PROFIT INSIGHT delivered strategies that would result in ZAR180 million in annual benefits.
Profit Insight was invited by the client to follow a competitor who completed an engagement only six months earlier.
New overdraft and credit card regulations were recently enacted by the South African Reserve Bank, which threatened to decrease revenues by more than 25%.
The client was looking for solutions to counterbalance decreasing revenues and had engaged another consulting company to conduct an earning enhancement engagement. Post initial engagement, the client needed to find additional opportunities to further contribute to financial targets and sought the expertise of Profit Insight.
Profit Insight initially discovered two areas of leakage primarily related to calculation methodologies and business practices being applied to checking and ATM products. Additional focus was targeted on operational expense reductions.
Despite the client having completed a similar exercise with another consulting company, Profit Insight identified >20 recommendations and strategies to increase revenue in credit card, checking account and overdraft products. The collective annual benefit of ZAR180 million per annum, surpassed results almost twofold from the other organization.
Client subsequently commented the “value and creativity of solutions presented to client far exceeded our expectations.”