When Drexler took over Branch Operations, she began leveraging iQ to gain better visibility into their cash management and inventory. Knowing that their branches were holding way too much cash in their dispensers and recyclers, she needed actual data to better understand what was going unused and how to best distribute efficiently. Of course, this extra storing made sense during the pandemic, but now it was impacting the amount of capital available to reinvest, as well as the possible interest gained.

This information prompted an immediate cash management improvement event. With Drexler at the helm, and equipped with the capabilities of iQ, the CoVantage team analyzed 14 months of data for their branches to determine recommended cash inventory levels. Amazingly, even with retaining a $300,000 inventory variance for cushion per branch, CoVantage was able to release $2,000,000 back to the credit union from unused inventory.

To make things even better, the data iQ provided to CoVantage made it simple to provide accurate reports to upper management for decision making and branch staff who were handling cash daily. They were also able to enable the accounting department to order cash instead of individual branch staff, centralizing the process and, saving their teams time and resources. With a drastic increase in cash availability and improved reporting to both management and teams, iQ has been a major win for CoVantage. The icing on the cake? With these huge gains of freed capital, the ROI from iQ is astronomical (like 32000%)! Truly a no-brainer!