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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
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