Is cash still king?
In a world in which we increasingly find ourselves making contactless transactions with our bank cards or iPhones, and not having to grapple for loose change on the bus, it’s easy to imagine a time when cash is no more than a memory. The faltering rise of online “currencies” like the Bitcoin serves only to reinforce that notion.
But, to paraphrase Oscar Wilde, rumours of the death of King Cash appear to be rather exaggerated. Indeed, the latest forecasting from Diebold Nixdorf suggests that not only will Cash be on the throne for many years to come, but his empire – far from being in decline – is actually on the up.
ATMs on the rise
Diebold Nixdorf is the global brand responsible for an estimated 35 per cent of the world’s one million-plus ATMs, since US-based Diebold merged with Germany’s Wincor Nixdorf last year.
Diebold Nixdorf confidently predicts that the world will see 27 per cent more ATMs installed by 2021, mirroring the public perception that cash is, put simply, the easiest, fastest and most secure way to make transactions. In Europe alone, there’ll be another €370 billion in cash in circulation by 2020.
The downside of all this for the banking industry is that cash doesn’t come free – Datamonitor estimates that cash-handling accounts for very nearly half the cost of maintaining the ATM estate.
In an effort to reduce that cash-handling cost, NCR – the other big player in the ATM market – is offering eight-drawer (or potentially ten-drawer) ATMs, based on the replacement of cash deposit drawers with a set of cash-dispensers.
The consequent apparent halving of the replenishment cost does, whoever, come at a potential cost: the potential resurgence in attacks on CiT teams.
The Lockpoint Gryphon
Lockpoint’s Gryphon was originally developed, in partnership with Tesco Bank, specifically to counter the original threat to CiT teams and it enjoyed spectacular success, thanks to its ability to severely limit the quantity of cash available to be stolen at any given moment in time.
The Gryphon Super Eight now performs a similar task to defend these new eight and ten-drawer machines.
So, just as Cash looks like reigning for some time to come, so too can we anticipate that the Gryphon will continue to be his loyal, royal courtesan.