Outdated cash practices often harm a financial institution, ISO, or AID’s ability to maintain optimal cash levels to meet demand and lead to excess cash sitting idly. Everyone can avoid this by investing in cash forecasting software that leverages AI to predict demand. Our latest insight reviews five signs you should invest in cash forecasting software.
Logicpath’s proprietary cash inventory management portal allows credit union members of Corporate Central to accurately forecast and order cash while optimizing inventory levels across their organization.
Outdated cash practices often harm a financial institution, ISO, or AID’s ability to maintain optimal cash levels to meet demand and lead to excess cash sitting idly. Everyone can avoid this by investing in cash forecasting software that leverages AI to predict demand. Our latest insight reviews five signs you should invest in cash forecasting software.
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.
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.
Banks and credit unions do not often consider the risk or expense associated with unnecessary cash movement around their network. The truth is, there can be a significant amount of waste hidden in the process of moving cash to and from your institution and cash points.
LogicpathTM, a leader in fintech software and analytics, announced today its official launch of the C3 Financial Champion program. This new program connects current logicpath clients by providing networking opportunities to share experiences and learn best practices from each other.
LogicpathTM, a leader in fintech software and analytics, announced today that its VP of Client Services and Business Development, Kelly MacConnell will be presenting virtually alongside Loomis US’s SVP of National Financial Business Development, Robert Lynch at the Financial Managers Society’s 2021 FORUM Annual Conference.
In our last blog, we discussed areas of waste in financial institutions that often go undetected. It’s important to remember that “waste” can be defined as inefficiencies in processes. Next, we will begin to break down each of the seven areas that waste can lurk in operational processes of a bank or credit union. The first area is caused by inaccurate cash inventory levels.
You may not be aware of the 7 forms of waste in the manufacturing industry, first defined by Toyota; but what about banking where manufacturing waste isn’t relevant? In this blog series we explore 7 areas of waste in banking that occur in the cash inventory management process and how you can identify them to improve your efficiency.
How do you optimize the cash supply chain to minimize fulfillment costs? The first thing you need to do is ask yourself if you have armored car deliveries that are coming too often or too infrequent that are costly to your financial institution. In this blog post, we will discuss certain armored car cost scenarios that could be impacting your cash supply chain’s overall efficiency and bottom line. In addition, we will share our smart tips for an armored car cost analysis.
Banks and credit unions have some of the most intricate supply chain systems in the world. The main driver for this is the increased use of sophisticated technology such as ATMs/ITMs, Video Tellers, Recyclers and Kiosks.
Supply chain management (SCM), or inventory management is the process of sourcing materials that a business needs to create a product or service and deliver it to its customers.
Cloud-based software has become more cost-effective and has even helped remove monotonous day-to-day tasks and responsibilities from your team members as it applies to data collection and aggregation. Additionally, new technology has nearly eliminated the need for data scientist roles as the new technology empowers everyone to be able to understand, analyze and act on the data they are given. Now the tough question, how do you choose the right technology and cloud software to adopt? In this blog we will discuss five criteria you should look for in a cloud software.
In the last few blog posts we have discussed how cloud software has given community banks and credit unions increased accessibility to data. However, there are steps financial institutions need to take to ensure they are getting the highest quality of data out of their software through efficient processes.
Have you ever bought a new piece of helpful technology that sits unused despite there being a good reason to have purchased it? We’ve all been there. The same concept also applies to getting your team members to adopt a data informed mindset to make every data-driven initiative a success, and while you’re exploring cloud software applications to help manage data, provide reporting, cash forecasting, and more—it’s important to begin by thinking about the data itself. There are already well-defined strategies in place that you can use to ensure the process toward a data informed mindset and an operational structure are as efficient and easy to follow as possible.
As we discussed in our previous blog post, banks and credit unions now have access to more data than ever which can be used to make strategic business decisions. However, it is not uncommon for financial institutions to miss the opportunity to take advantage of their data due to a lack of the right mindset.
“The Financial Brand,” a digital publication and industry leader focused on providing thoughtful insights on marketing and strategy issues affecting retail banks and credit unions recently published an article titled, “Digital Transformation Demands a Culture of Innovation.” We are highlighting this article because it examines a critical side of digital transformation strategy that isn’t often discussed: the importance of adopting a culture of innovation for a successful digital transformation.
