Client
ServiceTitan is a private equity-owned, cloud-based software company that helps home and commercial service businesses streamline operations, improve customer service, and increase sales. The company’s software platform brings features such as intelligent dispatch, CRM, mobile workforce management, and analytics to industries traditionally underserved by technology, including HVAC, plumbing, and electrical contracting.
Challenge
ServiceTitan was spending six figures annually on bank fees. The company wanted to examine these fee structures for potential savings opportunities. However, with only two main banking relationships, they lacked the benchmarking data to compare fees among these banks. Additionally, their treasury team was lean and did not have the resources to research, identify, and implement cost reductions efficiently.
Solution
The company engaged SIB’s subject matter experts with deep banking and treasury experience to search, find, negotiate, and reduce bank fees. Using our real-time pricing database of 500,000+ pricing benchmarks, we quickly completed a comprehensive comparison to uncover savings associated with treasury and merchant services fees. We also identified many implementation errors during our validation. Our team used this data to request optimal fee pricing, correct billing errors, and secure credits from one of the client’s banking partners.
Results
SIB’s process was straightforward and took minimal time and effort from our treasury team. Their work made an impactful reduction in our annual treasury fee expenditures, and we are very happy with the value their team delivered.
-Kristen Alvarez, Senior Manager, Treasury & Insurance
