the end result of a broken unit can have a ripple effect throughout your operations.

In the blink of an eye, 2019 is more than halfway behind us. Although we still have a few more months to go until 2020, the year has already seen several notable cash management trends in banking that need to be on your radar.

With more than $50 billion in estimated inventory shrinkage costs hitting the U.S. retail industry in 2019, businesses of every breed are seemingly fighting an endless battle against theft that is only getting worse. 

If you’re an independent ATM deployer, you’ve likely had Jan. 14, 2020 on your mind for quite some time now. Believe it or not, that date—which is when Microsoft will no longer provide technical support, security upgrades, or patches for Windows 7—is coming faster than you think. And if your fleet isn’t on its path to a Windows 10 migration when it does, your organization’s compliance, security posture, and functionality options might be severely impacted. 

ELMHURST, IL — Burroughs, Inc., the largest independent technology product and services company in the U.S. financial and retail market, is pleased to announce that Anson Martin has been appointed Chief Executive Officer (CEO).

Nearly every business finds itself in the midst of a digital transformation, where new technology is forcing them to evolve quickly to meet customer expectations and maintain relevance. Financial institutions and their ATMs are on the front lines of this battle.

Regardless of the size or type of your business, cash management plays a part in how efficiently your operations run. From handling customer transactions, opening and closing registers, and maintaining appropriate cash levels to securing cash for safekeeping, your staff is constantly interacting with the money that flows through your business.

As the pace of business continues to intensify, anything you can do to save your customers’ time and help them increase their productivity is going to surely win them over. One of the best ways financial institutions can do this for their retail clients is by offering them banking solutions that are easy to use, secure, and—most importantly—convenient.

Cash is the engine that runs your business; you use it to fuel growth, buy new stock, and invest in your employees. But when you’re focusing on the nuts and bolts of running a company, it can be difficult to give the right amount of thought and energy to cash management.