Cash In Transit Operators (CIT)
Cash In Transit Operators
Traditionally, the success of a Cash in Transit (CIT) operator, to a great extent, depended upon the armored car territory they operated in. With the evolution of technology and high speed processing equipment, this is no longer the case. Many financial and retail institutions outsource their currency and coin operations to CITs.
This is a logical choice since CITs are transporting and carrying these funds. Processing and managing currency has grown tremendously. Within a few years, the cash management product line will surpass the traditional armored businesses.
CIT’s will have to adapt by offering more added value to build deeper and broader relationships with customers, and take bold decisive steps to capitalize on the shifts that are reshaping the industry. Winners will be players, who use their agility, strategic aggressiveness, and sharp execution to attract customers.
The New Rules of Success
To unlock growth and profitability in a challenging sector, CIT companies need to make bolder and more astute strategic choices – by creating additional value – to boost margins and capital efficiencies. For all of the upheaval facing the sector, a number of powerful megatrends create unprecedented opportunities to enter new markets and redefine existing business models.
Smart Safes: A smart safe or a ’bunch note acceptor’ is a safe that is typically installed at a retail store or restaurant with the capability to recognize cash as it is deposited in the safe and immediately credit the retailer’s bank account.
The advantage for the retailer is that risk of theft of the cash is immediately transferred to the CIT operator once it is secured in the safe. The advantage for the CIT company is that this creates a new revenue stream with a monthly charge for the safe, plus it enables it to build new profitable routes for its transit services, by capturing new clients who weren’t previously economically viable on the old model.
Acquisitions: In addition, there is a drive by many carriers to grow margin through acquisition. CITs offer a one stop shop for cash machines and cash in transit. Albeit in many cases this is not very appealing to CITs as it takes them away from their core.
Advantages of collaborating with 4POWER for CITs are:
- Grow revenue streams quantitatively and qualitatively,
- Acquire new customers,
- Increase stickiness and loyalty,
- Offer services to a captive market with unsatisfied demand,
- Grow with minimum additional resources
- Create a differentiation and USP with the competition
Self Service Machines are being installed by all Banks and Financial Institutions everywhere to meet customer demand for self-service and 24 x 7 transactions. 4POWER have long experience in supplying these machines: