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Banks need to focus on making cash, ATMs, and electronic payments more sustainable as they work towards their green goals. Cashless payments and digital money have a growing carbon footprint that financial institutions must take into account.
Deploying sustainable ATMs
Managing ATMs well and handling cash responsibly can make using cash eco-friendly.
A few years ago, the IFoA discovered that ATMs use a lot of energy. As traditional machines use substantial amounts of energy, which increases carbon emissions and energy waste.
ATMs need to go green for a more sustainable cash management strategy. One option is to invest in newer, more energy-efficient ATMs and ASSTs that are innovative and environmentally friendly.
The green options
ATM pooling
Companies can reduce their carbon footprint by using advanced cash management and ATM pooling. This is especially beneficial when they have a widespread network of ATMs, ASSTs, and other devices.
This agreement means that banks will no longer own their ATMs. Instead, a new entity will take over ownership. The new entity will manage all the ATMs together. They will operate under a neutral brand name.
As such, ATM pooling creates high levels of environmental impact and efficiency for the infrastructure as a whole. Even though the machines will occupy less space, we will still place them in high-traffic areas. Having fewer ATMs in one area reduces energy use and carbon emissions. This is because it reduces the number of trips needed to refill cash.
In addition to this, customers will be able to access cash services at a convenient time and location. This leads to better financial and social inclusion and an improved overall customer experience.
AI and Machine Learning
Businesses can use predictive analytics, AI, and machine learning to monitor cash transactions in real-time. This helps them predict demand and improve their cash management strategy. This leads to long-term sustainable payments.
Tracking cash in this way helps deliveries become more efficient. This reduces carbon emissions from transporting cash to refill ATMs. It also decreases the number of unused machines.
Automation & Monitoring
Many banks still rely on manual processes or basic sustainable cash flow functions for cash management. Auriga’s Cash Management software helps banks automate processes, monitor in real-time, and plan interventions more efficiently. Including reducing waste related to unnecessary order management costs by 25 percent. This not only reduces errors, but also streamlines operations.
Developing a sustainable society
In green finance, it’s important to build strong economies and societies. Sustainable cash flow is not just about the environment. Ensuring access to a universally usable payment method, such as cash, is paramount.
The key lies in having a payment method that’s user-friendly for all, like cash. This method should be accessible to all, regardless of their social or economic status. It should be available even to those without a bank account or internet access.
Cash and its impact on the environment are essential for fostering renewable energy across all fronts. Some banks are closing branches and reducing ATMs. Others are improving their ATMs to provide better service and be more eco-friendly.
