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Deposit and Withdrawal Automation



 

This method makes the cashier’s work simple and transactions like deposits and withdrawals can be done with speed, and efficiency without any error whatsoever. This method automates the deposits and withdrawals that are done by cashiers in banks or Institutions that handle cash.

Introduction

It is a common practice in rural Banks, where people don’t use ATMs to Deposit or Withdraw money. Also not everyone has adopted digital transactions still. So, anyway people go to Banks and wait for their turns. So, it is necessary to automate the Withdrawal and Deposit process, to avoid fraud, and to provide easy transactions.

We are going to use two methods for Deposit Automation. The first is with the help of Kiosks, installed on Bank premises. Second, takes advantage of a Mobile Banking App, which is hugely beneficial for hassle-free transactions. We will also discuss withdrawal with the help of kiosks. In all the above methods, cash is handled only by the Cashier.

Deposit with Kiosks

Let us start with Deposit on Banks with the help of Kiosks. In the case of Deposit, you have to enter the Account Number. The Kiosk will show the Account Number provided, provided you perform certain steps. These steps are done to prevent a third person from knowing the Account Holder’s Name, by randomly entering an Account Number. If the customer wants to keep her Account strictly confidential, we can provide OTP service to her. By this method, the Customer enters the Account Number and presses OK, and an OTP is sent to the Account Holder’s Mobile Number. If the Customer enters the OTP in the Kiosk Software, it shows the Account Holder’s Name.

Instead of OTP, We can also use a three-digit pass. Account Holder is given a common three-digit Pass, which they can share with whomever they wish. If she wishes to change the three-digit Pass, she can do so in her Mobile Banking App. This three-digit pass has to be entered along with the Bank Account Number to do Deposit transactions. For Government Accounts and Publicly Accessible Accounts, which do not require any password, no OTP or three-digit pass is required. After entering the Account Number and OTP or three-digit pass if required, we proceed to the next step. Then If the Account Holder’s Name is correct, Enter the denomination details and other details. Total will be calculated duly and it will show the sum. Automatic calculation by Kiosks will help avoid any error in the deposit process. The cashier does not need to check calculations of denominations either. Then it will generate a 4-digit token number and eject a Deposit slip. The deposit slip will have all the details digitally printed. The Customer has to put Signature and wait for his token number to be called by the Cashier.

Deposit to Cashier

Once, the Customer’s Token Number comes, the Cashier calls you and all the details from Account Number, Denominations, Date, and other details will be auto-filled in Cashier’s Bank Software. The Cashier simply needs to cross-check the details. The cashier receives the cash, If the Bank provides a counting and sorting machine, No work for the Cashier, She just has to check the denominations.

Deposits with Mobile Banking App

Let us now see Deposit on Banks, with the help of a Mobile Banking App. The same process as told before for Kiosks can be applied to the Mobile Banking App, where the details of the deposit will be entered into the App. Additionally, the Customer has to enter the Bank IFSC Code or Select the Branch, where he wants to deposit his money and the date of deposit. After successfully entering your details, the Mobile Banking App will give you a passcode. The Customer goes to the particular Branch, where he has chosen to deposit and enters the Passcode in the Kiosk, which ejects the Deposit Slip with the 4 Digit Token Number. There is a huge advantage in this method since the customer can fill the deposit details conveniently at any place and at any time, completely error-free. Also for organizations, that send their representatives to deposit amounts regularly in Banks, it is a huge advantage, since the organizations can pre-fill all the details of the deposit from their premises itself.

Withdrawal with the help of Kiosks

Now, Let us see Withdrawal Automation with the help of Kiosks, as the use of a Mobile Banking App for Withdrawal is unnecessary. For Withdrawal, all the Customer has to do is swipe the Passbook in the Kiosk. The Passbook needs to be printed with a Bar Code or QR Code. Without a Physical Passbook, the Customer can not even fill in the Withdrawal slip. On swiping, the Account Holder’s details are automatically filled in the Withdrawal Slip, the Customer simply has to enter the amount, she wants to withdraw and put in her signature. Details like the amount not enough in the Account are already displayed to the Customer. The kiosk ejects the Withdrawal Slip along with the 4-digit Token number. Same as before, the Cashier will receive the details auto-filled from the Kiosk, but she has to enter the denominations.


Photo Courtesy: sedco.co

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