Cash Management Improvement at CoVantage Credit Union

This case study outlines the cash management improvement initiatives undertaken by CoVantage Credit Union, focusing on the implementation of iQ data analytics to enhance visibility into cash inventory. The document details how Rhonda Drexler, the VP of Branch Operations and Resource Center, recognized the need for better management of excess cash stored in dispensers and recyclers, which had been a temporary measure during the COVID-19 pandemic. By leveraging iQ, the credit union was able to analyze 14 months of cash data, leading to a significant reduction in excess cash and the release of $2 million back into the credit union for reinvestment. The study highlights the efficiency gained in cash ordering processes and improved reporting capabilities for management and staff. The results demonstrate a substantial return on investment from the iQ system, showcasing its effectiveness in optimizing cash management practices within the organization.