Overview
- 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
Results
- 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 best practices
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
Value Added by Redbridge
- 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 bank fees for three months to ensure full implementation of the new prices and services