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OPTIMIZE YOUR CASH INVENTORY—AND FREE UP THAT EXTRA SPACE INSIDE YOUR BRAIN

Posted by Emily Sweillam

November 27, 2015

IQ_Analytics_CFM.pngYou’ve been in the banking industry since forever. And now, you’re a walking encyclopedia of facts and figures about your branch. You’re the go-to whenever anyone needs data on the spot.

There’s a cure for that. It’s called iQ™ analytics. And, no offense, but it’s more reliable—and scientific—than the anecdotal information crowding that space in your head.

Take, for instance, how much cash you’ll need to order for the upcoming holiday cycle. In the past, you and your FI colleagues have used intuition, pored over spreadsheets, and maybe simply remembered that whatever you did last year didn’t work very well.

That’s Really Expensive Guesstimating

Too much cash in your branch is a non-revenue-producing asset, when that money could be better used for investment opportunities. Too little cash is expensive, too, in opportunity cost as well as delivery charges. These mistakes are symptomatic of an FI managing inventory up to the limit, rather than down to actual consumer demands. (Kind of makes you wonder what other consumer-centric issues you’re missing, doesn’t it?)

Instead, when you let your cash machines at each branch tell you their actual history, day-over-day/month-over-month, you’ll get a more intelligent snapshot of your branch’s unique consumer demand—and gain true forecasting that can pinpoint exactly how much cash you really need.

Of course, you have to first gather current data to make it useful in the future—and the same is true for iQ. The analytics from your cash devices will just get smarter, year over year.

New, Improved iQ Just Released

If you already have iQ installed with your S4 core integration, you’ve taken the first step toward improved ROI by better understanding you cash devices’ usage, placement and health. The new version, just released this month, not only provides robust predictive analytics for your cash inventory, but also offers deeper insights into teller activity on those machines.

Both upgrades are meant to help streamline branch activity and free up staff or more important things—like client support and revenue-producing activities. As with any tech development in the banking industry, the overarching intention of iQ is to proactively and predictably serve your members and clients.

Then, when you finally have all the right data helping make your life easier, maybe you’ll even be able to take a mini-vacation during peak branch days—because you’ve got back-up, compliments of CFM.

Topics: Software

    
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We help financial institutions break the mold and improve their branch profitability and experience. And we openly share our knowledge rather than tuck it away for some secret strategic advantagea reason many of our clients come to us. This blog is our opportunity to write, teach and speak about what we do, and what we see happening across the banking industry.

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