Case Study: CoVantage Credit Union reinvests $2M in excess cash with Kinective iQ

iQ data helps CoVantage reinvest nearly $2.1M from excess cash back into the credit union

CoVantage Credit Union, a top-ranked financial institution, faced a challenge with excess cash sitting idle in its branch dispensers and recyclers. This practice, which began during the COVID-19 pandemic, was limiting the capital available for reinvestment. Needing better visibility into cash flow and inventory, VP Rhonda Drexler turned to the iQ data analytics solution from Kinective for a solution.

Using Kinective's iQ platform, the team analyzed 14 months of branch data to determine optimal cash inventory levels. This allowed them to safely release $2 million in unused cash back to the credit union while also centralizing their cash ordering process. The solution provided by Kinective had an astronomical ROI, reinvesting $2 million in cash and generating $98,000 in new annual earned interest.

CoVantage Credit Union

Rhonda Drexler

Vice President, Branch Operations & Resource Center