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Taking a Proactive Approach to Helping Customers Improve Their Cash Flow
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THE CLIENT:
Fidelity Bank, founded in 1970, is one of the premier, independent commercial banks in the Minneapolis / St. Paul area, serving approximately 700 businesses. Fidelity’s approach to business banking sets it apart from other banks, going far beyond credit scores and balance sheets. Fidelity’s business banking relationships are built upon the philosophy of Intellectual Capital™, in which bankers gain a deep knowledge of a client’s business.
The Intellectual Capital formula takes all aspects of a business into consideration, including the dynamics of the business, its cycles, trends and the economic conditions surrounding the client’s industry. This insight allows bankers to create customized and creative financial solutions, based specifically on the unique needs of the client, resulting in relationships that continue to grow and deepen, year after year.
Fidelity Bank has a history of long-standing client relationships that is unprecedented; many clients have been banking with Fidelity over 20 years. Fidelity takes great pride in understanding their client’s businesses intimately, and anticipating potential challenges facing the business, often before the client recognizes it. This impressive history of client loyalty is a true testament to the strength of Fidelity’s highly personalized Intellectual Capital approach to business banking.
The Intellectual Capital formula takes all aspects of a business into consideration, including the dynamics of the business, its cycles, trends and the economic conditions surrounding the client’s industry. This insight allows bankers to create customized and creative financial solutions, based specifically on the unique needs of the client, resulting in relationships that continue to grow and deepen, year after year.
Fidelity Bank has a history of long-standing client relationships that is unprecedented; many clients have been banking with Fidelity over 20 years. Fidelity takes great pride in understanding their client’s businesses intimately, and anticipating potential challenges facing the business, often before the client recognizes it. This impressive history of client loyalty is a true testament to the strength of Fidelity’s highly personalized Intellectual Capital approach to business banking.
ARGOS RISK: A BENEFIT FOR BUSINESS BANKING CUSTOMERS
Fidelity Bank’s partnership with Argos Risk offers business banking customers a proactive, affordable, and easy-to-use monthly subscription solution to help improve cash flow, save time, and streamline the entire credit risk management process, including customized A/R and credit worthiness policies.
Since Fidelity Bank maintains such close relationships with its customers, they recognized that many of their business banking customers faced daily challenges with the credit risk management process, including the need for help in making credit-based decisions that affect the health of their company. Fidelity’s Intellectual Capital philosophy led them to make the decision to help customers by finding a solution that was affordable and could easily and efficiently manage the complex process.
Since Fidelity Bank maintains such close relationships with its customers, they recognized that many of their business banking customers faced daily challenges with the credit risk management process, including the need for help in making credit-based decisions that affect the health of their company. Fidelity’s Intellectual Capital philosophy led them to make the decision to help customers by finding a solution that was affordable and could easily and efficiently manage the complex process.
"If bankers do not have this knowledge, this sort of thing can keep them up at night worrying. Knowing our customers are serious about their own credit policies is very comforting [to a commercial lender]."- Jeff Campbell, Vice President, Fidelity Bank
THE SOLUTION: Argos Risk Surveillance
Fidelity Bank did its homework and decided to introduce customers to Argos Risk Surveillance (www.argosrisk.com) in an effort to help them get on top of their credit procedures and to identify potential A/R issues before doing business with them.
With Argos Risk Surveillance, companies can enter their customers, suppliers, and competitors into a process that provides ongoing, real-time monitoring of their creditworthiness and financial health. A proprietary algorithm provides a score assessment based on the creditor’s selected risk tolerance level.
With Argos Risk Surveillance, companies can enter their customers, suppliers, and competitors into a process that provides ongoing, real-time monitoring of their creditworthiness and financial health. A proprietary algorithm provides a score assessment based on the creditor’s selected risk tolerance level.
WORKING WITH ARGOS RISK
Fidelity Bank’s customers are able to more effectively monitor the health of those who they do business with by utilizing Argos Risk Surveillance. The web-based solution gives them the power to:
- Determine to whom they should sell goods and services
- Exactly how much to sell
- Assist with decisions about credit limits
- Take action through an intuitive, visual dashboard that gives indicator metrics
- Monitor their customer’s payment history and tax liens
EXTENDING BENEFITS TO THEIR CUSTOMERS
Customers of Fidelity Bank who have used Argos Risk Surveillance have accrued a wealth of information they did not have access to previously. The key takeaways include:
Once Fidelity Bank’s business customers have the power of these insights, they can set a formal and structured credit policy for their clients. By incorporating the Argos Risk product directly into their credit determination process, the business customers of Fidelity Bank can feel confident that they are making well educated decisions.
- Realizing they have been too loose with their credit policy
- Monitoring the business health of customers, vendors, and competitors is very beneficial for their business to succeed
- There is more to the health of a business than just a simple credit score
- This process is necessary, but trying to do this manually would be difficult
Once Fidelity Bank’s business customers have the power of these insights, they can set a formal and structured credit policy for their clients. By incorporating the Argos Risk product directly into their credit determination process, the business customers of Fidelity Bank can feel confident that they are making well educated decisions.
BANK CUSTOMER TESTIMONIAL
To read how Fidelity Bank introduced AR Surveillance and the benefits the customer receive visit the PGC Case Study