As the countdown starts to our 2017 event, Guillaume Lepecq shares his views on what banks and retailers should be doing to keep cash relevant and efficient.
Stay Focused on the Real Issues
For 13 years, it has been my pleasure to lead some fascinating debates at The Future of Cash. As you can imagine, I have heard every argument for why cash still matters - as well as every argument for why cash is no longer relevant.
However, in my opinion, these debates completely miss the point.
As we highlighted at our last event in Paris, consumers want to use cash - and will continue to do so, not only to make payments, but also for their savings, to better manage their budgets, to protect their privacy and also as a back-up, when other systems fail.
Furthermore, Sébastien Chapoulet from Glory said, in his presentation, that cash usage depends on personality types, according to neuro-scientific research.
The real issue is not whether cash has a future, but what retailers and banks should be doing to continue to offer choices to consumers in a more efficient way.
As Graham Levinsohn, G4S Regional CEO, said 'a fundamental transition in the use of cash across Europe' requires 'root and branch reform' of how cash is processed in Europe.
Opportunities for Retail Banks
Retail banks may not profit directly from cash, but it is undoubtedly their key touchpoint with customers. So the challenge is to provide a cash service that continues serving as an interface with customers, but in a way that is convenient and efficient for bank and customer alike.
Processes and technology both play their part in driving down the costs, whilst maintaining optimum supply and customer satisfaction.
Prosegur suggested several options to increase efficiency include the outsourcing of front office operations and the development of white-label bank branches.
Solutions for Retailers
Successful retail businesses are built on providing the right product at the right price and in the right place.
Flexibility and choice of payments are an essential component of customer service, but comes at a cost. Retailers can, however, drive up efficiencies and drive down costs through an effective cash handling strategy and the deployment of appropriate technology solution.
The same strategy and technology also enable them to supply cash itself as part of their service, enhancing their customer portfolio in what is an increasingly competitive environment.
This was illustrated at our last event by Ana Rodriguez from Gunnebo who demonstrated how retailers can benefit from automated cash management solutions.
Our Next Event
The Future of Cash will return in Vienna, Austria between 4 and 5 October 2017 - and plans are already underway to build on the success of our 2016 conference.
Now in its 14th year, the conference focuses on the optimisation of the cash cycle - bringing together all stakeholders involved in the cash cycle to discuss new strategies for creating the cash cycle of the future.
Dates for Your Diary
- Registration Opens: February 2017
- Early Booking Discounts End: Friday 21 April
- Call for Papers Deadline: Friday 5 May
- Standard Booking Discounts End: Friday 7 July
- Event Opens: 4 October 2017
To hear more about the latest developments in cash optimisation, which form the basis of The Future of Cash, join us in one of these forums.