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Parkside Financial Bank Endorses MSP Consulting for Increasing Revenue and Customer Retention

Parkside Financial Bank & Trust originally contacted MSP Consulting in 2008, when they were seeking a merchant payment services partner. As a commercially focused bank, merchant payment services are key to their treasury management offerings. MSP Consulting’s professional and consultative approach, customer-centric focus and tailored payment solutions were a perfect fit for Parkside. Partnering together, MSP built a recurring revenue stream by significantly increasing the bank’s fee income and introduced a door-opening service to drive new customer prospects. Parkside values their partnership with MSP Consulting.

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According to Mike Murphy, senior vice-president of Parkside Bank, “Parkside is a bank that leverages outsourcing, which has been a significant driver of our success to-date. With MSP taking over the merchant processing sales and administrative function for the bank, we have been able to focus on our core competency of commercial lending and cash management. It has truly become a partnership. Our relationship managers have the utmost confidence in MSP to keep our clients’ best interest a number one priority. MSP works well with our RMs, our Treasury Department and, most importantly, our clients and prospects.”

MSP has delivered tangible results to Parkside. These results include:

  • 95 percent customer retention year over year
  • 80 percent adoption rate of MSP solution by existing customers and new prospects
  • Increase in treasury management proposal wins
  • Significantly increased bank’s fee income, which has grown year over year
  • High client satisfaction

Patrick O’Boyle, partner at MSP Consulting, values the relationship with Parkside Bank stating, “Parkside Financial is a tremendous partner to MSP. As a commercially focused bank, Parkside understands how to serve businesses and consistently looks to bring value to their clients.”   

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