In these challenging times, all financial services companies are facing mounting pressures to perform and most boards and senior executives are looking for immediate solutions. BSG has developed several proprietary, cost effective accelerated performance improvement projects that require just six to eight weeks to complete and provide immediate results. We would be pleased to arrange a presentation of our BSG QuickImpact™ Services and other consulting services.
QuickImpact™ Revenue Enhancement
BSG’s QuickImpact™ Revenue Enhancement program is designed to rapidly identify opportunities for maximizing revenues and reducing non-earning assets, providing a comprehensive set of both short and long-term recommendations that our clients can begin implementing immediately to generate tangible bottom-line results. BSG’s approach is holistic rather than boilerplate or arbitrary. BSG tailors its methodology to fit the unique needs and objectives of each client to ensure the recommendations are consistent with the bank’s values, have the support of the management team and produce sustainable revenue growth. BSG also compares the bank’s pricing to its competitors to provide management with a perspective on potential market impacts and opportunities. A partial list of areas covered in BSG’s analysis includes:
- Transaction Flows and Fees
- Payment and funding processes
- Fee Waivers, Refunds and Collections
- Debit Card / Credit Card / Consumer Credit
- Retail Deposit and Lending Products
- Commercial Cash Management and Loans
- Conversion of Non-Earning Assets
- Optimizing Cash Levels
- Posting Order / Timing
- Trust and Investment Management
- At the conclusion of the engagement, BSG prepares a comprehensive report containing the results of the analysis and a prioritized list of recommendations for management approval.
QuickImpact™ Cost Improvement
BSG’s approach to cost improvement focuses on improving efficiency and productivity rather than arbitrarily cutting costs and reducing headcount. All too often, BSG has seen situations where single-minded, across the board cost-cutting initiatives have “cut into the muscle” with negative consequences including stalled growth, increased customer attrition, and deteriorating service quality levels. BSG follows a structured approach in measuring and benchmarking costs using industry best practices in combination with BSG’s proprietary cost standards and models. BSG’s methodology provides a balanced view of cost reduction opportunities along with corresponding trade-offs.
At the conclusion of the review, BSG provides a comprehensive report for management detailing the analysis and prioritized recommendations under three different scenarios: (1) Maximum Cost Improvement, (2) Cost Optimization, and (3) Cost Control. The Maximum Cost Improvement scenario includes longer-term cost reduction opportunities, some of which may be contingent on workflow re-engineering, technology enhancements and other process improvements. The Cost Optimization scenario consists primarily of quick-hit recommendations that can be implemented quickly with minimal changes to existing business processes. The Cost Control scenario targets the “low hanging fruit” in terms of reviewing operating budgets to eliminate non-essential expenditures.
QuickImpact™ Vendor Contract and Pricing Review
BSG is uniquely qualified to assist financial institutions in reviewing and benchmarking their vendor contracts and vendor performance. Over the past three decades, BSG consultants have conducted hundreds of RFIs and RFPs covering the full spectrum of vendor services for financial institutions. Additionally, BSG experts have advised numerous clients on contract negotiations and have demonstrated the knowledge and experience to obtain substantial additional savings for clients beyond what they would otherwise achieve on their own.
While many banks outsource portions of their operations and technology infrastructure, few rigorously evaluate vendor performance and contract adherence after the contracts are signed to ensure the promised benefits are achieved. BSG consultants use a proprietary tool that analyzes vendor invoices and compares them to the signed contract to ensure services paid for are received, well utilized, and at the correct price. All variances are carefully documented for follow-up with the vendor.
Depending on where the contract is in its lifecycle, the results can then be compared with other contracts in BSG’s pricing benchmark database to prepare the client for contract renewal negotiations to ensure a favorable agreement is achieved at industry competitive prices. Major terms and conditions are also examined, in addition to pricing, to determine how well they line up with other contracts in the benchmark.
QuickImpact™ Line of Business Peer Benchmarking and Competitive Assessment
Today’s financial services marketplace is more demanding – and less forgiving – than ever before. It is critical for every financial services business to have an understanding of how their products, services, costs and performance compare with the competition. BSG consultants are experienced in developing comprehensive peer benchmarking and competitive assessments for every line of business area and bank product.
BSG’s Line of Business Benchmarking and Competitive Assessment QuickImpact™ engagements include a full analysis of products, pricing, sales and marketing, gap analysis, and recommendations for improving competitive strength and achieving a competitive advantage. These engagements are offered as packaged engagements for the following areas: retail, commercial, small business, and wealth management.