Consumers Credit Union
Case Study
Where: Kalamazoo, MI
Branch Locations: 29
C3 Financial Dashboard Locations: 167
Client Since: 2022
In a bustling credit union network, managing the cash needs of an extensive fleet of ITMs (Interactive Teller Machines)
was proving to be a significant challenge. The credit union was heavily invested in ITMs, branded as TellerPlus+ stations, but struggled with inefficiencies in cash management. Virtual tellers had to spend valuable time communicating with offices when an ITM ran low on cash, leading to additional tasks for office staff to replenish these machines. The reliance on spreadsheets, intuition, and preset limits for cash orders and deposits created a cumbersome and error-prone process. As the ITM fleet grew, scaling this process while managing excess cash across locations became increasingly problematic.
Enter the solution: a sophisticated cash management system powered by C3 Financial and Logicpath. Consumers Credit
Union, facing these challenges, sought to streamline their processes and gain better insights into their cash needs. They
implemented an automated system that connected daily files from Phoenix to Logicpath, which then fed into C3 Financial’s forecasting engine.
Time Savings:
• The operations team saw a significant reduction in manual tasks, saving at least 1 hour per day. With 250 business days in a year and an average wage of $35 per hour, this translated to an annual savings of $15,000.
Forecasting Accuracy:
• The credit union set an average confidence level of 80% per denomination and C3 Financial’s forecasts now exceeded this with a remarkable confidence level of 97.5%.
Currency Optimization:
• Logicpath helped reallocate $6 million in excess funds from credit union’s offices and ATM terminals, representing a considerable portion of the network’s cash. At an annualized interest rate of 3.5%, these funds will cover application costs for 8.7 years.
Alignment:
• The currency held at each location or machine was now aligned with actual member usage, ensuring that each cash point has exactly what they need.
Efficiency:
• By eliminating the need for manual entry of cash orders and utilizing an FRB (Federal Reserve Bank) extract file, the credit union greatly reduced administrative overhead.
Cash Reinvestment:
• The reduced amount of cash is now earning interest at Corporate Central CU. The amount of interest more than covers the expense of implementing the solution and monthly expenses.
Partnership:
• Consumers Credit Union gained access to a USA-based support team, comprised of former bankers and seasoned client service professionals, who provided expert assistance and insights.
Customizable:
• The solution was adaptable, considering various factors like location-specific usage patterns, lead times, delivery schedules, volatility, and special events. This level of customization ensured that every aspect of cash management was optimized.
User Friendly:
• The system is intuitive and accessible for all credit union employees involved in currency management, simplifying operations across the board.
The Results
The integration of C3 Financial and Logicpath’s advanced forecasting and management solutions not only solved the credit union’s immediate challenges but also set the stage for future growth. Cash management became a seamless, efficient process, allowing the credit union to focus on providing exceptional service to their members rather than wrestling with cash logistics.
With the confidence in accurate forecasts and optimized cash usage, the credit union was well-positioned to scale their ITM fleet, handle increasing demands, and maintain a steady flow of operations—all while saving time and reducing costs. This transformation marked a new chapter in their journey toward operational excellence and member satisfaction.
Recently, Logicpath interviewed Kevin Knoll, Senior ITM operations specialist at Consumers Credit Union. Here’s what he shared:
How has Logicpath improved your financial institution’s operations and efficiency?
Logicpath's C3 Financial has revolutionized our financial institution's operations and efficiency. Before implementing C3 Financial, we relied on an internal ticketing system for cash orders. While it served its purpose, it lacked organization and required manual reminders to be sent out each week.
With C3 Financial, we now have a streamlined process for managing cash orders. We can easily track and reference past orders, eliminating the hassle of searching through piles of paperwork. The system's automated order reminders have also saved us time and effort, ensuring that our offices never miss a cash order.
The Fed Extract tools provided by C3 Financial have been invaluable to us as we resumed ordering cash FED direct. These tools have simplified the transition and given us peace of mind, knowing that we won't accidentally make mistakes with our orders.
C3 Financial has also empowered us with automated reports that generate weekly. These reports consolidate all our ATM terminal data into one comprehensive and user-friendly format. This has significantly improved our efficiency in reviewing cash load amounts. Instead of manually checking each terminal, we can now quickly analyze the reports every Monday and make informed adjustments based on guidance and trends.
