PROFIT INSIGHT worked closely with a large North American credit union to understand the obstacles limiting their business capabilities, gaps in system functionality, and areas in which cost-savings could be achieved, while also generating more than $4 million in annual revenue growth.
The Business Challenge
A North American credit union needed to understand the investment costs versus the resulting enhancements in order to proceed with potential system migration. The client sought a partner to evaluate what new functionality could be gained and how this would enhance their market presence and portfolio growth. In addition, the client wished to identify new revenue opportunities that would not adversely impact their member base.
How Profit Insight Helped
Profit Insight provided a comprehensive comparison of the competing platforms under consideration. This comparison was done in conjunction in alignment with roadmap projects and illustrated the existing capabilities compared to what could be gained and investment required. Throughout the system and product analysis, incremental earnings opportunities were identified which, upon implementation, would help to support on-going growth and infrastructure investments.
Engagement Results
PROFIT INSIGHT was able to help the client take advantage of existing functionality, which was not being utilized, thus reducing unnecessary expense. Following a thorough operational review and systems optimization exercise, the client was able to move forward with several projects which had been on hold due to perceived system limitations.
PROFIT INSIGHT also provided over $4 million of annual revenue generating recommendations which were implemented.
Insights
- PROFIT INSIGHT worked closely with the client to understand their operations and obstacles limiting business capabilities. Opportunities were identified within the existing system which was being underutilized as well with several supporting systems contributing to performance challenges.
- The client viewed PROFIT INSIGHT as a partner and integrated our analysts into regular project management activities to ensure end-to-end components were accurate and changes were implemented promptly.
- Revenue generating initiatives were implemented utilizing new functionality on the existing platform, thus reducing development costs and increasing return on system expense.
- The operational and revenue results were well received, and the client engaged Profit Insight for additional engagements relating to the contact center, digital capabilities and credit card marketing strategies.
