Customer Frustration with Cash Recycling Machines
Miad Hossain
In today's modern banking system, technological innovations are said to provide numerous advantages for customers; however, in many cases, these advantages come with new problems. Among these, cash recycling machines (CRMs) are noteworthy. While these machines are designed to simplify the processes of cash deposit and withdrawal, customers are facing various frustrations. This has led to a crisis of confidence in the country's banking system regarding the availability of banking services.
One of the main issues customers face when using CRMs is the formation of long queues. When customers go to various bank branches to use CRMs, they often find themselves waiting in line, especially when depositing large sums of money. This extended waiting time wastes the valuable time of other customers in line. For instance, some banks, such as Eastern Bank PLC, mandate that customers use CRMs for deposits under 100,000 Taka, further extending the waiting period.
A customer stated, "I visit the CRM to deposit money every day on my way to the office. But often I have to wait in long lines, which makes me late for work." In this way, many customers are delayed in their essential tasks, negatively impacting their daily lives.
Another technical issue is the disruption of the deposit process due to network-related problems. When customers attempt to deposit money, the machine may unexpectedly shut down or take time to restart. As a result, when customers’ money is held up, it leads to feelings of frustration and anxiety.
Many customers report, "When I was trying to deposit money, the machine suddenly shut down. My money got stuck, and it took 7 to 15 days to get it back." Managing this situation leads to significant time and financial losses for customers.
For depositing money into a CRM, having a card is mandatory, but many customers do not have one. An alternative option is to provide a mobile number for OTP verification. However, customers frequently complain that the OTP arrives late or sometimes does not arrive at all.
As a result, this additional process leaves customers even more frustrated. One customer complains, "When I want to deposit money into the machine, it takes 5 to 10 minutes for the OTP to arrive. Often the OTP doesn't come at all. So, I end up failing to deposit my money."
Another issue with CRMs is that they refuse to accept bills that have any writing or marks on them or are old. Yet, in many cases, these markings are made at bank counters. Consequently, the money provided by the bank is rejected by the machines, creating additional inconvenience for customers.
Customers frequently express, "I take money from the bank counter to deposit into the machine. But the machine tells me there is writing on the bills. The bank is the one that writes on them. What should I do now?" Such problems increase the pressure on customers.
Additionally, incidents of mechanical failures in CRMs are on the rise. Occasionally, the functionality of these machines stops working, making it difficult for customers to access services. When customers go to deposit money, they may find that the machine is inoperable, forcing them to leave empty-handed and go to a nearby bank branch, where they again face long lines.
A bank officer stated, "We are trying to address the issues, but some mechanical failures occur unexpectedly. We are taking swift action, but we apologize for the inconvenience caused to our customers."
To resolve these issues, banks must take swift and effective measures. It is essential to enhance the operational efficiency of CRMs from a technical perspective, address network issues, and ensure convenient services for customers.
Moreover, banks should provide accurate information and assistance to their customers. There is an urgent need for rapid changes and improvements in banking services to allow customers to access services without hassle.
To address these problems, banks can focus on technological advancements. For example, implementing software updates and system enhancements for CRMs could reduce mechanical issues. At the same time, to improve communication with customers, banks should establish simple communication channels that allow customers to raise their concerns quickly.
While CRMs can make banking processes easier, it is crucial to ensure that they do not create new problems for customers. Customer experience and satisfaction are vital for the banking sector, and banks must take this matter seriously.
Otherwise, the confidence in modern banking technology can diminish, which would be detrimental to the entire banking sector. If customers become dissatisfied with banking services, it could pose a significant crisis for banks. Therefore, banks must act quickly and effectively to resolve customer issues to avoid further barriers in service provision.
To free customers from these problems and improve the banking system, a coordinated effort from all stakeholders is necessary. By taking the right steps, the technological benefits in the banking sector can become effective, and customers' trust can be restored.
