Atlantic Union Bank
Case Study
Where: Richmond, VA
C3 Financial Locations: 198
C3 Financial Cash Points: 971
Client Since: 2021
• Have targets for cash management but based on a historical average - “no science behind it”.
• At times, scrambling over the holidays such as Christmas.
• Branches have forgotten to place orders.
• Looked at cash management tools before, but never moved forward because of price.
• Acquired another bank and realized the small bank probably managed cash better than AUB.
• Cash management is a lot of manual work and want more automated services especially regarding the inventory and
safety aspect.
• Have branches and machines that run really high and some that run really low.
• Want to know what the cash network truly needs so they don’t have to go into panic mode if they don’t have the right
denominations.
• No data driven insight into the cash trends of the branches, machines or vaults - Orders and deposits were placed on
feeling and not facts.
• Background admins knew that there was too much cash on hand throughout the bank, but they were never able to prove it before logicpath.
Time Savings:
• Everyone involved in cash management spends about 75% less time on cash management activities from ordering to reporting.
Visibility:
• Greatly increased visibility into cash trends through in-depth reporting that was previously not available to the bank.
Cost Reduction:
• One-year’s cash reduction X Fed Funds more than paid for the application for 6 years.
Efficiency:
• Easy – it’s a few clicks and cash is ordered.
Cash Reduction:
• 27.1% average excess cash throughout the network shown on guidance vs. actual residual report.
Partnership:
• USA based support team with ex-bankers and seasoned client service team members.
Insight:
• Armored Car Cost and Simulation report showed CIT trip reduction at some locations by 50% and greater.
Customizable:
• Per location based on usage, lead times, delivery schedules, volatility, limits, holidays and special events.
User Friendly:
• Easy to use for all bank employees involved in currency management.
Cash Trends:
• Understand all cash trends for branches, ATMs and Central Vaults.
Forecasting Accuracy:
• Average confidence level per denomination requested by the bank is 89.93% and logicpath accuracy per denomination has been greater at 95.6%.
The Story
Atlantic Union Bank sends logicpath automatic daily files from FIS – Horizon to populate the data needed for C3 Financial to forecast their 198 locations and 971 cashpoints which include teller drawers, cash dispensing machines, branch vaults and ATMs. Logicpath, then sends the order data to Loomis on AUB’s behalf. C3 Financial showed AUB on the Guidance vs. Actual Residual Reports, an average of 27.1% in excess currency throughout their cash network. Every location was unique regarding cash needs. Excess cash at the heavy locations ranged from 3.6% - 73.1% per denomination while other locations needed to carry more cash to meet demands. AUB has chosen an average confidence level per denomination at 89.93% and forecasting outputs have been greater than the confidence level per denomination at 95.6%.
Logicpath interviewed Lacey O’Bier, Cash and ATM Administrator, at Atlantic Union Bank. Here is what she had to say.
How has logicpath improved your financial institutions operations and efficiency?
“Logicpath has greatly increased our visibility into our cash trends through in-depth reporting that was previously not available to the bank. Our teammates spend a fraction of the time ordering cash than they did prior to logicpath, it’s a few clicks and cash is ordered. Admin review in the background has also been greatly improved with the advanced reporting available.”
Can you share any specific challenges you were facing before using C3 Financial and how C3 Financial addressed those challenges?
“Previously, our branch teammates did not have insight into the cash trends of their branches. Orders and deposits were placed on feeling and not facts. Background admins knew that there was too much cash on hand throughout the bank, but we were never able to prove it before logicpath.”
What benefits have you experienced from partnering with logicpath?
“The bank has experienced many benefits since partnering with logicpath but none greater than our overall cash reduction. In 2023, with the help of logicpath, the bank reduced total cash on hand by over $9.4 million dollars. Giving us the ability to invest those funds elsewhere. The insights that we have gained through partnering with logicpath have been invaluable, we now have a much better understanding of all cash trends from branches to ATMs and Central Vaults.”
Please describe your experience with logicpath’s client services teams.
“The support at logicpath is unmatched. Our account reps are so knowledgeable and responsive. The sales and support teams have been wonderful to work with and are always available when questions arise. The project, training and onboarding teams made the transition very smooth, a real pleasure.” What do you MOST appreciate about the partnership with logicpath? How are we different than your other partners? “The team at logicpath is unlike any other vendor team. They are so passionate about the application and for good reason. They are so supportive and willing to assist in any way needed.” Any other positive feedback you can share with logicpath? “They work to continually improve the user experience, which is truly appreciated. The application gets better and better with each update.”
Atlantic Union Bank, located in Virginia and beyond, offers a wide range of financial solutions including checking accounts, savings accounts, business loans and more. Bank online or visit one of their conveniently located branches or ATMs today. They believe people have a right to expect more from the companies they do business with – and they can expect more from Atlantic Union Bank, a bank whose Virginia roots go back to 1902.
Georgia-based logicpath provides software solutions and analytics to financial institutions and retail organizations. Logicpath has proudly served the needs of more than 2,300 clients in 50 states and Canada by providing “Smart Solutions that Make Dollars and Sense.” The foundation for logicpath originated in 2008 when the company emerged out of its sister company, Ceto and Associates, as a software solutions company. In 2020, logicpath was purchased by Loomis Armored, US and remains its own company.