Commercial Executive Summary

Transcription

1 Cmmercial Executive Summary Sample Cpyright 2014 Infrma Research Services, Inc

2 Table f Cntents Intrductin and Key Findings.. 3 Executive Summary. 4 Bank A Bank B... 6 Bank C Cpyright 2014 Infrma Research Services, Inc. Knwledge is prfit 2

3 Intrductin Intrductin The Sample Packages Reprt fcuses n the service level agreements fr the implementatin f the treasury packages fr ten cmpetitrs. Infrma cnducted research utilizing branch, custmer service, and cash management departments t btain timeframe infrmatin and prvided results in number f business days. Key Findings The sample packages differ n the length f the implementatin time based n the several factrs including: The cmplexity and number f cash management services included in Mean Mvement Service package The internal prcedures and requirements such as signed and verified dcumentatin Training and installatin f sftware and equipment Business Service Mean Service Level f Business Packages Mean Service Level Including Treasury Prtals Accunt Same Day Same Day Simple Banking 4 Days 5 Days Mney Service 1 6 Days 10 Days Mney Service 2 4 Days 6 Days Prduct Depsit 10 Days 12 Days Surce: Infrma Research Services Treasury Packages Study Cpyright 2014 Infrma Research Services, Inc. Knwledge is prfit 3

4 Executive Summary Althugh all cmpetitrs can pen same-day business accunts at the branch, mst have a service level agreement f five business days r lnger when including mre sphisticated cash management prducts such as Mney Service 1 and Prduct Depsit. One bank ffers the shrtest pening timeframe at ne business day fr their prduct package, althugh the included services are minimal. Tw banks prvide nline banking access the same day when pened at the branch since their business banking prtal has the Direct Payment ptin and ther capabilities. Anther bank s package is unique and cmprehensive package with the highest mnthly fee mst similar t cmmercial services utilizing the same cash management services and nline banking prtal. Mst cmpetitrs have a business banking versin within their cmmercial nline prtal with similar implementatin timeframes as stand alne cash management services. Hwever, ther cmpetitrs have a separate business banking treasury prtal with mre sphisticated prducts such as EDI Reprting and Psitive Pay. The implementatin times still vary based n the internal requirements at Mean Mvement Service 1 financial institutin based n the necessary paperwrk required and credit checks fr services with added risk such as Mney Service 1 and RDC. Prduct Depsit is an ptinal service fr mst f these packages and takes the lngest time due t the scanner delivery, installatin, and training. Infrma analysts predict that greater numbers f financial institutins will ffer treasury management packages fr business banking clients as their cnvenience and ppularity grw. Analysts further expect t see additinal technlgies, capabilities, and value added t current institutins fferings as a cmpetitive edge. Cpyright 2014 Infrma Research Services, Inc. Knwledge is prfit 4

5 Bank A Online Banking Packages Mnthly fee f $29.95 can be waived with $15K mnthly balance and free fr first three mnths which includes: Tw checking accunts and a savings accunt Package includes 500 transactins then $0.45 per item and $25K cash depsited fr free then $0.30 per $ Online banking with Accunt Management included fr free with QuickBks integratin nrmally $15.00 Package includes free incming dmestic and incming internatinal Mney Service 2s transfers and free nline stp payments Direct Payments, Prduct Depsit, Payrll services, and Merchant Services can be included with an additinal cst Pr Express is the packaged versin f nline banking and includes 4 accunts and 1500 items reprted fr $50.00 a mnth Service Level Agreements Prduct Depsit Capture requires shipping and installatin f a scanner Ttal package withut Prduct Depsit takes 1-2 business days and 10 business days with Prduct Depsit Small business nline banking set up includes a ne hur training nce dcumentatin is received Mney Service 1 Originatin takes the lngest at 30 days due t transmissin testing and apprvals n Pr Express Business Service Package Cst Branch Phne Online Pr Express Pr Express Cst Accunt $29.95 Same Day 1-2 Days Same Day 1 Day $20.00 Online Banking $0.00 Same Day 1-2 Days 1-2 Days 5 Days $50.00 Includes 4 accts Mney Service 1 $ Day 1-2 Days 1-2 Days 30 Days $35.00 Mney Service 2 $0.00 Mnthly Same Day 1-2 Days 1-2 Days 5 Days $25.00 Mnthly Prduct Depsit $40.00 Per Scanner 7-10 Days 7-10 Days 7-10 Days 15 Days $25.00 Per Accunt Surce: Infrma Research Services Treasury Packages Study Cpyright 2014 Infrma Research Services, Inc. Knwledge is prfit 5

6 Bank B Small Business Cash Manager Online Bank B ffers Treasury Manager Online with a business package which includes: Unlimited previus day detail infrmatin, unlimited accunt transfers, 5 stp payments, 5 images viewed EMney Service 1 item riginated is $1.50 and has a lnger implementatin since it is n the treasury platfrm Mney Service 2 can be cmpleted at the standard per item fees fr nline initiatin Service Level Agreements Package takes 1-10 business days t be set up with nline banking and Mney Service 1 Ttal package with Prduct Depsit takes up t 45 days t be implemented Small Business Online Small Business Online includes a premium ptin t add Mney Service 1 and Mney Service 2 fr $15 mnthly Service is intended fr lw vlume custmers with a payment cap f $75K ver three rlling days Business Service Cash Manager Cst Small Business Tre. Manager Small Business Online Small Business Cst Accunt $20.00 Same Day Same Day $20.00 Online Banking $35.00 Per Accunt 1 Day Same Day $0.00 Mney Service 1 $1.50 with MS 1 10 Days 2 Days $1.00 with MS 1 Mney Service 2 $0.00 Mnthly 1 Day Same Day $15.00 with MS 1 Prduct Depsit $40.00 Per Tax ID 5-45 Days 5-45 Days $49.95 Per Scanner Surce: Infrma Research Services Treasury Packages Study Cpyright 2014 Infrma Research Services, Inc. Knwledge is prfit 6

7 Bank C Bank C Preferred Banking Citibank ffers three special packages fr business banking clients including: Package A- $19 mnthly fee n Streamlined Business Checking waived with balance f $5K r with 5 nline transactins per mnth Package B- $30 mnthly fee includes 2 free utging dmestic Mney Service 2s, Merchant Services, and Payrll Manager with n additinal mnthly fee Package C - $40 mnthly fee includes 5 free incming and utging dmestic and internatinal Mney Service 2s, free single feed scanner, $100 credit n Merchant Services, and 20% ff mnthly Payrll service fee Service Level Agreements All packages can be linked t Bank C Business Online that requires a security tken t be mailed vernight Prduct Depsit requires scanner phne training and a walk thrugh f the first depsit The timeframe fr Prduct Depsit depends n the client s and implementatin specialists scheduling availability Business Service Service Level Bank A Bank B Bank C Accunt Same Day $19.00 $30.00 Package $40.00 Package Online Banking 1 Day $75.00 $75.00 $75.00 Mney Service Days $ $0.20 Item $ $0.20 Item $ $0.20 Item Mney Service 2 1 Day $ free transactins 5 free transactins Prduct Depsit 2-10 Days $60.00 $60.00 $40.00 Includes scanner Surce: Infrma Research Services Treasury Packages Study Cpyright 2014 Infrma Research Services, Inc. Knwledge is prfit 7