How business intelligence enhances account analysis

March 15, 2023

Every financial institution's treasury management team has an essential role in generating revenue and building long-term client relationships with their commercial and small business accounts. In this demanding environment, account analysis plays a crucial role by allowing financial institutions to customize relationship pricing with flexible, transparent billing. For many financial institutions, this means modernizing service and price offerings while automating processes.

But what does a modern solution really look like, and how can it help your financial institution reach new heights? Read on as we make the case for merging account analysis with business intelligence.

Gain operational efficiencies

Account analysis can be a massive manual process. Your operations team is tasked with ensuring data is collected from all the different systems, business units, third-party systems and wherever else important data is hidden. Once collected, they must organize that data and ensure it’s in the proper format before they can finally generate the analysis statement. Then they rinse and repeat for every client.

Financial institutions realize that manual account analysis just doesn’t cut it anymore. They’re looking for new solutions for their operations team to collect data in an organized manner that’s efficient so they can bill all of their corporate clients effectively.

This is a key area where application programming interface (API) technology can drive automation and workflows to generate statements, reports and analytics. The result is the ability to transfer data in real-time, shrink delays from batch-file processing and create more accurate statements. Additionally, when you’re able to access these new-found efficiencies, your team can shift their focus to higher-value tasks that can help make your bank more profitable.

Maximize revenue and minimize leakage

When banks set up exception pricing, they jump through many hoops to onboard new accounts. They often run different promotions to entice businesses to open accounts. However, these promotions are usually set with designated expiration dates, or the bank doesn’t realize the promotion timeline has ended and needs to revert to the standard price list. When pricing is challenging to track, that’s revenue left on the table.

Another instance of potentially lost revenue is charging for only some of your services. It would be best if you had a catalog that allows you to charge for every service and product your financial institution offers.

Many tools on the market today can’t provide complex pricing opportunities or the capacity to create customized pricing. With a premium data-driven price and billing solution, financial institutions can charge completely, correctly and fairly for all services including granular pricing within a product family. Additionally, they can pinpoint clients, product families and services that are most profitable, manage repricing events for products and services and detect pricing concessions and fee waivers highlighting lost revenue opportunities.

Build long-lasting client relationships

As your customers and the market demands change, your financial institution must be flexible in responding to those changes and bring forward meaningful proposals that are timely and effective with the proper pricing.

With a relationship management tool, you can strengthen the financial institution-customer relationship with a customized mix of products and services with flexible pricing calculations and settlement options. Smart dashboards based on user profiles also make it easier to see trending insights to services, balances and results. You’ll also be able to produce a composite statement for the entire relationship and combine settlement amounts into one customer transaction.

Unlock the power of FIS® Pricing and Billing

Many smaller financial institutions have entered the treasury services arena, creating even more competition. Having account and relationship modeling tools for existing clients and prospects in the hands of the sales team has become even more critical in the selling and onboarding process to offer competitive and transparent services.

The FIS Pricing and Billing enables revenue optimization for financial institutions by providing visibility throughout the client relationship. The full array of pricing strategies and fee calculations facilitates personalized offers while API technology drives automation and workflow, providing accurate and transparent billing for every service. This cloud-native and scalable solution combines business intelligence to help financial institutions accomplish their goals by improving efficiencies, maximizing revenue and strengthening client relationships.

To learn more about how your business can benefit from FIS Pricing and Billing, contact your FIS representative.

About the Author
Karen Hendricks, senior product manager at FIS
Karen Hendrickssenior product manager at FIS

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