ATLANTA, June 29, 2015 – CetoLogic, a leading provider of software and analytics for financial institutions and retailers, announced today that $4.5 billion, West Jordan, Utah-based Mountain America Credit Union has reduced its cash levels by more than $7 million since implementing CetoLogic’s C3 Financial cash management and forecasting solution.
CetoLogic’s C3 Financial uses historical data to provide Mountain America Credit Union with accurate branch cash order recommendations through its forecasting engine, which anticipates individual branch cash needs by predicting future member activity, enabling better management of the credit union’s cash inventory throughout its 84 branch locations.
“Our $7.1 million cash reduction translates to an average branch cash reduction of nearly $85,000, allowing us to redirect this excess cash from our branches to alternative investments and lending,” said Daniel Phillips, SVP of Finance and Controller for Mountain America Credit Union. “C3 Financial far exceeded our expectations, and as a result, we recently renewed our partnership with CetoLogic and will continue to leverage C3 Financial to maintain optimal cash levels and keep cash inventory in-line with member demand throughout our extensive branch network.”
“Financial institutions that manage up to the cash limit rather than down to cash usage will find themselves at a strategic disadvantage in a rising rate environment, because as interest rates go up, the cost of funds also goes up,” said David Austin, Vice President of CetoLogic. “To survive in this new environment, financial institutions need to focus on ways to fund loan demand, and cash continues – and will always continue – to represent the cheapest asset class to tap into for lending opportunities.”
About Mountain America Credit Union
Mountain America Credit Union has more than $4.5 billion in assets and serves more than 532,000 members, wherever they are, through online and mobile banking, 84 branches in five states and access to more than 30,000 ATMs and 5,000 shared-branching locations nationwide. With roots dating back to the 1930s, Mountain America offers a variety of financial products and services for consumers and businesses, including savings accounts, auto loans, checking accounts, mortgage loans, business checking, student loans, SBA loans and retirement options. Visit www.macu.com for more information.
Atlanta, Ga.-based CetoLogic provides software solutions and analytics to financial institutions and retail organizations. CetoLogic proudly services the needs of more than 1,500 clients in 50 states and Canada by providing “Smart Solutions that Make Dollars and Sense.” CetoLogic is the designer of C3 Financial, a web-based cash forecasting and management software. CetoLogic also pioneered Deposit Reclassification, a retail sweep program designed to eliminate reserve balances. CetoLogic’s pALMs is a web-based asset/liability management simulation software that provides accurate and detailed analysis asset-by-asset and liability-by-liability. These solutions improve earnings, efficiencies, risk management and operations.