Here at Main Street, we understand the value of relationships and our service is what sets us apart in the check printing industry. At the heart of our service model is a group of dedicated Account Managers whose sole responsibility is to improve the check program performance of our community bank and credit union clients. Our Account Managers act as an in-house consultant to provide strategic solutions that help our clients meet their check program goals, whether that be reducing expenses, increasing revenue, or streamlining processes. Our dedicated Account Managers are assigned to every client we onboard to offer their industry expertise at no additional cost.
The Role of Partnership Reviews in Client Success
The foundation of a great partnership program is creating opportunities for consistent communication. Our approach to client success is centered around routine partnership reviews designed to foster open dialogue about the client experience, assess any quality or service expectations, and explore future initiatives to offer strategic recommendations for growth. During a partnership review, our Account Managers take time to perform a comprehensive program evaluation by investigating income reports, analyzing results, and offering expert recommendations for improvement based on their findings. In the fast-paced world of community financial institutions where every penny counts, this consultative approach has paid dividends for our clients.
Keep reading to learn how one credit union client reduced their program expense by 60% in just six months thanks to the recommendations from their experienced Account Manager.
Uncovering Hidden Savings
For community financial institutions, there is no one-size-fits-all approach. Your community and your organization are unique and need a customized solution for every scenario. That’s where our Account Managers thrive. While preparing for a partnership review with a loyal credit union client, one of our Account Managers discovered that our client had begun to lose money on their check program. After thorough research, the Account Manager identified three key pain points that were contributing to the unexpected loss.
- Like many other community financial institutions, our client was offering free checks to their members with a Senior Checking account. This program accounted for 50% of their total order volume, incurring a significant expense for the financial institution that was dipping into their potential revenue.
- The credit union also offered every new member a full box of checks for free at account opening. “First Order Free” options are a common benefit to accountholders but come at the financial institution’s expense.
- Their upcharge on checking products for other standard account types was not enough to cover the volume of items being ordered at the credit union’s expense.
Driving Results with Proven Recommendations for Success
During the partnership review, our Account Manager engaged in meaningful conversation with the client, diving into their goals and challenges. Through a collaborative and open discussion, the Account Manager was able to address the client’s concerns and goals with four simple recommendations for improvement to help reduce the client’s expenses.
Recommendation 1: Place a limit of two boxes per year on free Senior Checks.
Recommendation 2: Adjust the quantity of the “First Order Free” option for new accountholders to a smaller check package. The reasoning behind this recommendation was two-fold as it reduces the upfront cost to the credit union but also encourages a faster reorder time to bring in profitable orders more quickly.
Recommendation 3: Offset expense programs by slightly adjusting the upcharge on other product types with retail pricing that is competitive with similar credit unions in our client’s market.
Recommendation 4: Utilize the Discount Reasons Report from Main Street’s intuitive Order Entry System to monitor waived orders by internal staff. This one-of-a-kind report was created based on client feedback to streamline how clients track expenses, like waived or discounted orders, and identify potential training opportunities for new frontline staff.
Measuring Impact: Account Manager Guidance That Led to Significant Cost-Reduction
After careful review and consultation, the credit union approved the implementation of the recommendations for improvement. Like all good things, results can take time. However, in just six months, our client experienced a remarkable 60% reduction in costs, thanks to four simple but powerful recommendations. These modest changes yielded significant savings to the credit union without disrupting the member experience, underscoring the profound impact that strategic improvements and expert guidance can have on client success. We’re proud to have delivered substantial results, showcasing our commitment to driving tangible success for our clients resulting in trusting relationships.
These relationships are the foundation of our service model with a proven track record of success for our community bank and credit union partners nationwide. Find out what a strategic Account Manager can do for your check program and experience the difference a Main Street partnership can make.