The United States is the single largest market for Loomis accounting for nearly 40 percent of Loomis' turnover. For a number of years Loomis has been making significant investments in state-of-the art cash centers, vehicles and innovative solutions in the United States. This has taken Loomis to a position as a high-quality market leader and laid the foundation for very strong growth potential for cash management services and SafePoint.
Cash in Transit services (CIT) are to a great extent outsourced in the United States. In contrast to Europe, outsourcing of Cash Management Services (CMS) is not as common. US banks still chose to handle the majority of cash management in-house. However, the trend is clear and the outsourced CMS market in the US is growing.
One of the key drivers for increased outsourcing of Cash Managment Services is the decreasing volumes of checks in the United States. At many American banks, the same departments that process checks handles cash as well. The cost for the banks, per unit, is increasing when the total check volumes are decreasing. The banks can therefore cut their costs by oursourcing the processing to Loomis.
Loomis’ offer for customers in the United States has continued to evolve towards more comprehensive solutions, including both Cash in Transit and Cash Management Services. The market has great potential in providing complete solutions for cash handling both for financial institutions and retailers.