It is no secret that cloud software has been a game changer for many organizations across a multitude of industries including financial services. Today, cloud software has become affordable and more accessible to organizations of any size to leverage, but why is this important? Banks and credit unions are accumulating data more quickly than ever before due to the rapid advancement in technology. Financial institutions are now more empowered with data because of the easy access and usability of Excel and other cloud software applications.
To wrap up our Smart Tips series we want to talk about the importance of implementing a review process for your cash supply chain and inventory management practices. A good review process is vital to your organization’s success and needs to be reviewed thoroughly before implementation begins. Below are some questions to ask your cash management team when thinking about your review process:
In August we announced that Logicpath, specifically our C3 Financial software, was nominated and recognized as a 2020 Top Cash Management Solution Provider by CFO Tech Outlook. C3 Financial is a cloud-based software application that optimizes the cash supply chain by streamlining cash operations with a centralized and automated approach to cash ordering and forecasting.
In this week’s blog post we want to discuss how to effectively review your target or limit performance to make sure your limits are set to optimize your cash inventory and ordering process.
Ceto and Associates, one of the nation’s leading management consulting firms and Logicpath, a leader in fintech software and analytics, team up with MIS Solutions, Inc., a cloud and IT security firm, to bring laptops to Georgia students in Gwinnett County Schools that have transitioned to virtual learning due to the COVID-19 pandemic.
One of the costliest areas in cash supply chain management for a bank or credit union is the expense associated with cash deposit and deliveries. In this blog post, we will be reccomending best practices that financial institutions should use to define their delivery schedules appropriately to optimize the cash supply chain and reduce deposit, delivery and holding costs.
One of the best practices for having optimal inventory levels is to regularly update your inventory expectations frequently. This means adjusting your targets and limits appropriately by reviewing your actual cash demand and usage. Often, cash inventory and supply chain processes and expectations go years without being updated. However, to truly optimize your processes, these expectations should be updated on a monthly basis, and even more often if there are significant changes to your cash supply chain or inventory like during the COVID-19 pandemic when cash demand was higher than normal.
Financial institutions use limits to manage their cash supply chain and inventory, however there are “do’s” and “don’ts” of setting limits that can drastically affect your success. Today, we will discuss best practices your bank or credit union can use to set limits appropriately.
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 again, leave coins out of the mix. All of these factors mean there are less coins now in circulation.
Logicpath, a leader in fintech software and analytics has been recognized as a Top Cash Management Solution Provider for 2020 by CFO Tech Outlook, specifically for C3 Financial, a cash supply chain and management solution for banks and credit unions. Logicpath’s C3 Financial application optimizes the cash supply chain by streamlining cash operations with a centralized and automated approach to cash ordering. The application applies inventory management principles and predictive analytics so that financial institutions are better equipped to forecast cash demand at each cash end point, down to the denomination across the enterprise.
In an effort to help financial institutions navigate uncertain times and adjust to a “new normal,” Logicpath, a leader in fintech software and analytics, is solving a critical need for banks and credit unions by centralizing the cash order process and optimizing inventory levels at every cash end point, down to the denomination through the use of software.
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.
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 tips to help your financial institution optimize their cash supply chain and inventory.
To complete the series, we created “6 Questions to Ask Yourself About Your Cash Supply Chain.” These six questions are meant to be reflected on to best help you optimize your cash supply chain and inventory.
A good inventory system is important to any business' growth. 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.
Since the start of the COVID-19 pandemic, banks and credit unions have been facing a lot of uncertainty and new challenges in their day-to-day operations as well as future planning.
Since the start of the COVID-19 pandemic, banks and credit unions have been facing a lot of uncertainty and new challenges in their day-to-day operations as well as future planning.
Last week, logicpath and Loomis collaborated on a webinar, “Crisis Management & CASH: COVID-19 & Future Pandemic Planning” to provide insight for banks and credit unions to understand and adapt to the new regulatory guidelines set forth by the FFIEC, FDIC and NCUA.
