Whoknew

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

Read More

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...

Read More

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.

Read More

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...

Read More

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.

Read More

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...

Read More

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...

Read More

Topics: Branches and ATMs, Cash Management, Vault Cash

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.

Read More

Topics: Cash Management

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...

Read More

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...

Read More

Topics: Cash Management