logicpath Blog | Whoknew

Smart Tips – Managing Your Cash Supply Chain and Inventory - #4 Create a Target or Limit

Aug 11, 2020 | Kelly MacConnell

Topics: Branches and ATMs, Cash Management, Vault Cash

Community Banks and Credit Unions Alleviate Coin Shortage Fallout by Asking for Help from their Communities

Aug 6, 2020 | Stephanie Jordan

Another one of the many consequences of the COVID-19 pandemic was the partial closure of the economy. Due to this partial closure, a nationwide coin shortage has developed because consumers are unable to spend their coins at local businesses that were temporarily closed or cut back on their operations. In addition, the U.S. Mint’s coin production also decreased at the beginning of the COVID-19 pandemic to keep employees safe. Additionally, we’ve seen an increase in online purchasing which yet ag...

Topics: Branches and ATMs, Cash Management, Vault Cash

Smart Tips - Managing Your Cash Supply Chain and Inventory - #3 Expect the Unexpected

Jul 23, 2020 | Kelly MacConnell

If we’ve learned anything over the last few months, it is that the least expected can easily become reality and everything can change in an instant. In our previous post we talked a lot about the trends that should be evaluated when reviewing your cash supply chain and the processes surrounding your branch, ATM and vault cash inventory, but as we adjust to a “new normal” we are beginning to see that the previous trends may not always apply.

Topics: Branches and ATMs, Cash Management, Vault Cash

Smart Tips - Managing Your Cash Supply Chain and Inventory - #2 Be Aware of Trends

Jul 7, 2020 | Kelly MacConnell

The other week, we discussed our first smart tip for managing and implementing a successful cash supply chain and inventory management system – addressing customer demand. This week, our smart tip focuses on awareness of trends in the demand for cash. While we have all witnessed the unexpected over the last few months and recognize the importance of being prepared for the unknown, it is even more critical to be aware of ongoing and predictable trends that impact your cash flow. Here are five tip...

Topics: Branches and ATMs, Cash Management, Vault Cash

The Cash Supply Chain Checklist - 6 Questions to Ask Your Cash Management Team

Jun 23, 2020 | Kelly MacConnell

Over the last few weeks, we have discussed various current and future cash supply chain and inventory management challenges that many banks and credit unions are facing and will continue to face into the future as we adjust to the “new normal.” Here is a round up of all the topics we discussed:

Smart Tips - Managing Your Cash Supply Chain and Inventory - #1 Addressing Customer Demand

Jun 9, 2020 | Kelly MacConnell

A good inventory system is important to the growth of any business that manages a supply chain. For most industries, inventory ties up cash figuratively in products sitting on a shelf or in a warehouse, but for financial institutions, branch, ATM, vault and device cash is a financial institution’s inventory. Like any other business, not enough or too much inventory can be costly to the business and inhibit growth or even day-to-day operations in their supply chain. Over the past few months finan...

Topics: Branches and ATMs, Cash Management, Vault Cash

Current and Future Cash Supply Chain and Inventory Management Challenges: Managing Actual Current Demand and Usage

May 26, 2020 | Kelly MacConnell

In the last few blog posts we’ve mentioned seeing a 20 to 24 percent increase in cash since the beginning of the COVID-19 pandemic, and there plenty of articles from outlets like Forbes and BankRate.com that are reporting similar numbers. Most FIs are just hoarding the cash, even though cash demand has been lower than normal after the initial spike 3 months ago when the pandemic started. Today, we want to discuss how banks and credit unions can find out their actual current cash demand and usage...

Current and Future Cash Supply Chain and Inventory Management Challenges: “Business as Usual” is Not so Usual for Armored Car Carriers

May 12, 2020 | Kelly MacConnell

In this blog series we’ve covered a lot of topics and challenges that will help banks and credit unions through the COVID-19 pandemic as it relates to their cash supply chain. This week, we want to discuss one of the critical suppliers to the cash supply chain, the armored car carrier. Every day, we are witnessing the many ongoing challenges banks and credit unions are facing, but what about your armored car carrier? How is their involvement in the cash supply chain impacting financial instituti...

Current and Future Cash Supply Chain and Inventory Management Challenges: Adjusting to the "New Normal"

May 5, 2020 | Kelly MacConnell

We know industry statistics have shown most banks and credit unions carry 20 to 30 percent excess cash on a regular basis, but since the beginning of the COVID-19 pandemic it has been reported that there is a 20 percent increase of cash in the market. Even the largest armored car carrier in the United States, Loomis, has seen their customers order 24 percent more currency in orders and vault cash in March alone. We’ve previously discussed the many reasons that can attribute to these higher level...

Current and Future Cash Supply Chain and Inventory Management Challenges: Decentralized Vs. Centralized Ordering

May 1, 2020 | Kelly MacConnell

As discussed in the previous blog, one of the main concerns that is particularly relevant during the COVID-19 pandemic for financial institutions is employees being unable to work due to illness, or branches being forced to temporarily shut their doors. These two problems lead to various challenges that banks and credit unions need to prepare for: