Bath Savings Trust Company, a subsidiary of Bath Savings Institution, has a rich legacy as the third oldest bank in Maine, established in 1852.
In 1989, Bath Savings expanded its offerings by launching a trust company, now managing nearly $2 billion in assets. With rapid growth and increasing operational demands, Bath Savings turned to Cheetah’s Business Process Outsourcing (BPO) services in 2019 to enhance efficiency and position the company for long-term success.
Growing Pains
The rapid growth of Bath Savings Trust Company’s client base and assets under management presented significant operational challenges. The internal team faced mounting pressure to handle account maintenance, openings, closings, and settlement processes efficiently. While hiring additional staff was considered, the leadership recognized that outsourcing could provide a scalable and cost-effective solution.
Key Challenges Included:
- Increasing volume of new accounts and transactions.
- Balancing operational demands with limited internal resources.
- Maintaining accuracy and timeliness in back-office processes.
Embracing Outsourcing
In 2019, Bath Savings Trust Company partnered with Cheetah’s BPO services during a pivotal period of operational transformation, which also included a system conversion to Cheetah’s platform and outsourcing statement rendering.
The decision to outsource back-office functions, such as transaction settlements, reconciliations, and cost basis updates, allowed the internal team to focus on core client-facing activities.
Trusted In Change
When Bath committed to Cheetah BPO, no one could have anticipated that a global pandemic was around the corner.
COVID-19 upended business, forcing teams into remote work and halting in-person client service. But with responsive support and dependable service, the Cheetah team became a steadying force during one of the most disruptive periods in recent memory, helping Bath not only adapt, but move forward with confidence.
Results + Relationships
Since integrating Cheetah BPO services, Bath Savings Trust Company has achieved notable improvements in operational efficiency and client service:
- Enhanced efficiency: Outsourcing tasks such as trade settlements, reconciliations, and account balancing has freed up internal staff to focus on strategic priorities, including client relationships and account growth.
- Cost-effective scalability: By outsourcing instead of hiring additional staff, Bath Savings avoided the complexities and expenses of recruiting, onboarding, and training new employees. The services provided by Cheetah’s BPO equate to the work of at least one to two full-time employees, offering a sustainable solution for long-term growth.
- Improved accuracy and speed: Cheetah’s BPO team manages complex tasks like cost basis updates and reversals with precision, reducing the risk of errors and ensuring timely execution.
- Strengthened partnership: Bath Savings Trust Company values the proactive and responsive support from Cheetah’s team, emphasizing the ease of communication and collaborative problem-solving. Regular attendance at Cheetah conferences has further deepened the partnership.
According to Tom Whelan, President, the relationship with Cheetah has been instrumental in supporting Bath’s growth.
“The efficiency and reliability of their BPO services allow our team to concentrate on what we do best—building client relationships and managing assets. Cheetah’s proactive approach to addressing our needs has been invaluable,” Whelan said.
A Bright Future
As Bath Savings Trust Company continues to grow, they anticipate further collaboration with Cheetah to streamline processes and explore additional efficiencies. Projects like integrating workflow automation and transitioning to digital file management are on the horizon, highlighting the long-term potential of the partnership.
Conclusion
Bath Savings Trust Company’s decision to outsource back-office operations to Cheetah BPO exemplifies a forward-thinking approach to managing growth and operational complexity. Their success story demonstrates how a strategic partnership can drive efficiency, scalability, and client satisfaction, making Cheetah BPO a trusted ally for trust companies seeking similar results.
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