How Financial Institutions Can Save on Their Telecom Expenses
Data is at the heart of business today, and it plays a crucial role in staying connected. Because data is so vital, telecommunication bills can be perceived as a necessary fixed expense and are often overlooked as areas to reduce costs, especially if the tradeoff is reducing service quality.
A small to mid-sized financial institution can easily incur monthly expenses ranging from thousands to tens of thousands of dollars each month. While network and data services are necessary, these bills should still be scrutinized.
Efficiency versus service creep
The latest technologies provide immediate feedback, up-to-date information, and communication to and from virtually anywhere. The days of paper loan documents or deposit signature cards are quickly coming to an end and are being replaced by mobile applications and online portals.
Financial institutions are becoming more aware of the efficiencies and cost savings made possible by new technologies, and are upgrading their infrastructures as a result. In today’s marketplace, there are an increasing number of service providers who can deliver more efficient solutions, giving end users more options than ever.
Telecom invoices are not easy to understand, and the structure of your services can be confusing. When you purchase more services, your plans may mutate, creating new contracts that incur additional charges. Over time, small ancillary charges can appear but are not questioned, increasing your bills slowly. This “creep” may leave you paying for services you do not need and may not even understand.
Optimizing your plan
Optimizing your plan will ensure that your institution is paying for the most cost effective and efficient level of services it needs. This may mean restructuring your plans based on historical usage patterns, and eliminating unused features that result in additional fees. This can drastically reduce your bill.
In addition, as you fully optimize your plans and services, you may also discover new carriers that are a better fit for your needs. Though many of the providers’ offerings sound similar, it can be difficult to determine who can deliver value and quality.
How we can help
In most cases, you can reduce the cost of your monthly telecom expenses. CLA’s team of analysts can help you dissect your plans and look for efficiency and cost savings.
Our complimentary preliminary assessment includes:
- Reviewing all of your institution’s telecom invoices for the most recent month
- Evaluating your current services to determine if cost reductions are feasible
- Providing a range of potential savings
Taking a close look at your telecom expenses is one of the many things that we tell ourselves we will get around to doing someday. CLA can help you get a better sense of what you’re paying for, where you could save money, and what you might need in the future.