By joining forces, First Data Corporation and PROFIT INSIGHT today announced a revenue assurance and enhancement collaboration that can help banks generate as much as $5 to $10 per active account annually in incremental revenue.
The two global services providers are collaborating to help Asia Pacific retail banks and financial institutions like India's Kotak Mahindra Bank to improve operational efficiencies, generate incremental revenue and increase portfolio profitability.
First Data and PROFIT INSIGHT together developed the revenue assurance system to deliver greater returns to First Data payment platform clients. The solution combines the proven stability, scalability and flexibility of First Data's solutions such as the flagship VisionPLUS software with the insight and experience of PROFIT INSIGHT financial consultants, to create platform-specific solutions that are easy to implement and quickly align with clients' requirements.
As payments experts, First Data and PROFIT INSIGHT have a deep understanding of the processes and systems that drive banking profitability. By applying platform-specific strategies, they can quickly optimise credit card, merchant acquiring, consumer loan and mortgage operations. Rapid implementation of specific solutions generates a strong revenue stream from operations that is resistant to leakage, obstacles, inefficiency and inaccuracies.
"Bankers around the world are being challenged to generate new revenues in a highly competitive financial climate while dealing with a very dynamic regulatory environment," said Asia-Pacific president for PROFIT INSIGHT, Deepak Johri. "To remain competitive, banks need to respond quickly to changing market conditions and address system leakage and operational waste. Our solution, developed with First Data, addresses these requirements and delivers new incremental annual revenues with minimal changes and impact on the customer value proposition," Johri added.
"We began collaborating with PROFIT INSIGHT 12 months ago to deliver value-added services for our retail banking clients. This is the first service offering from our collaboration, and it is already beginning to show positive results for many of our clients, said Marc Mathenz, senior vice president and head of First Data's Asia Pacific region.
"The PROFIT INSIGHT and First Data teams were engaged to evaluate and identify revenue enhancement opportunities for our credit card business. Within an eight-week engagement, the teams identified strategic initiatives that were easy to implement and created a significant improvement to the cards business balance sheet" said Sumit Bali, Kotak Mahindra Bank's executive vice president.
"Within just a few weeks, our team evaluated the client's operations, developed short and long term solutions to generate new revenues and reduce costs, and helped the client implement those solutions seamlessly into their operations," Deepak Johri concluded.