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Arvest Decreases Balancing Issues by 100%, Now Reconciling Same Day

The Details

Project Focus: Core Integration & Hardware Analytics

Project Size: Network-Wide

# of Branches: 235

# of Machines: 500+

The Story

Arvest, a $26 billion-asset bank with more than 230 branch locations, was facing a costly dilemma. They had invested in more than 300 teller cash recyclers (TCRs) across their branch network but were struggling with being millions of dollars out of balance, going days behind on reconciliation, machines constantly freezing up, heavy IT support calls, and staff ready to give up on TCRs entirely.

While the benefits of recyclers were clear to Arvest, it was the integration (or lack thereof) with their teller application and banking core that was causing headaches. They had tried a middleware integration recommended by their hardware vendor but were disappointed with the results. The manual process of entering transactions was leading to big reconciliation issues. And, with no visibility into their devices, they couldn’t troubleshoot effectively when machines would go down, causing longer wait times and frustrated customers in the branch.

When CFM came highly recommended by consultants in the banking industry, Arvest jumped at the chance to see if this was the solution they had been looking for to end their TCR issues.

Spoiler alert. CFM knocked it out of the park.

“We were losing accounts because TCRs in our drive-through lanes would be down, and customers were sitting 20-30 minutes trying to transact.”

Jim Cole, CIO

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The Results

Arvest came to CFM with a huge request—bring to life an effective integration aligned to their tech and retail strategy. Most importantly, it needed to drive hundreds of cash recyclers with no hiccups, added steps, or extra balancing tasks.

CFM worked closely with Fiserv and Arvest to methodically build the integration. Pilot branches were tested to perfect the rollout process and ensure the integration was 100% perfect before launching. And, through all this upfront preparation, the entire large-scale branch rollout went live over one weekend without any issues. Literally, not one call or email was made for a support request!

Since the implementation, branch feedback has been extremely positive. Arvest’s TCRs are finally working as expected, with downtimes nearly eliminated. In fact, the process has gone so well that Arvest added an additional 200+ recyclers to their fleet! CFM’s iQ analytics solution provided the device health monitoring and visibility needed to troubleshoot machines before breaking down, along with providing step-by-step error handling instructions so branch staff can fix issues quickly on their own.

Even more exciting? Because teller transactions are now tracked automatically, Arvest’s balancing and reconciliation is now complete on the same day versus being days and millions of dollars out of balance with their previous solution. With the time savings, cost savings, and process improvement savings, this deployment has been a huge win for one of the biggest banks in the country.

“CFM helped us go from 100 days behind on reconciliation and millions of dollars out of balance to balancing same day.”

Jim Cole, CIO

“We’ve seen numerous improvements thanks to CFM. Both our front-line and support staff have benefited in terms of improving efficiencies and eliminating disruptions. We’ve improved our service level and can better serve our customers. I have said it before, but we give CFM two thumbs up.”

Lori Winesburg, EVP

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