Bankhawk Secures Millions in Savings for Major Retailer
Snapshot:
Saved the client almost $2 million in banking costs over 3 years.
Saved the client almost $4 million in card payment costs over 3 years.
Identified an additional $10 million in potential savings over 3 years.
Background:
Bankhawk helped a retailer with an annual revenue of $2 billion on an initial analytics project, which resulted in a 3-year agreement. After the successful initial project, Bankhawk conducted a comprehensive analysis of the retailer's banking costs and activities using its proprietary software and data.
How Bankhawk Helped:
Bankhawk identified several areas where the retailer could optimize their banking relationships and reduce fees and charges. These included:
Negotiating better rates and terms with their existing banks based on benchmarking and market insights.
Consolidating and simplifying their bank accounts and services, eliminating unnecessary or duplicates.
Streamlining their payment processes and cash management, reducing transaction costs, and improving cash flow visibility.
Implementing best practices and policies for banking governance and compliance, reducing risks and errors.
Bankhawk also saved the client millions of dollars through proactive card payment measures, including:
Negotiating lower interchange fees with the card networks, resulting in annual savings of over $4 million.
Switching to a more cost-effective acquiring bank, reducing processing fees by 15% and saving $2.5 million annually.
Consolidating card terminals and streamlining reconciliation processes, eliminating manual errors, and saving $1.2 million in labor costs.
Implementing fraud prevention measures and enhancing data security, avoiding potential losses and fines of up to $2.8 million.
Results:
By implementing Bankhawk's recommendations, the retailer saved over $10 million in banking costs over three years while enhancing its operational efficiency and financial performance. The retailer also gained access to Bankhawk's ongoing support and monitoring, ensuring that it continues to benefit from optimal banking solutions.