Have you benchmarked your banking costs recently? How you can optimise your cash management

October 04, 2018

by Thomas Knudsen Senior Manager

Email +44 (0)7595 850102

Have you recently reviewed your corporate banking arrangements and are you considering how you can further optimise your cash management?

You probably aim to undertake a review of your banking and cash management arrangements every 3-5 years in order to check if your are getting the best services  and competitive pricing from your bank. Do you recognise the following approach?

  1. Using an existing template of questions populated with data from internal sources
  2. Collating knowledge of banking markets mainly relying on insight provided by the very banks that are pitching for the business
  3. Then collating bank RFP responses into a manually compiled spreadsheet

We believe you can enhance your banking reviews and bank selection process using advanced data analytics and by accessing an external impartial view on the market space.

For this purpose, we have developed a data analytics tool which we call “BankLab”, that coupled with the extensive cash management expertise of our team, provides you with the following benefits:

  • Facilitates a benchmarking of your bank spend and bank fee proposals against a global database;
  • Allows you, the corporate, to collate all the data required to review and tender your cash management in a dedicated tool. No more spreadsheets to update;
  • Provides you with up to date deep insight into cash management and bank offerings in every region including from banks you currently don’t work with. You will understand what is possible in key countries e.g. if you can pool your cash and which payments and collections you can make centrally on behalf of local subsidiaries.
  • Assists you to better design and optimise your cash management setup considering latest techniques and providing perspectives on what is not only operationally, but also legally possible and compliant with regulations; and
  • An external and independent view of your banking arrangements and what the banks are offering you, which allows you to make a more informed decision when selecting providers and services.

“BankLab” is also very useful when you are not necessarily planning on running a full tender process. The output allows you to identify overpaid fees, challenge your current bank to reduce fees and identify opportunities to improve how you perform your cash management.

Please go to “BankLab” for more details and get in touch with us if you want to discuss how we can help you transform your cash management.

by Thomas Knudsen Senior Manager

Email +44 (0)7595 850102