Fort Community Credit Union
Case Study
Where: Fort Atkinson, Wisconsin
Branch Locations: 5
C3 Financial Cash Points: 58
Client Since: 2023
Time Savings:
• Everyone involved in cash management spends about 50% 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 credit union.
Efficiency:
• Easy – it’s a few clicks and cash is ordered.
Cash Reduction:
• 18.7% average excess cash throughout the network
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:
• USA based support team with ex-bankers and seasoned client service team members.
Customizable:
• Per location based on usage, lead times, delivery schedules, volatility, limits, holidays and special events.
User Friendly:
• Easy to use for all credit union employees involved in currency management.
Cash Trends:
• Understand all cash trends for all denominations at all locations.
Forecasting Accuracy:
• Average confidence level per denomination requested by the credit union is 90% and logicpath accuracy per denomination has been greater at 94.9%.
The Story
Fort Community Credit Union has undergone a transformative journey in managing their currency operations. With a strategic focus on enhancing efficiency, they've implemented a comprehensive process that harnesses the power of technology and seamless integrations across various systems.
By automatically sending data from Corelation Keystone, Kinective IQ, and NCR to logicpath’s C3 Financial, they've streamlined their cash forecasting and ordering workflows by integrating with Corporate Central Credit Union. Then, Thillens delivers and picks up the currency to complete the cycle.
The impact of these changes is evident in their Days of Cash on Hand report, meticulously provided by C3 Financial. This analysis revealed a remarkable opportunity for Fort CCU to optimize their cash reserves, resulting in significant reinvestment returns. Pre-implementation, the credit union averaged 24.6 days' worth of cash on hand across their network. One month post-implementation, they've slashed this figure by 9 days, achieving an average of 13.6 days—a testament to their newfound efficiency which equates to a cash reduction of 18.7% in the first quarter the credit union went live.
After a full analysis by logicpath after the first quarter of using C3 Financial, 2 locations needed to carry more cash by 16% and 19% to meet demand and the other locations had excess cash ranging from 10.4% to 43.6%.
“The reduced amount of cash is now earning interest at Corporate Central Credit Union,” said Jeff Scheurell, CXO of Fort Community Credit Union. “The amount of interest more than covers the expense of implementing the solution and monthly expenses.”
Navigating the intricacies of cash management across multiple locations poses unique challenges, which Fort CCU adeptly addresses by employing diverse forecasting methodologies. Their decision to utilize dynamic forecasting for some locations and a 90% confidence level for others reflects a balanced approach to risk management. By setting the average confidence level per denomination at 90%, they ensure prudent cash allocation while mitigating the risk of shortages. Impressively, the forecasting outputs from C3 Financial have consistently surpassed the set confidence levels, registering at an impressive 94.9%.
To delve deeper into this success story, Logicpath interviewed Scheuerell to shed light on their partnership and the strategic initiatives driving their operational excellence.
How has logicpath improved your financial institutions operations and efficiency?
“Logicpath has taken the guesswork out of trying to decide what our cash needs are. Our team can now focus their attention on our members.”
Can you share any specific challenges you were facing before using C3 Financial?
“We were experiencing high vault and branch cash balances. There was unused money sitting in our branches not being utilized by our Credit Union. One of the largest challenges we faced was teaching our team that it is ok to have less money in our vaults and order money based on need and historical data.”
Please describe your experience with logicpath’s client services team.
“The client services team has been very easy to work with. They often solve our problems the same day we communicate with them. Also, the whole process from start to implementation was easy and on time.”
What benefits have you experienced from partnering with logicpath?
“We have seen a cash reduction of 18.7% in our vaults and a reduction in the amount of time counting money by 50%. The branch locations do not have unused cash in the vaults sitting idle from week to week.”
What do you MOST appreciate about the partnership with logicpath? How are we different then your other partners?
“Logicpath delivered the results they promised.”
Any other feedback you can share with logicpath?
“The system is extremely easy to use and customizable to our credit union,”
Or schedule a meeting to chat with a representation at your convenience:
FCCU has been growing roots in Southeast Wisconsin since 1940 when employees of Moe Light, in Fort Atkinson, pooled their paychecks together to begin the credit union. Since then, the credit union has expanded by building branches in Jefferson, Watertown, and Whitewater. FCCU is community based and community focused and here to help their 22,000+ member-owners achieve their financial dreams.
About Corporate Central Credit Union
Corporate Central Credit Union is a federally insured financial cooperative built on the values of commitment to service, fiscal responsibility, and respect for the individual. They cultivate a culture of respect, ethics, teamwork, and innovation. They are "Helping Members to be Wildly Successful" by delivering industry knowledge and expertise to help credit unions achieve their strategic objectives and compete in today’s evolving financial services industry. They are motivated to passionately serve our members and strive to learn, create, and innovate daily. Please visit corpcu.com to learn more.
About Kinective
Kinective is the leading provider of digital connectivity, document workflow, and branch automation software for the banking sector. With the most comprehensive, open, and connected technology ecosystem in banking, Kinective helps financial institutions unlock new services, modernize operations, and elevate client experiences to enhance their competitive edge. Kinective serves more than 3,000 banks and credit unions, giving them the power to accelerate innovation and deliver better banking to the communities they serve.
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.