Loomis, the world’s largest armored car carrier, and Logicpath have formed a strategic partnership to help financial institutions adapt to real-time cash supply chain challenges during the COVID-19 pandemic and beyond.
Inventory management isn’t just about food and sports equipment though, it’s also about cash. Logicpath has worked with thousands of branches and ATMs to help banks and credit unions create new inventory management practices that are helping them through the uncertainty of the COVID-19 pandemic.
Logicpath, a leader in fintech software and analytics, has been recognized as part of Banking CIO Outlook’s Top 10 Fintech Solution Providers for 2019. As technology and customer demand changes, there is more of a need for banks and credit unions to partner with fintech companies to stay competitive and innovative in their markets.
Refresh training is often forgotten about, but if your software is a big part of your day-to-day operational efficiencies in your branch, it is important to implement refresh training to avoid any potential pitfalls in miscommunication of features, capabilities, and even the purpose of the software.
A good inventory system is important to a business’ growth. A financial institution's inventory is the cash tied up in branch, ATM, vault and devices. Like any other business, not enough or too much inventory can be costly to the business and inhibit growth.
Logicpath, a leading provider of fintech software solutions and analytics to financial institutions, today announced that Ken Lai has been promoted to Senior Developer.
Logicpath, a leading provider of fintech software solutions and analytics and Ceto and Associates, a management consulting firm have added a new member to its already stellar leadership team, announced today, Michele Mooney, VP Marketing and Public Relations.
Research estimates that more than half of banks and credit unions have adopted a universal banker model in their branches as a part of their overall branch transformation strategy.
When people think about branch transformation, they think of the addition of new technology, devices, but often fail to think about software. In this blog, I will discuss three reasons institutions should consider a branch cash management software in their overall branch transformation strategy.
This FAQ covers common branch cash management questions including when is the best time to implement a branch cash management software, how to better reduce branch cash levels and how to make cash management operations more efficient.
Deposit Reclassification is the process of reclassifying transaction accounts into sub-checking and sub-savings accounts. In this FAQ, I answer what threshold percentages are, and how Deposit Reclassification impacts call reporting and peer-to-peer review.
Due to recent incidents and ongoing problems, financial institutions are often intimidated by the impact on disclosure. However, most financial institutions’ terms and conditions require notification to current customers about any changes to their account, including the reclassifying of funds into savings and checking sub-accounts, also known as Deposit Reclassification
Logicpath announces two banks implement its Deposit Reclassification retail sweep solution: $1.3 billion, Bank Iowa based in West Des Moines, Iowa; and $421 million, BOM Bank based in Natchitoches, La.
Retail sweep programs help banks and credit unions recover their Federal Reserve balances due to reserve requirements, through reclassifying transaction accounts as savings accounts. This blog discusses the top features to look for in a retail sweep program.
G+D Currency Technology announced that Casino CashView is now available to all clients in the United States and Canada as of Oct. 1, 2018. Developed in partnership with software and analytics firm, logicpath, Casino CashView is a web-based application that streamlines cash management for casinos.
Financial institutions should consider focusing on branch cash management initiatives that identify and minimize non-interest earning assets through optimizing cash inventory and reducing excess cash by using a software solution.
It’s no secret that privacy is a huge issue. In 2017, there were more than 1,579 breaches, an upturn of 44.7 percent, which means we’re seeing multiple breaches per week, if not per day. Here are three reasons why hacking is on the rise.
As financial institutions continue to go through branch transformations and add new devices to improve their customer experience, it's important to review all cash end points and update branch cash management and ordering processes to grow, adapt and avoid excess cash.
With regulatory pressures already placed on financial institutions to transition to the new lease accounting standards, it’s critical to find solutions that make the transition seamless and efficient. The key to success is to invest in the best lease accounting software.
While banks play unique roles as both lessors and lessees, as well as users of financial statements, the focus of this blog will be on how banks will be impacted as lessees. We’ll provide a brief overview of what’s changed and highlight potential pitfalls that you need to watch for.
The Office of the Comptroller of the Currency (OCC) announced the approval of the national fintech charter. The OCC’s decision is based on government efforts to promote economic growth, and support innovation that improves financial services to customers, businesses and communities.
