Logicpath Insights

The Payment Choice Act makes it unlawful for a retailer to refuse to accept cash for payment. A consumer’s right to pay with cash was threatened during the pandemic and it is important to remember the importance of cash in society and protect consumer's rights.

Many are aware of the nationwide coin shortage caused by the COVID-19 pandemic and businesses shutting down, and businesses are still struggling to have enough coin on-hand to operate efficiently and serve customers.

Toyota originally pioneered the process to identify “waste” that could be removed in order to optimize efficiency in their industry. The seven areas of waste in banking can be used to help you identify and eliminate current inefficiencies in your cash operations.

Learn how waste of time and resources can be highly interruptive to the efficiency of your customer service model in your FI because your staff is performing administrative work as opposed to high value tasks such as supporting and selling to your customers.

Atlanta-based fintech SaaS company logicpath, a leader in AI-driven cash supply chain technology, has unveiled its new company website: logicpath.com. This rebranding initiative reflects the evolution of the company and its recent launch of an exciting new milestone version of C3 Financial, artificial intelligence (AI) and cash inventory management software innovating the financial services industry. 

Delays in your financial institution can come in many forms, and are sometimes inevitable. Cash orders can be delayed from an unexpected transportation change or because a holiday falls on a scheduled delivery day. In addition, there are other delays that can be caused when a branch does not place their cash order on time.

Circumstances change over time that determine your goals, and lost opportunities can emerge as a result. The negative impact and expense from lost opportunities are hard to track, yet they are all too real. For example, having too little cash can mean you miss out on the opportunity to minimize armored car deliveries, thus saving on transportation costs. On the contrary, having excess cash equates to large amounts of money sitting idle when it could have been reinvested to create a profit.

Logicpath Announces New Milestone Version of Award-Winning Cash Inventory Management Software, C3 Financial

As we often say, it is important to think of your cash like a grocery store would think of a box of cereal, such as Cornflakes… they’re both inventory and should be treated the same way. Having too much or too little inventory can be detrimental to your customers and your financial institution. However, inventory errors can and do occur, which create waste in the cash ordering process within your bank or credit union.

When people think about inefficient communication within an organization, they automatically think about delays between emails, phone calls, etc., but what is the true cost of inefficient communication? Inefficient communication can have many detrimental effects on your financial institution’s overall efficiency that result in waste in the form of time and money. When communication is ineffective or erroneous, it leads to extra internal and external emails, phone calls, report pulling, and additional charges.