Can you share any specific challenges you were facing before using C3 Financial and how C3 Financial addressed those challenges?
One issue that was initially difficult to overcome was holding excess funds in our vaults. Many offices felt they needed to have some extra funds just in case someone needed it. However, the Dashboard in C3 Financial proved to be a wonderful tool that helped us change the mindset of our teams.
By showing them data on the ins and outs of the cash in the vaults, the graphs on the dashboard allowed us to demonstrate that most offices were taking in more than they were giving out. This visible data helped us convey the point that we could actually lower the amounts we were holding onto while still having enough money to meet daily needs. It provided our teams with peace of mind and helped us reduce the time spent on counting money for balancing the vaults.
Additionally, C3 Financial's centralized location for tracking the totals in all of our offices has been a game-changer. It has made it much easier for us to identify areas that can be improved, which may have previously gone undetected.
What benefits have you experienced from partnering with Logicpath?
Partnering with Logicpath has brought numerous benefits to our organization. Our offices have experienced the convenience of alert reminders, ensuring that they never miss their cash orders. The visibility into their vaults and trends has also been invaluable, helping them make informed decisions about what to order.
Our back-office teams have also reaped the benefits of enhanced visibility into all the vaults, albeit in a different way. They can now easily identify offices and machines that consistently hold surplus quantities of certain denominations. Armed with the tools provided by C3 Financial, our teams can connect with these offices and present data-driven explanations for optimizing their cash management strategies.
One of the most significant benefits we have enjoyed is cash reduction. Thanks to Logicpath's assistance, we were able to reallocate approximately $6 million of overstocked funds from our offices and ATM terminals throughout the Credit Union. These funds, reinvested at a 3.5% interest rate pays for the application for 8.7 years. This achievement has been a major victory for us, particularly as the cost of cash continues to rise.
Please describe your experience with Logicpath's client services teams.
Our experience with Logicpath's client services teams has been exceptional. The help option within C3 Financial is a valuable tool that often provides answers to our questions without the need to reach out to the client services team. However, when we have required their assistance, their response time has been excellent. They promptly provide detailed responses to straightforward queries and offer the option to schedule meetings for more in-depth support, which we greatly appreciate.
In addition, we have benefited from several performance reviews, including our most recent yearly review. The client services team prepared a presentation based on our data, allowing us to review it with an expert who walked us through both the positives and negatives. The feedback and suggestions provided were invaluable, and we even had the opportunity for a follow-up review on specific terminals.
What do you MOST appreciate about the partnership with Logicpath? How are we different then your other partners?
I believe the most appreciated aspect of our partnership with Logicpath is their remarkable ability to continuously evolve based on client needs. Since our partnership began a little over a year ago, there have been a number of great enhancements. What truly sets Logicpath apart from other partners is their proactive communication about these new products and their roadmap for the future.
From day one, Logicpath has been incredibly receptive to our feedback and suggestions, demonstrating their genuine desire to constantly improve and grow. In an industry where technology is rapidly changing, having a partner that embraces and adapts to these changes is truly exciting.
Any other positive feedback you can share with Logicpath?
We had the pleasure of collaborating with David during our implementation process and found him beyond excellent to work with. His extensive knowledge and genuine passion for his job made the process enjoyable. We had a few roadblocks along the way, and David was able to find easy, creative solutions to overcome them. Knowing that you have those types of people on the team is a great reassurance for the future.
Or schedule a meeting to chat with a representation at your convenience:
Consumers Credit Union based in Kalamazoo, Michigan, is a comprehensive financial institution that excels in digital banking technology, mortgages, and business lending. With over $2.3 billion in assets, Consumers has been proudly locally owned since 1951. Serving more than 140,000 individuals and businesses, Consumers operates through 29 offices strategically located in Kalamazoo, Battle Creek, Grand Rapids, Coldwater, Lansing, and along the Lakeshore. Additionally, members have access to over 30,000 free CO-OP Network ATMs nationwide. Federally insured by NCUA.
About Alloya Corporate Federal Credit Union
With 1,400 credit unions banding together as members of Alloya, that power of cooperation creates enormous value. Members gain access to extensive financial services, technological capabilities, and skilled professionals. These aggregated resources greatly expand credit unions’ capabilities while containing costs. Full Services, All in One Place. Alloya is the single destination for multiple services.
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.