Kyriba Bank Fee Analysis implementation and dashboard
Project overview and objectives
One company came to Clearsulting hoping to better analyze its bank fees and maximize its yield on available cash. The company was already using Kyriba’s Bank Fee Analysis (BFA) module, but its bank services and service pricing had fallen out of date. Their team had also lost technical knowledge of how to course correct, and that’s where we stepped in to help:
- Redeploy the BFA module with comprehensive services and accurate pricing
- Deliver a 13-month dashboard detailing bank services and fees across three cash management banks
- Identify opportunities for bank service rationalization and fee reduction
- Facilitate opportunity realization by directly and indirectly supporting client negotiations
What we did
With visibility and cost savings as the goal, we collaborated closely to:
- Leverage Clearsulting enablers to revamp the BFA module at scale, which were later provided to the client along with training on how to self-scale future builds
- Resolve all contract-to-actual service price variances via bank outreach, immediately realizing value where inaccurate or inefficient prices were identified across specific companies and accounts
- Review fee trends across banks, companies, and accounts at multiple levels of granularity
Impact
With the dashboard in hand, the team:
- Identified seven opportunities to use more favorable unit pricing, totaling an estimated $16,111 in annualized savings
- Recognized additional saving opportunities, totaling over $1.4 million in annualized savings under review and process
- Provided net earnings credit rates (ECR) benchmark analysis to increase interest earnings/earnings allowances and optimize cash management strategies
- Used the newfound service and pricing visibility to promote organizational awareness of key expense drivers and incremental costs of certain business practices
Want to see similar results for your organization? Explore our services and how to unlock your bank fee potential.