Whether your business is banking, investments, mortgage or wealth management, PRP wants to be the MVP on your team. Businesses in the financial sector must compete to stay at the top of their game as costs to obtain new clients rise, regulations are tightened, and markets remain uncertain. ROI and managing the balance sheet are a key focus for firms looking to win. At PRP, level the playing field with your vendors through our industry expertise and $2 billion in purchasing leverage. We are your best defense when it comes to savings money and capitalizing on opportunities that may be otherwise missed. We understand your market is like no one and the competitive challenges you face, such as:
|Financial institutions are finding it increasingly more difficult to grow revenue and profit.New regulations limit their ability to charge certain fees. Requirements to hold more reserves against deposits or loans have increased because of industry losses, foreclosures and bad debt write-offs. In addition, interest rates are low, making the loan spread low.
||Financial institutions partner with PRP to free additional financial resources and "find" hidden profit lost from complying with regulations and regulations.
|Customer retention is onerous because competition among lending institutions is stiffer. Underwriting guidelines are tighter than ever before; those seeking loans face greater documentation and requirements from financial institutions. Deposit and loan ratios are measured and controlled strictly, giving financial customers less access to capital and reduced lines of credit. Despite this tight credit market, most banks report growth, causing a backlash from customers who question the profit motives of financial institutions.
||PRP can help financial institutions and their customers. Our industry expertise, purchasing leverage and verification process give banks additional capital. Through the reduction of administrative costs, banks can increase loan amounts to customers without having to raise more revenue or manage any of the ratios that restrict them currently. This builds goodwill. Many PRP financial clients are using their found profit to fund business development and public relations campaigns to build stronger customer relationships.
|Ever-changing and more stringent Federal regulations mean an investment to comply. Financial institutions must comply with more regulations than ever before. Among other things, this means increased documentation.
||In response, our Document Management experts cut through red tape to reduce associated costs.
|Institutions had to decide whether to accept relief from the federal Troubled Asset Relief Program (TARP). Doing so, many financial institutions realized the high cost of bailout.
||Instead, PRP can help institutions focus on reducing administrative costs through our cost savings management and verification approach.
|Industry consolidation creates need to streamline procurement. Many financial institutions merged or were acquired recently.
||With our purchasing leverage, PRP steps in to create a unified vendor management program and streamline procurement strategies across all of your offices and branches.
|Industry volatility and instability reduce financial institutions' ability to focus on local communities. With so many banks, investment houses, mortgage companies and wealth managers closing their doors or being acquired, communities are losing their local representation.
||Our industry expertise, purchasing leverage and time-tested methodologies produce efficient, lean cost structures that have generated $2 billion in aggregate cost savings for our clients so they can stay serving their local communities.
Our financial clients benefit from:
Learn how other financial institutions make PRP part of their organization. Contact us today.
- In-Depth Industry Expertise - Gained from working in your vendors industries and from more than 1,000 engagements.
- Purchasing Leverage - Take advantage of our $2 billion in purchasing leverage to gain competitive pricing, the highest possible service levels and favorable contract terms.
- Continuing Support and Verification - Our exclusive Solutions Management Team manages savings results, vendor compliance and internal compliance to ensure maximum savings are realized and future costs do not increase. Visibility is gained through custom dashboards and line-item reporting.
"I highly recommend the services of Profit Recovery Partners to any company looking to cut costs. The savings and support provided by PRP have been above and beyond our initial expectations. My hesitation about working with outside consultants of any type has been that it often takes more of my already limited time than expected. Exactly the opposite has been true of PRP!"