U.S. Bank earns big, fast ROI with Bright Group's advanced revenue generation solutions

Summary 
U.S. Bank leveraged Bright Group expertise to create and implement a more efficient, more profitable pricing process for a large set of Treasury Management products. The bank was able to achieve substantial revenue growth by maximizing the value of its present commercial clients. Untapped opportunities were identified and realized, subsequently yielding a revenue increase of over 4% in the first year- in U.S. Bank's case, a figure in the tens of millions.

Bright Group mobilized U.S. Bank's existing data and legacy systems in conjunction with its brightPricer, brightReporting, and brightPortal building blocks, creating considerable financial rewards for its client. The project was completed on time and on budget, and multiplicative return on investment was gained quickly.   

Corporate Profile 
Minneapolis-based U.S. Bancorp (NYSE: USB), the 6th largest financial services holding company in the United States, was ranked 63rd on the 2004 Forbes Global 2000. U.S. Bancorp encompasses U.S. Bank's approximately 2300 banking offices and 4600 ATMs in 24 states, and holds assets of over $190 billion. The company provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

Business Problem 
Pricing managers at U.S. Bank were using time consuming paper and spreadsheet-based methods to perform annual product pricing and specialized customer pricing reviews. A more efficient, more accurate pricing process was sought that could systematically increase revenue by accurately identifying and utilizing opportunities within a large base of U.S. Bank's commercial clients.  

The ideal business solution would be scalable and sophisticated in functionality, while providing ease of use to product and relationship managers and convenient integration of numerous data sources. It would also need to integrate smoothly with U.S. Bank's product billing system and other legacy systems.

Bright Group Solution  
Bright Group began with a detailed assessment of U.S. Bank's customer data resources and pricing methodologies. Bright Group consultants partnered with U.S. Bank's product management to identify potential growth areas and devise a more comprehensive, more profitable pricing and revenue management process.

U.S. Bank implemented brightPricer to streamline its pricing review process. Bright Group used a large volume of customer data from an existing system to implement an efficient, fully automated update and re-price modality that would handle all line items, products, and markets for thousands of U.S. Bank's commercial customer accounts. brightPricer provided consistency of standard product and special customer pricing, giving U.S. Bank an unprecedented level of control of its revenue growth objectives.      

Bright Group's brightReporting solution was deployed to help U.S. Bank capitalize on the benefits of brightPricer. Managers were given a pivot-based, multidimensional view of pricing information that would enable them to pinpoint specific revenue opportunities, set goals, and measure achievement. By "cubing" selected variables and parameters, brightReporting allows pricing strategies to be evaluated in thousands of different ways. For U.S. Bank, this means access to the information that drives business, by the users who drive it.

With brightPortal technology each user gains a secure, personalized desktop view of pricing and revenue data. brightPortal's web interface enables U.S. Bank's product managers and others to quickly and conveniently access the specific information they need when they need it.  

The result for U.S. Bank was an outstanding, fully automated pricing and review process that optimizes revenue by taking advantage of opportunities from within its present client base. Through a combination of data management expertise, modular web applications, and the creative use of existing resources, Bright Group empowered U.S. Bank to grow with an outstanding pricing and revenue generation solution.  

The project produced an impressive return on investment within months, and continues to yield outstanding value for U.S. Bank.  

Client Feedback
"My primary concern was results.  Bright Group helped us automate a complex process and uncover huge opportunities to boost profitability.  With Bright Group technology and services we were able to realize a revenue increase of over 4%- a figure in the tens of millions- within one year."
Mark Reid, VP, Treasury Management, U.S. Bank 

"Bright Group took our existing data and helped us automate the entire review process.  Now it only takes each Relationship Manager a fraction of the time... and we have an electronic record of their work that we can use as a reporting tool to enhance involvement."        
Joe Hartzell, VP, Commercial Product Management, U.S. Bank