Independent Financial
Case Study
Where: McKinney, TX
C3 Financial Locations: 94
C3 Financial Cash Points: 1,380
Client Since: 2016
• Lack of insightful data and reporting
• 10-Key typing orders to Chase Bank by denomination per location
• No easy way of researching outages with Chase Bank
• Locations not placing orders in a timely manner
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 19 years.
Efficiency:
• Easy – it’s a few clicks and cash is ordered.
Cash Reduction:
• 18.8% average excess cash throughout the network shown on guidance vs. actual residual report = $15.4 million dollars.
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 bank 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 bank is 90% and logicpath accuracy per denomination has been greater at 90.3%.
The Story
Independent Financial did not have the right tools in place for managing currency. Now, the bank has a well-structured process for managing their cash logistics efficiently. By leveraging technology and integrations between various systems, they’re able to automate the flow of data from Jack Henry Vertex to logicpath to Chase Bank, streamlining their cash forecasting and ordering process with Loomis delivering to complete the process. The Guidance vs. Actual Residual Reports provided by C3 Financial indicated a significant opportunity for Independent Financial to leverage excess currency for reinvestment, yielding substantial returns. An average of 18.8% in excess currency was found which equals $15.4 million dollars that could be used for reinvestment at a Fed Funds rate or greater. Excess cash at the heavy locations ranged from 10% - 54.5% per denomination while other locations needed to carry more currency to meet demands.
The variability in cash needs across each location demonstrates the complexity of managing cash flow in a multi-location environment. Independent Financial’s decision to set an average confidence level per denomination at 90% indicates a prudent approach to cash management, ensuring they maintain adequate cash while minimizing the risk of shortages. Forecasting outputs from C3 Financial have been greater than the confidence level per denomination at 90.3%.
Logicpath interviewed Branch Ops Specialist, Emily Moritz and Elizabeth Wright.
How has logicpath improved your financial institutions operations and efficiency?
There are many ways, but as an example, “we recently needed to research an overall view of 2023 for the amount of specific currency our centers were ordering in comparison to their recommended guidance. We were able to go to the Reports feature and search a specific keyword of what we were needing to review. The reports were easy to pull and review for a quick overview of exactly what was needed. Logicpath helps us track deposits and orders”.
What benefits have you experienced from partnering with logicpath?
“Being able to mass approve orders and deposits helps us with time savings and efficiencies as we approve numerous requests per week. The system is easy to use and navigate and is a helpful tool for guiding our department in researching with Chase.”
What do you MOST appreciate about the partnership with logicpath? How are we different than your other partners?
“Logicpath is easy to use, has helpful tools and guidance from their Help Center and Client Services. The Reports feature and how far back it goes is impressive and important for when specific information may be requested. I appreciate the ease of use when performing this task.”
Any other positive feedback you can share with logicpath?
“I enjoy the ease of the website and how simple it is to approve or adjust the status of an order or deposit for our Financial Centers. Being able to access one website to quickly review the currency requests of our Financial Centers helps keep our tasks in order to best serve our customers and institution.”
Founded 35 years ago in a small town north of Dallas, Independent Financial has since grown to over 90 financial centers across Texas and Colorado. As one of the strongest and most respected banks in the region, they prioritize community and company culture in everything they do, whether they’re a customer or a neighbor in need.
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.