Whoknew

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

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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

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

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...

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Topics: Branches and ATMs, Cash Management, Vault Cash

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

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...

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Topics: Branches and ATMs, Cash Management, Vault Cash

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Myth of Branch Cash Management: Reducing Cash equals Optimal Cash Levels

#1 Myth of branch cash management: Reducing Cash equals Optimal Cash Levels While cash is central to banking operations, most financial institutions (FIs) carry too much of it (about 20-30% more than what they actually need) and unwittingly bear the direct and indirect costs of carrying excess cash. When banks and credit unions find out that they’re carrying too much, they often reduce their cash levels by a flat percentage across the board and assume that they’ve addressed the issue and solved ...

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Topics: Branches and ATMs, Cash Limits, Cash Management, Vault Cash, Cash Usage

DIY

Internal Branch Cash Studies: Doing it Yourself vs. Hiring a Professional

Branch Managers who oversee cash operations are burdened with estimating branch and ATM cash flow in order to properly service their customers. On top of that, managers must balance delivery schedules, ordering time frames and limits – all while preparing for unexpected inflows or outflows, that can happen at any time. How can you manage competing cash needs, while also addressing all the other operations of the branch?

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Topics: Branches and ATMs, Analytics, Cash Management

Branch Transformation: 3 Questions Every Banker Must Answer

Our industry has fallen in love with the words Branch Transformation. By now you may be tired of hearing them. Before you tune them out completely, I would encourage you to take a step back and look at the bigger picture.

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Topics: Branches and ATMs, Technology, Customer Service, Branch Transformation