Home » Bank Relationship Management & KYC » Evaluating Banks' Overall Performance

Treat your bank like any other vendor, use procurement management techniques to analyze and optimize

Montauk's Managing Partner, Glenn Murray, believes that purchase of bank services should be treated like any other service. It is just a spend management problem, but few companies have the perspectives and data to compare, negotiate and manage their banking services and associated fees. This is becoming increasingly important as banks increase their fees and charges while interest rates are so low.

The Montauk Group launched their Yield 180 Bank Relationship Audit service at the 2011 AFP Conference and Exhibition in Boston. For years cash management consultancies have been providing support and analysis for corporate treasurers in their annual bank negotiations, what is different about Montauk, who currently just work in the USA, is that they have built a detailed database BankScore of the price ranges across banks for all the main services. This database is used in negotiations with US on behalf of clients. Montauk claim to have been able to reduce their corporate client bank fees by as much as 85% and increased interest rates earned by 500%, as well as helping their clients to optimize their cash and treasury management processes.

Montauk uses a no-risk contingency fee model: they deliver savings or their services are free.


This item appears in the following sections:
Bank Relationship Management & KYC
Evaluating Banks' Overall Performance

Comments

No comment yet, why not be the first?

Add a comment