Have you ever wondered what tools and solutions are out there to help manage branch, ATM, device and vault cash? Managing cash internally, especially when money touches so many different hands, can be difficult and unruly to handle. There has to be a better way than cash position reports and spreadsheets.
With more interest rate increases as a near-future inevitability, there is a need for banks and credit unions to improve cash management. Empowering staff with tools to handle daily cash operations and eliminate overages and outages; provides employees with a standard and efficient process to manage. It can also significantly reduce labor efforts and provide huge gains for your employees.
Regardless of whether you’re a bank or credit union, having a tool that forecasts consumer demand, facilitates cash requisitions, automates order processes, has the potential to optimize your cash ordering process, eliminate headaches, reduce cash levels, and more.
That said, luckily software exists to remedy issues of the past and put the power in you and your staff’s hands. This is exactly why we developed C3 Financial.
What is C3 Financial?
C3 Financial is a software (SaaS) designed to help you get rid of excess cash, eliminate outages, predict demand, and automate your requests. It’s a cash inventory tool with a 95% accuracy rating that helps banks and credit unions forecast cash levels and implements quantitative methods and algorithms to align your competing cash needs.
Above all, C3 Financial is a tool designed to institute standards across your entire branch and ATM network and simplify cash management; turning a difficult and convoluted process into an effective operation. The platform provides order amounts and allows you to submit your cash orders directly to the Federal Reserve, money supplier or armored car provider, which is essential for maximizing accuracy and efficiency. This can provide an 80% time savings to all your branches.
Getting tasks done in less time always sounds good on paper, but it’s important to know what tangible benefits it can provide for your institution.
That said, the benefits of C3 Financial include:
• Reduction in non-earning earning assets
• A 20-30% cash level reduction
• Convenient integration with a majority of cash suppliers and armored car carriers
• Integration with most teller platforms
• Ability to forecast your cash needs based on historical cash usage & complex analysis
• Easy reporting
• Insight into demands for branch cash
• A consistent approach for optimal effectiveness
• Painless submission to the Federal Reserve Bank’s FedLine® Web
• Supporting staff to offer best practices
• Centralized view for executive staff for easy approval and order/deposit submission
• Adjusts automatic buffers to cash based on usage, holidays and seasonality
As you know, every branch and ATM has different customer/member needs based on location and demographics. C3 Financial analyzes each branch’s or ATM’s unique cash inflow and outflow to forecast and recommend accurate cash inventory. The branch order will encompass every cash point. The application creates a forecast based on every cash point, including teller drawers, devices, vaults or ATMs, connected to that branch’s order or deposit.
Employees often use spreadsheets and guesswork to determine cash order amounts, and lack necessary trend and historical data. By providing a tool that supplies order recommendations based on their needs; and instituting a standard process for how all staff determines cash decisions, you can regain valuable staff time and eliminate manual processes. Obtaining optimal cash levels is achieved by managing cash down to usage instead of up to limits.
In today’s world, even though new payment methods have entered the market, cash still has a core strength and provides benefits to customers that need to be kept top-of-mind. In fact, 40% of transaction activity in financial institutions per month is cash – so don’t discount its usages and ability to address customer/member’s needs.
C3 Financial has helped hundreds of banks and credit unions regulate their cash inventory and management processes. The software’s designed to accurately forecast and pinpoint the unique needs for a higher performing cash inventory and automation process.
Stop doing everything manually – there’s a far better way to manage cash and take control of your branch.