As bankers, we know that the way to improve profitability is by increasing revenue or reducing costs. Profit Resources Inc., an IBA Preferred Service Provider, can help you do both! PRI is familiar to many of you as it has been involved with the IBA for more than 15 years and in operation since 1990. In fact, the company’s very first client was an Indiana bank! A family-owned business, PRI was founded by Tim Holt and is currently owned by his children, Mike Holt and Mikelle Holt Brady.

One area of profit improvement comes by way of debit card profitability, including enhancing interchange income and processing fee reduction. Mike Holt has great experience in this area of debit card profitability, and while finding many opportunities for improvement, he will also explain, in depth, the interchange process and how best to maximize your debit card portfolio. PRI will perform a total card analysis, review the card brand agreement and PIN network arrangement, and assist with any agreement negotiation that will strengthen the bank’s offering and profitability.

Reducing costs can often be a challenge without losing benefits. One of the bank’s largest ongoing costs is in core contracts. Contract negotiation is a regular conversation that arises. The contracts are voluminous, confusing and overlapping with various ancillary products, making it extremely difficult to follow or understand, not to mention try to negotiate on your own. PRI is an excellent solution to consider when beginning to move down the path of contract negotiation. The team at PRI will do more than just negotiate your contract. Based on peer comparisons, they will review how well your current technology will align with and support your future product offering, loan mix, customer service and earnings plan. They then go to market and work with you, and on your behalf, to find the best solution to meet your future needs. They have no vendor relationships, meaning they are totally independent and working solely for you, the bank. Their experience and past success help ease the burden and frustration of negotiation with your core vendor.

Finally, PRI can also help in accomplishing both revenue enhancement and cost reduction at the same time with their success in process improvement projects. Profit Resources Inc. accomplishes this with a very “hands-on” approach through in-depth analysis of your current systems and processes while also meeting with your team to learn more about how they would like to accomplish tasks and what works well, what does not and what could be streamlined with your current providers.

Process improvement is an integral part of what PRI offers to its clients. As you grow, often your processes continue to be “stuck,” handling things the same way you did when you were $200, $300 or $500 million smaller in total assets. Profit Resources will gather and analyze data from your institution. They will conduct interviews with the appropriate members of your team, come on site and perform a deep dive into the areas being considered for improvement. These are often loan origination and operations, branch operations, a new call center, deposit operation, information technology and wealth management, to name a few.  In finalizing this complete analysis, their team will provide the bank with detailed recommendations to improve processes, non-interest income and non-interest expenses throughout the bank. In addition, PRI doesn’t just drop the results on your desk and say, “Here you go.” They assist your bank in implementing the recommendations, creating and managing a project plan, and holding key drivers accountable for ensured success.

In any area you choose to utilize PRI, they truly want to be a partner and not just be a vendor. They will learn your bank and offer solutions that fit your plans and your people. They know your success is key to their success!

To learn more about Profit Resources and what they can offer, contact Mikelle Brady at (800) 576-2374 or MBrady@ProfitResources.com; or contact me, Rod Lasley, at (317) 333-7145 or RLasley@indiana.bank.