Case Study: Parkside Financial
MSP Consulting Increases Parkside Financial Bank’s Merchant Services Revenue While Improving Their Customer Satisfaction
Why Parkside Financial Bank & Trust Partners with MSP Consulting
Parkside Financial is built on strength, security and simplicity and wanted a provider that shared these business values. Parkside was in need of a partner that could provide open-book, flexible, and customer-focused payment solutions to its commercial clients and prospects. The bank considered several traditional merchant sales companies, but given the competitive nature of the business, Parkside chose to team with a partner that offered a different approach. MSP Consulting ultimately helped Parkside customers with payment solutions from a consultative standpoint.
Parkside values that MSP Consulting combines the expertise of people, tools, business methodology and innovative technology to create a complete and distinguished solution for customers and prospects of Parkside.
Success With MSP Consulting
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.”
MSP has delivered tangible results to Parkside. These results include:
- 95 percent customer retention year over year.
- 80 percent adoption rate of MSP solutions by existing customers and new prospects.
- Increase in treasury management proposal wins.
- Increase in bank’s fee income to greater than $50,000/year, which has growth year over year.
- High client satisfaction.
How MSP Consulting Assists Parkside Financial Bank & Trust
MSP and Parkside partner well together because they are both aligned in the customer-centric approach to business. Parkside’s relationship managers have the utmost confidence in MSP to keep their clients a number one priority. In doing so, MSP works directly with the bank’s relationship managers, treasury management team and, most importantly, clients and prospects.
Parkside refers MSP into prospects even when they may not have the complete banking relationship. Parkside’s team understands this builds goodwill and adds value to the prospect that may come back in the form of future business. This enables Parkside to maintain a connection with the prospect and receive the related fee income for the bank.
Clients who have adopted MSP Consulting’s solutions have received substantial cost savings and have improved processes by leveraging tailored solutions that are efficient and secure. Murphy said, “Virtually all of our clients that have signed with MSP have saved money. But, I think an important benefit they have derived is to have access to the MSP consultants and staff. Having expert advisors allows us to focus on our core business instead of spending time on payment processing issues.”
Parkside believes technology can be used to streamline business operations and improve the bottom-line for their business customers. Frost & Sullivan projects that B2B electronic payments will hit $12 trillion in sales worldwide by 2020 and, according to a report from the Hackett Group, credit card usage has doubled in the past two years. Knowing this, Parkside sought out a partner who would deliver innovation in payments technologies. Since then, MSP has helped Parkside achieve these improvements with their joint customers.
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.”
Murphy summarizes the bank’s relationship with MSP Consulting by saying, “Parkside has and will continue to recommend MSP. The principals of the firm are extremely knowledgeable, helpful and reliable. We have the utmost confidence that they will treat our clients just as we would. We very much value this relationship.”
About MSP Consulting
MSP Consulting is an experienced advisor specializing in high-performance merchant payment services and helping businesses reduce the cost and risk of accepting payments. They strive to be an advocate and advisor to businesses, providing them a thorough understanding of the payment marketplace and designing a tailored payments solution. Centrally located in Kansas City, MSP is able to serve customers across the country. With significant growth year over year, MSP has proven to be a highly successful and sustainable resource for payment solutions.
Read more about MSP Consulting here.
About Parkside Financial Bank & Trust
Parkside Financial Bank & Trust is a privately held institution with a uniquely fresh perspective on banking in today’s post-merger era – one focused on creating unparalleled simplicity in today’s increasingly complex financial environment. Parkside concluded 2014 with total banking division assets of nearly $350 million.
Read more about MSP Consulting here.