See how your Credit Union can make large, ongoing savings on your banking costs.
Bankhawk Analytics can help you reduce your Credit Union’s Banking Fees using our team of analysts and ground breaking Banking Analytics Software.
Bankhawk provides an analytics service for companies using their historical banking data. The company simply provides Bankhawk with its banking data for a recent period. This data is processed by Bankhawk using its global leading bank data analytics platform Bankhawk365.
The Challenge for Lurgan Credit Union:
Lurgan Credit Union had a very competitive banking arrangement in place going back many years. Their incumbent provider was looking to introduce new terms which would result in a significant increase in their cost of banking.
Discover opportunities for reducing Banking and Interest costs
Establish what your banking costs are (including hidden costs like interest and FX margins). Are you overpaying for your banking? Benchmark your costs against the market and learn how to reduce your costs.
Bank fees and charges vary significantly for Credit Unions according to a number of factors but are primarily driven by the volume of day to day bank transactions and the level of working capital facilities.
For Credit Unions, bank fees and charges will be driven by the volume of transactions and working capital requirements.
UNDERSTAND HOW BANKHAWK ANALYTICS CAN MAKE SAVINGS FOR YOUR CREDIT UNION DURING AMALGAMATION
- Identify existing banking structures and future optimum banking structure.
- Build profile of the day to day activity with each Credit Union.
- Understand the requirements for Online Banking.
- Agree on ancillary service requirements.
- Draft document detailing optimial banking structure.
- Agree on set of banks to invite to tender process.
- Devise scoring system for evaluating bank proposals.
- Agree on final scoring system with aim to secure deal on fees for 3-5 years.
- Invite banks to present to new CU Board of Directors.
- Score bank proposals objectively for evaluation.