ProfitStars Introduces Profitability Reporting Services
Automated profitability reporting and analysis can improve revenue and profitability.
Jack Henry & Associates’ ProfitStars division has introduced Relationship Profitability Management (RPM) Reporting Services, which supports enhanced profitability reporting and analysis for credit unions and other financial institutions of all sizes.
RPM Reporting Services is an extension of ProfitStars’ RPM enterprise-wide profitability solution, which enables financial institutions to generate and manage profitability data in an integrated, automated environment.
This new service provides ongoing reporting and analysis of key performance indicators, including insights into customer/member, officer, and product profitability. It enables diverse financial institutions to leverage the proven benefits of the RPM platform without the traditional capital investments in hardware, software license agreements, and on-staff profitability experts.
“All financial institutions, regardless of their asset size or charter, typically generate the majority of their profits from a select group of customers,” says David Foss, president of ProfitStars. “The financial institutions that will weather the down economy and prosper during the next few years must pay careful, regular attention to the customers, officers, and products that contribute the most profitability.”
RPM Reporting Services extracts data from any core application system and uses business rules to appropriately allocate margin, credit risk, and expenses among customer accounts. Each quarter, financial institutions receive a set of 18 reports that document the profitability of customers/members, officers, and products.
This service also provides trend reporting on the institution’s current profitability situation with profitability improvements insights, and includes a quarterly presentation of these reports and findings by a ProfitStars profitability consultant.
ProfitStars recently launched its Budgeting and Profitability Online Knowledge Center to help financial institutions enhance their performance and assess the risks associated with budgeting and profitability. The microsite gives ProfitStars customers and prospects access to information to assess their current business objectives and develop strategies to improve operations, competitive advantages, and financial performance.