Whoknew

Industry Insights: The Final Step in a Successful Digital Transformation

“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.

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Cloud Software has Changed the Game for Banks and Credit Unions

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 E...

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Topics: Branches and ATMs, Cash Management, Vault Cash

Smart Tips – Managing Your Cash Supply Chain and Inventory - #8 Implement a Review Process

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:

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Topics: Branches and ATMs, Cash Management, Vault Cash

Logicpath 2020 Top Cash Management Solutions Provider

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.

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Smart Tips – Managing Your Cash Supply Chain and Inventory - #7 Review Your Target and Limit Performance

In a previous blog we discussed how to set a realistic target or limit to successfully optimize your cash supply chain and inventory. Let’s review the five steps in creating a target or limit:

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Topics: Branches and ATMs, Cash Management, Vault Cash

Smart Tips – Managing Your Cash Supply Chain and Inventory - #6 Define Delivery Schedules

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.

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Topics: Branches and ATMs, Cash Management, Vault Cash

Smart Tips – Managing Your Cash Supply Chain and Inventory - #5 Update Your Inventory Expectations Frequently

One of the best practices for having optimal inventory levels is to regularly update your inventory expectations. 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...

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Topics: Branches and ATMs, Cash Management, Vault Cash

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

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.

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Topics: Branches and ATMs, Cash Management, Vault Cash

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

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...

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Topics: Branches and ATMs, Cash Management, Vault Cash

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

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.

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Topics: Branches and ATMs, Cash Management, Vault Cash