Manual Bank Fee Analysis Processes Lead to High Costs
February 14, 2018
Corporations can be mischarged for their bank fees and balances, and without a bank fee analysis system they can be potentially at risk of losing hundreds of thousands of dollars, pounds etc. According to a recent FIS market report titled Bank Account Management Report: Complex, Manual Processes Leading to Increased Payment Fraud Risks and High Costs, which surveyed more than 200 corporate treasury professionals across the globe, 64 percent of corporations do not have a tool to help analyze their account analysis statements and 52 percent aren't even receiving an account analysis file. Additionally, 37 percent of fees for services are managed in a decentralized environment.
By automating bank fee analysis into a centralized solution, corporate treasury departments can produce timely reports on bank services, fees, and compensation practices . They can facilitate the import and storage of monthly bank fee statements. As monthly statements are imported, analysis between scheduled and actual prices can be generated.
Comparisons between banks, pricing history, volume/price comparisons, month-to-month and year-to-year (along with balance information) can all be analyzed for any bank or period of time. This allows the user to efficiently track trends and differences in bank service charges and gives them the visibility they need to better manage their fees and keep costs down.