ASB Bank and the Bank of New Zealand are to implement Dallas-based Carreker Corporation's integrated cash operations modules (iCom) solution to aid in the management of cash inventories at branches and ATMs.
iCom uses demand-based inventory management techniques to identify a daily cash activity profile for each cash point. The technology determines the optimal inventory, order and shipment amounts for cash at branches, ATMs, transportation providers and vaults. It interprets and imitates historical cash usage data to define customer behaviour and adjusts for variables to forecast future customer demand.
Brian Evetts, Carreker's managing director of cash and logistics solutions says: "Banks are challenged to know how much cash needs to be available for withdrawals at every cash point. The goal is to achieve the right balance of cash available for withdrawals - taking into account the demand fluctuations for locations, the time of day and days of the week - and cash available for investing in other areas."
Peter Meehan, chief manager of personal banking operations at ASB adds: "Improving our cash management processes will optimise security by leaving less cash in branches and reduce our overall operating costs."
Carreker says it has also sold the system to an unidentified Australian institution.