IGT Optimizes Bank Relationships and Achieves Major Savings After GTECH Merger

IGT Optimizes Bank Relationships and Achieves Major Savings After GTECH Merger

Engagement Overview

• Bank Relationship Management Insight, Cash Management North America
• Audit, optimize and 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.