Logicpath, a leading provider of software and analytics for financial institutions, announced that two banks have selected its Deposit Reclassification retail sweep solution, including: $396 million, Clear Lake, Iowa-based Clear Lake Bank & Trust Company; and $1 billion, Lakeville, Conn.-based Salisbury Bank and Trust Company.
A good inventory system is important to a business’ growth. A financial institution's inventory is the cash tied up in branch, ATM, vault and devices. Like any other business, not enough or too much inventory can be costly to the business and inhibit growth.
Nicholas Ceto Jr. pioneered Deposit Reclassification, a retail sweep program that helps financial institutions improve profitability by quickly recovering its Federal Reserve balance due to reserve requirements.
Deposit Reclassification is important to community banks and credit unions, especially in a rising interest rate market, because it allows them to reclaim your Federal Reserve balance, and invest that money into your institution and community.
There are many variables that come into play when understanding cash inventory for banks and credit unions. Our consultants have four top inventory management factors to consider for a financial institution’s cash.
Fintechs continue to rise in popularity, but they don't have to be the bad guys. In fact, many financial institutions are leveraging fintech technology and partnerships to help create a better, more customized experience for customers. Here are the top four apps customers are loving right now.
Payday loans are expensive, and often trap consumers in a vicious cycle of debt that is hard to break. Americans at the bottom of the financial ladder, have no option but to resort to these loans because banks and credit unions have not offered small short-term loans since the recession.
On May 30, 2018, the Federal Reserve proposed rules to simplify compliance requirements relating to the Volcker Rule. Here's everything you need to know about the proposed changes.
With fintechs chipping away at financial institutions’ business, and with consumers wanting a more efficient banking experience, banks and credit unions are feeling the heat. Many banks are rushing into branch transformation strategies without properly laying the foundations for change.
Every responsible branch manager strives to satisfy his/her customers’ banking needs, especially when it comes to their demands for cash. Not being able to fulfill a customer’s request for cash at a bank or credit union branch is probably every head teller’s nightmare!
logicpath, a leading provider of software and analytics for financial institutions and retailers has added Robert Mitchell and Ken Lai as developers to their team.
On April 10, 2018, the Federal Reserve Board sought comment on a proposal to simplify capital rules for banks while preserving strong capital levels to maintain their ability to lend under stressful conditions.
The Senate passed a bipartisan measure to exempt dozens of small community and regional banks and credit unions from the Dodd-Frank Wall Street reform law. The bill recognizes that smaller financial institutions are disproportionately burdened by regulatory demands.
Logicpath, a leading provider of software and analytics for financial institutions and retailers, announced today that it structured new relationship with the Kentucky Bankers Association to provide its member banks with vault cash management and retail sweep expertise.
A FIs motivation to implement deposit reclassification depends on costs vs benefits. Implementing Deposit Reclassification makes sense at all times, but is even more important when interest rates are rising and expected to continue to rise, when deposits increase, or before mergers or acquisitions.
Deposit Reclassification, commonly referred to as retail sweep programs, helps FIs recover their Federal Reserve balances due to reserve requirements and quickly improve profitability. . While the mechanism of Deposit Reclassification is well laid out, not all Retail Sweep programs are equal.
However, branches and ATMs do not always meet their demand for cash. Such shortfalls damage customer confidence and are the result of three cash management mistakes that most banks and credit unions do not even know they’re making but can easily rectify.
Today, there are a slew of FinTechs firms that are leveraging technology, the Internet, and smartphone apps to address inefficiencies of financial services.
Cash is the lifeblood of a financial institution.There are 4 underlying costs of cash related to poor cash management and logistics that need to be understood.
The FOMC has decided to leave interest rates unchanged. The bigger news.. the Fed has decided to initiate its balance normalization program in October.
New generations are demanding a wide range of mobile and web-enabled products and services in the banking sector. How do you prepare for branch transformation?
Deposit Reclassification, also known as a retail sweep program, allows financial institutions to reduce their Federal Reserve Bank reserve requirement.
Jeannie Bradley has been promoted to Education and Training Manager. Bradley will be responsible for creating and leading all client education and training.
Valley Republic Bank Implements CetoLogic’s Deposit Reclassification to Recover Federal Reserve Balance, Offer More Investment, Community Opportunities