"Thank you to Redbridge for running a very effective and efficient RFP process and for all of their knowledge that helped drive these results."
Engagement Overview
- BRM Insight, All Cash Management North America
- Audit, Optimize & Monitor bank fees, rates and services
Objectives
- Streamline banking services across North America, ideally into a single bank post merger with GTECH
- Determine relevancy of bank services, benchmark terms & prices, and provide strategy to optimize future processes
- Identify best practices and synergies within the new combined organization
Results
- Greater than 50% net reduction in banking fees (after ECR)
- Reduced bank relationships from 3 to 2 credit providers with better share of wallet
- Service level and utilization improved. Paper processes eliminated
Methodology
- Extensive interview and discovery process of legacy bank relationships and cash management processes by each treasury team
- Translation of current and future needs into a Request for Proposal facilitated by Redbridge to ensure information transparency and clarity for both client & bank needs during the RFP process
- Simulation of possible bank combinations considering qualitative and quantitative data to achieve an educated decision and stated goals
Value Added by Redbridge
- Significant savings of over 50% through optimizing ECR, service usage, and reduced pricing
- Bank network consolidated and best practices identified, post merger
- Harmonized bank fee structure, greater transparency
- Risks mitigated and share-of-wallet allocation improved
- Rapid assessment and implementation within 6 months