Testimonials – Southbridge Savings Bank
Profitability Best Practices
Southbridge Savings Bank is a $419 Million bank located in Southbridge, Massachusetts. ProfitMagnifier was installed at the bank in 2012.
Account Holder Profitability
“ProfitMagnifier has opened our eyes and has helped us see how profitable our account holders and products are”, states Todd Tallman, Senior Vice President / Chief Financial Officer and Treasurer.
“With ProfitMagnifier, we can now see that a small number of our account holders are generating a large percentage of our profit. The encouraging thing to us is that with ProfitMagnifier we can distribute this profitability data throughout the bank. Our goal is to help our branch managers and officers retain their most profitable account holders by strengthening their personal relationships with them.”
Easy Installation and Maintenance
“Profit Resources made the installation of ProfitMagnifier easy. Using their pre-built queries, it took our Accounting Manager only an hour to generate the data needed for the software. They set up the system for us, which saved us a huge amount of time and effort. They even built a demonstration system using our data at no cost to the bank and let us use it for a few months until we felt comfortable enough to make a purchase decision. Now that we have purchased ProfitMagnifier, Profit Resources processes our data each month and maintains the software for us. It’s like having a cost accountant in our Accounting Department at a fraction of the cost of having to hire someone.”
Loan and Deposit Repricing
Once ProfitMagnifier had been installed, the commercial lenders showed the most interest in using it. During the initial testing phase of the installation, all of the loans that had come in on approval had been run through the what-if repricing feature within ProfitMagnifier. “ProfitMagnifier really made a difference in the profitable pricing of these loans.”
Ease of Use
“The thing I really like about ProfitMagnifier is that it is so simple to use! Profit Resources’ service has also been great. They have provided us with timely feedback and have been extremely responsive to us. In fact, I have never seen a software vendor who is so interested in building new features based on our feedback as Profit Resources. Simply stated, ProfitMagnifier is a serious profitability solution for financial institutions who want serious profits.”Testimonials