PROFIT INSIGHT generated 70 recommendations worth more than $75 million annually across retail and small business banking retail lending, exception processing and online banking.
The Business Challenge
Large North American retail bank with a multi-state footprint engaged PROFIT INSIGHT to identify revenue enhancement and cost reduction opportunities across the bank. The Retail Banking executive was seeking a “fast track” engagement with a short window from kickoff to strategy presentation with a focus on idea generation and rough business cases and estimates of value to prioritize prompt action. The Client had recently concluded a similar engagement with another consultant and had a number of strategies in the execution pipeline but had been disappointed in the results – which led them to engage Profit Insight.
How Profit Insight Helped
PROFIT INSIGHT was tasked with generating recommendations in the areas of Retail and Small Business Deposits, Treasury Management, Retail Loans, Exception Processing and Online Banking.
Engagement Results
Identified and recommended 70 strategies worth $75 million in annual performance lift.
Client ultimately implemented 12 of the strategies with annual value of $18.3 million.
Insights
- All accepted strategies were implemented within a year of initially being presented as the client fast-tracked a number of our recommendations over others that were already in the execution pipeline.
- Our client was deeply impressed both by the results and the level of support we provided to assist them in fast-tracking approvals and implementations.
- The Retail Banking executive specifically cited our accurate forecasting of increased revenue, the comprehensive business cases supporting the strategies being accepted and our flexibility in structuring the engagement to fit the client’s needs.
