James Poteet, SVP of Product Strategy & Innovation and Fred Purches, VP, Global Solutions, Brink’s
Abstract
Across the globe, the payments mix is changing. Debit cards are rapidly displacing the once ubiquitous cheque, and the use of cash — the most universally accepted and trusted form of payment — is losing ground to credit cards, mobile payments and other emerging trends. As financial institutions prepare for the inevitability of electronic payments and the continued erosion of traditional payment methods, they may be tempted to overlook their cash processing operations in favour of these more resource-intensive and demanding trends. While some experts have already begun to eulogise cash, however, recent data show that it remains popular among both consumers and merchants. Although usage trends vary by region and country, and even by demographics, an important reality has emerged: Cash is not going away in the near future and may be increasing in use in some segments of the economy. Financial institutions cannot discount the importance of cash any more than they can disregard other payment mechanisms. In fact, cash may represent as significant an opportunity as these emerging payment trends, and it may be the traditional view of cash — rather than the payment mechanism itself — that is the dinosaur. This article takes the question of cash in a new direction. Rather than simply looking at cash solely as a cost, it explores ideas, both real and conceptual, for leveraging cash as a means to drive revenue growth, expand brand loyalty and leverage the changing payment mix.
Keywords
cash, cash payments, payments mix, cash costs, cashless, cash use, cash usage trends
James Poteet is Senior Vice President of Product Strategy and Innovation for Brink’s U.S. He began his career with Brink’s in 2007 as Vice President of Product Management and Development to oversee corporate product management functions, technical field support and Brink’s Engineering. Since then, he has played a key role in Brink’s transformation to a service-based company, streamlined processes and built a world-class product development organisation to drive innovation agility and market opportunities based on customer needs. Prior to joining Brink’s, Mr Poteet worked in the banking industry, serving in operational and treasury management leadership roles for Fifth Third Bancorp, Bank of America and Wachovia Bank. He is a member of several industry associations and is frequently sought out as an industry expert, speaker and adviser on market trends and insights. Mr Poteet earned a Bachelor of Science degree in political science and economics from Appalachian State University in North Carolina.
Fred Purches serves as Vice President of Global Solutions for Brink’s, Inc., where he is responsible for coordinating global solutions development efforts and delivery to customers and markets. He attained this position in July 2010 after serving as Senior Vice President of Product Development and Innovation for Brink’s U.S. and playing a pivotal role in driving innovation and the development of new products, enhancements and customer-specific solutions for the company. During his 20-year career with Brink’s, Mr Purches has held a number leadership positions in product development, sales management, marketing, operations and finance, including Senior Vice President of Product, Solutions and Marketing, Vice President Cash Logistics Operations and Financial Director. In these positions, he leveraged his operational expertise and strategic vision to bolster the company’s competitive edge by cultivating strategic relationships, high-performance teams and innovative new solutions. Previously, Mr Purches held the title of Account Executive for Parlux, Incorporated, and has worked for both Software Advantage and IBM. He holds a Masters Business Administration degree in Finance from New York University’s Stern School of Business.
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