The Honesdale National Bank, a long-standing community financial institution in Pennsylvania with over a century of trust services expertise, partnered with Cheetah personnel to optimize how they use the Cheetah trust accounting and wealth management platform.
This case study highlights the exceptional consultation service provided by Cheetah’s team, showcasing how it enhanced HNB’s proficiency with the system, improved workflows, and freed up valuable time for client engagement and business development.
New To Cheetah
Ted Radu, CFP, AVP, Trust Officer at HNB, described how the team was already utilizing Cheetah but had not fully unlocked its potential. Despite having implemented the platform a year prior, the trust department was not leveraging its full range of features, which limited their efficiency and ability to focus on strategic initiatives and client relationships.
Seamless Consultation
In April 2023, Cheetah conducted a three-day, on-site utilization study, led by consultant Cheryl Pfenning. The study was designed to identify underutilized features, optimize workflows, and ensure HNB could fully benefit from Cheetah’s capabilities. Cheryl worked closely with HNB’s staff, observing their daily processes and tailoring recommendations to their specific needs.
“Cheryl wasn’t just a software expert; she spoke our language and understood our challenges,” Ted noted. “She was extremely knowledgeable and made the process seamless.”
The Results
The consultation yielded transformative results:
- Increased efficiency: Tasks that previously took an entire day, such as client reviews, now take minutes. “Where we could complete only a couple of reviews in a day, we can now finish them in five minutes,”Ted shared.
- Improved client service: The time saved allowed the team to provide more proactive, high-touch service.
- Strategic focus: Freed from administrative burdens, the team could dedicate time to developing new revenue streams, such as a financial planning service for younger demographics.
- Enhanced compliance and controls: Automated processes and systemized documentation reduced audit preparation time and minimized risk.
Client Impact
The improvements enabled HNB to deliver “white-glove” service to clients across a wide range of account sizes, from $100,000 to $15 million, without compromising profitability. “We now have more opportunities to check in with clients and proactively identify their needs,” Ted said.
Key Takeaways
By focusing on their unique needs and delivering actionable solutions, Cheetah helped the bank:
- Operate more efficiently.
- Strengthen client relationships.
- Explore new business opportunities.
Ted summed it up best: “The biggest value was having Cheryl there. She understood our tasks and workflow and made recommendations that truly enhanced how we operate.”
Conclusion
Cheetah’s consultation services exemplify a commitment to empowering clients. By focusing on their unique needs and delivering actionable solutions, The Honesdale National Bank is now better positioned to thrive in an increasingly competitive market.
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