"We were very impressed with Redbridge’s approach and truly enjoyed working with their team. They simplified a very complicated RFP process by helping us benchmark our fees against the market and push for best-in-class service. While savings and service were key drivers, preserving our bank relationships was a must. Redbridge helped us achieve it all."

Tom Gallo
VP Treasurer

Mandate Type

  • BRM Insight, Cash Management USA
  • Audit, Optimize & Monitor Bank fees, Services and Rates

Objectives

  • Audit and benchmark the current cash management organization, service utilization and bank charges
  • Strengthen existing bank relationships, through greater transparency
  • Implement an ongoing bank fee monitoring process

Methodology

  • Extensive on-site interview and discovery process of legacy bank relationships and cash management processes
  • Translation of current and future needs into a Request for Proposal (RFP), facilitated by Redbridge, to ensure transparency and optimal fit between client needs and bank services
  • Simulation of various bank combinations, allowing client to make the most informed decision by taking into account both qualitative and quantitative data to meet stated goals

Achievements

  • Secured multi-year contracts with banks
  • Achieved substantial savings through a combination of price reduction, service review and business reallocation
  • Streamlined existing services and implemented global market’s best practices

Redbridge’s Value Added

  • Benchmarked ABM’s current prices and services against the industry through Redbridge’s proprietary database
  • Conducted three rounds of negotiations in a structured RFP process to ensure that ABM captured the most competitive offers
  • Determined the best business allocation for ABM by mapping the client’s needs to the core competencies of each bank, while ensuring best relative prices
  • Improved and strengthened the existing bank relationship by improving transparency, re-identifying needs of both parties and reallocating business accordingly
  • Monitored the banks fees for three months to ensure full implementation of the new prices and services