PROFIT INSIGHT®, an international consulting firm specializing in earnings optimization for the financial services industry, has hired international card program and banking expert Stephen Mendelsohn as head of business development to work with banks desiring to improve profitability across Southern Europe.
Most institutions desperately need fresh perspective and innovative approaches to deal with depressed margins, slipping deposit bases and eroding credit card program profitability, but are unable to acquire it due to cost constraints. As a result, banks are utilizing existing, traditional strategies because of the lack of financial and human resources needed to bring fresh thinking into their organizations. Mendelsohn believes this cycle of strategic thought deprivation is unnecessary and easily reversed.
“Hiring innovative executives and experienced teams of analysts is prohibitively expensive for all but the largest banks, and oftentimes even for them,” said Mendelsohn. “Top talent is available, but instead of buying it in the form of full time employees, banks can acquire it by engaging proven consultants. I’ve joined PROFIT INSIGHT because they have entire teams of gifted analysts and strategists capable of introducing fresh perspectives and innovative concepts directly where they are needed,” he explained.
“Moreover, the best consultancies have ‘shared benefit’ compensation models, which carefully limit the institution’s investment until tangible results are achieved. There are answers out there for banks struggling with sinking earnings and soaring costs, and they require finding the help needed to generate easily implemented strategies that harmonize with existing bank cultures,” he said. “PROFIT INSIGHT is highly motivated to create those strategies and assist in bringing them to fruition simply because we don’t get paid if our strategies fail.”
Mendelsohn was attracted to PROFIT INSIGHT by its 41-year record of success in helping clients generate over $40 billion in revenue in six continents across the globe. “It is more important than ever for the EU banking community to access the company’s impressive capabilities as they work through the sluggish economic recovery so many countries are experiencing, not to mention the coming reductions in interchange rates,” he said.
“Banks with a ‘business as usual’ mindset will be surprised to know they can leverage high level analysts and strategic resources to not only maintain relevance in their markets, but to excel. The benefit share model makes the consultant more like a partner in the sense that they have a vested interest in successful outcomes and are highly motivated to produce results quickly,” he noted.
Mendelsohn will continue to be based in Spain and joins PROFIT INSIGHT’s EMEAR (Europe, Middle East, Africa and Russia) division, headed up by London-based George White, president for EMEAR. “Stephen brings an acute understanding of the issues facing financial institutions throughout Europe and is uniquely qualified to lead teams that can help them find solutions,” White said. “We are extremely pleased to have an executive of his caliber working with existing and new clients to optimize their opportunities in this challenging environment.”
PROFIT INSIGHT® is an international earnings enhancement firm providing specialized profitability and performance improvement solutions to financial institutions worldwide. For more than forty years, PROFIT INSIGHT® has helped financial customers on six continents realize over $40 billion in incremental revenue and cost reduction benefits. PROFIT INSIGHT delivers results through its three global divisions – the Americas, EMEAR (Europe/Middle East/Africa/Russia) and AsiaPAC (Asia/Pacific). PROFIT INSIGHT is known for the tactical and actionable revenue opportunities it finds for its clients.
The company is based in Mooresville, North Carolina and can be found online at www.profitinsight.com