A powerhouse behind Nashville’s dining scene, this company presented several unique treasury management opportunities. The business has 11 locations that are serving Nashville locals, as well as the tourist population. With 27 corporate employees and service staff at each location, we had an opportunity to transform their banking experience, and present innovative solutions. Before working with INSBANK, this company utilized employees at each location to transport cash across the city, going to the bank to deposit checks and process change orders. Additionally, credit cards were shared between multiple employees in order to make purchases for basic supplies. With the amount of locations, it was apparent that a new structure was necessary to make conducting basic daily banking related tasks more efficient.
Approach & Analysis
Virtual vault was proposed to be installed at each of their locations. This enables each employee to have a unique access code, be able to drop cash into a secured (and insured) vault at each location, and to receive credit into their bank account at close of business day all without stepping foot into a physical bank branch. The virtual vault solution also offers real-time reporting for the executives to see the activity at each location from their mobile device, and reduces potential internal or external fraudulent activity and theft.
Remote Check Scanner
The simple installation of a remote check scanner at the corporate office, created a solution for the accounting team to deposit all checks directly from their office and receive credit into their account without interrupting their work to drive to the bank. While this is an established and widely offered treasury solution, many businesses like this one are not utilizing this resource as it has not been offered by their current financial institution. This solution provides consolidation of receivables and decreases the inefficient use employee time previously spent at a bank branch.
Based on the company’s use of credit cards for purchasing supplies by sharing cards and limits, purchase cards were explored as an alternative. This allows the company, collectively, to be underwritten and assigned an aggregate credit line. Once established, the CFO was able to assign each location a set of cards and designate those to the appropriate employees with appropriate limits for supply acquisition. He is able to issue additional cards at the click of a mouse, and is also able to increase or decrease individual cardholder’s credit limits real time. The purchase card solution allows the company to control where employees were able to use their individual cards as well as cancel cards when necessary due to employee turnover.
Recommendations & Results
INSBANK provided Virtual Teller, Remote Deposit Scanner and Purchase Cards as solutions for this company. We were able to changed the trajectory of their banking relationship and solidified the entire banking relationship. In addition, INSBANK created numerous efficiencies and integrated impactful changes in their daily cash flow. Overall, INSBANK improved and impressed executive management with a much more pleasant banking experience of being an advisor, instead of an order taker.
We are currently working with the customer to finance their next location, with a proactive approach to setting up the deposit relationship for this new location in order to leverage the solutions already being used.