Expedited Analysis & Implementation of Bank Fees for Global Manufacturer with Redbridge
Industry
Manufacturing
Region
North America
Service
Cash Management
Challenge
This client faced challenges in understanding and tracking cash management fees across multiple accounts and banking partners. Without clear visibility or the ability to benchmark these fees against market standards, they knew they were paying more than necessary. The client needed a solution that would deliver significant savings quickly, ensure competitive yield rates amid rising interest rates, and maintain their banking partnerships seamlessly.
Solution
The client partnered with Redbridge to implement a data-driven approach that efficiently gathered and analyzed key financial metrics under a tight deadline. By benchmarking bank fees, earnings credit rates (ECR), and service utilization, substantial savings were identified. This process paved the way for negotiations with banking partners, resulting in significant cost reductions and inspiring the banks to propose innovative, tailored solutions.
Results
The strategy delivered a 47% reduction in the client’s annual out-of-pocket costs. By standardizing bank fees across accounts, the client gained consistency and transparency, streamlined operations and eliminated paper-based services for greater efficiency. Redbridge also successfully negotiated significant increases in ECR, capitalizing on the upward trend in market rates to maximize returns on balances.
“This project was about more than savings; it was about giving the client clarity and control. By benchmarking fees and negotiating improvements, we unlocked value quickly while preserving strong banking relationships.”
Mike Russell
Director, Redbridge