PROFIT INSIGHT reviewed all banking products and operations; focusing on retail deposits, exception processing, online banking and lines of credit. Client implemented 17 strategies and generated $4.2 million in incremental annual revenue.
The Business Challenge
Full-service retail banking franchise with a multi-state footprint engaged Profit Insight to identify revenue enhancement and cost reduction opportunities across the bank. Three other consulting firms had been engaged in recent years with the final project wrapping up only months prior to the beginning of our engagement. However, our executive sponsor was keen to find additional efficiencies to serve the bank well as they began implementing a significant growth plan.
How Profit Insight Helped
Profit Insight reviewed all banking products and operations with a special focus on retail deposits, exception processing, online banking and lines of credit.
Identified and recommended 34 strategies worth nearly $6 million in annual performance lift. Client ultimately implemented 17 of the strategies with annual value of $4.2 million within a year.
- All accepted strategies were implemented within a year of being presented with the initial strategy installations taking place only four months from completion of Profit Insight’s presentation of recommendations.
- Our client was deeply impressed both by the level of detail and scale of what the Profit Insight team was able to help them implement – especially identifying process and performance lift in areas which had been reviewed by previous consultants.
- Based on exceeding engagement targets, Profit Insight was introduced to several other banks in the region; two of which became clients with comparable engagement results also producing successful improvements for those institutions.