Whoknew

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

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...

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

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:

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Current and Future Cash Supply Chain and Inventory Management Challenges: The Old Ways of Ordering and Depositing Cash are a Thing of the Past

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. Everything from implementing new remote work policies, branches closing their doors, to branch and ATM cash inventory management. This is the beginning of a new blog series we will be doing about cash supply chain management and the challenges facing financial institutions during the COVID-19 pandemic and beyond.

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Logicpath and Loomis Partner to Help Financial Institutions Adapt to Their Need for Real-time Demand Changes in the Cash Supply Chain

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.

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Branch and ATM Cash Management Challenges During COVID-19

During this time of uncertainty, businesses of all kinds are embracing new challenges due to the COVID-19 pandemic. When there’s fear of the supply chain disrupting, consumers tend to stock up on everything from food, at-home fitness equipment, toilet paper and even cash.

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Topics: Cash Management

training

When to Implement Software Refresh Training for your Team

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, as well as ensure the bank or credit union is getting a sufficient return on investment in time and in cost savings.

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FOMC Updates

FOMC Updates: Oct. 29-30, 2019 Last week, the Federal Open Market Committee (FOMC) met and approved the previously predicted rate cut, lowering the Fed Funds rate 25 basis points to 1.5% to 1.75%, the third cut of this year. However, officials predict rate cuts to pause the rest of 2019.  “We see the current stance of policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook,” said Jerome Powell, Chair of the Federal Rese...

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Topics: Regulations, Interest Rates

nytimesgarda

Cloudy with a Chance of Cash

Last week, $175,000 of cash flew out on to one of Atlanta's busiest interstates after an armored truck carrier's door opened during the middle of their transport. Crazy, right? However, this isn't the first time there's been a roadway accident involving an armored truck and the loss of thousands, and even millions of dollars. There was an incident on the New Jersey Turnpike back in 2004 where the truck flipped over and more the $2 million was lost. Another incident, just last year, resulted in t...

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Topics: Cash Management

cash laid out

How the Universal Banker Model Impacts Branch Cash Management

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. The universal banker model requires financial institutions to evaluate their approach to staffing in branches by hiring employees that are well-versed in the institution’s product and service lines, and can complete multiple tasks that were previously segregated into separate departments and employees. Universal banke...

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Topics: Cash Management

Man touching icon and digitally expanding concepts

Branch Cash Management Software + Devices = Successful Branch Transformation

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.

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Topics: Cash Management, Branch Transformation