Branch Cash Management Software + Devices = Successful Branch Transformation

Man touching icon and digitally expanding concepts

When people think about branch transformation, they think of the addition of new technology, devices and universal bankers or the restructuring of the branch layout. However, there is one piece of technology that is neglected in a branch transformation strategy, or is put off until a later date: branch cash management software.

Through my experience working with hundreds of financial institutions, banks or credit unions that install software before or during device installation have a better understanding of their overall cash usage and implement cash strategies and ordering processes that save time and money.

In this blog, I am going to discuss three reasons banks and credit unions should consider a branch cash management software in their overall branch transformation strategy in conjunction with new device installation.

1. Understand total cash usage for new devices

Being aware of the inflow and outflow of cash throughout your entire branch and device network is vital in understanding cash demand, and can ultimately lead to a significant cash reduction. However, when you get new devices during branch transformation, you may not receive insight into the devices’ total cash usage with just purchasing hardware. Implementing a branch cash management software helps determine your devices’ total usage down to the denomination. If one is implemented before or at the same time as device installation, you’ll receive an accurate measurement of the usage for your branch managers to begin using immediately. Understanding the usage of each individual device plays an important role into accurately ordering the correct amount of cash to satisfy customer demand.

2. Develop an accurate forecast across your entire device network

Forecasting cash demand overcomes potential cash ordering obstacles, including ordering too much cash, or not ordering enough. For example, have you ever been in an emergency situation because your branch ran out of a certain denomination? In that situation, you probably had to either transfer the money from another branch, or request a costly emergency shipment. Most financial institutions I’ve talked to have had similar situations occur where they ended up having to pay an expensive shipment fee, or make a risky transfer themselves.

By installing a branch cash management software with forecasting, the software can accurately predict the demand. But why is this important during branch transformation and not after? The sooner the software can begin collecting data from the devices, the more accurate your forecast will be, which saves you from over, or under ordering.

3. Start your cash ordering process on the same page

The best part about implementing a branch cash management software while you’re installing new devices is that it streamlines the cash ordering process for your entire network now. Branch and ATM managers are empowered with software to helping them manage and order cash when their branch network and possibly staff become more complex. Providing tools to help your staff succeed during a large change assists with adoption and acceptance of your branch transformation strategy.

Installing a branch cash management software before or during a branch transformation allows a bank or credit union to understand the ins and outs of cash in their branches and all their devices, including the new ones, without ever having to skip a beat. Having a branch cash management software in place provides insight and transparency into each branch, vault, ATM and new device’s total cash usage which allows for better forecasting and ordering accuracy, which ultimately reduces idle cash in all those locations. As interest rates continue to rise, those funds that are no longer sitting in the branch can be invested into your loan portfolio as a new source of income.

If you’re interested in seeing how a branch cash management software assists you with your branch transformation strategy or provides insight into your device and ATM network, let me know and I’ll set up a demonstration for C3 Financial.

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