A Cash Automation Project with $160,000 Savings
Project Type: Cash Automation, Business Intelligence
Project Size: Network-Wide
# of Branches: 7
# of Machines: 23
Pima FCU, a $382.9 million credit union based in Tucson, Arizona, was looking to expand the use of Teller Cash Recyclers and Dispensers in their branches. They had seen tremendous improvement from their original hardware investment, so they budgeted for six machines to replace “older machines and add more recycling technology into the mix.
Already a CFM integration client, Pima FCU contacted CFM with its replacement plans. Immediately realizing an opportunity, CFM offered to run iQ, a reporting and analytics module for cash recyclers, to give the credit union visibility into how its fleet was performing and uncover the root cause of malfunctions, true utilization, as well as hardware-based, cash-flow data.
As soon as iQ was implemented, CFM quickly identified the root cause of any troubled machines’ downtime, where replacements belonged, and where things just needed to be optimized. Now Pima FCU had a plan of action to fix the true problem, not just a symptom.
Additionally, CFM iQ was able to identify the machines that were underutilized, branches that could benefit from a training refresher and the locations that would actually benefit from the addition of recyclers based on actual cash coming over the counter.
Pima was able to redeploy machines from underutilized environments to those in need, and bring others back to full utilization with some additional best-practices training. The 2 new devices were added to locations that the iQ tool proved had been manually processing $6MM+ in cash, through dual-control processes, in and out of their vaults.
The recyclers closed this cash cycle and avoided all of the wasted back-office processing/time. In short, the fleet was finally optimized and the hardware purchase was based on real data—not an educated guess.
“PIMA FCU COULD HAVE SPENT AN UNNECESSARY $160,000 ON NEW CASH DISPENSING AND RECYCLING MACHINES THIS YEAR BUT DISCOVERED THROUGH CFM THAT ONLY 2 NEW MACHINES WERE NEEDED—NOT THE 6 ORIGINALLY PLANNED.”
GARY ANGELES, COO
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