Four Letters. Infinite Potential.

Inside or Outside? You Be the Judge

Read "Proactive Measures Today Lead to Greater Success Tomorrow"
by Cheryl Lawson
As regulators continue to study overdraft programs and finalize plans to test new consumer disclosure prototypes, many banks and credit unions have chosen to put upgrading their existing overdraft offering on the back burner. Discover why now is the perfect time to proactively align with the most accurate overdraft guidance and best practices, or upgrade a non-disclosed program to a transparent solution. You’ll see how a fully compliant overdraft program can help you avoid regulatory scrutiny and experience positive results for your institution and your account holders.

Inside or Outside? You Be the Judge

by Mark Roe, National Director


When I sit back and think about it, I marvel at how many personal decisions we each make about what things we’ll do on our own and what things we’ll “outsource”:

   ·    Pack a lunch or eat out?

   ·    Mow the lawn or hire a landscaper?

   ·    Clean my home or hire a cleaning service?

   ·    Sell my home by myself or hire a real estate agent?         

   ·    Choose my own investments or hire a financial consultant?


And the list goes on. Yet, when it comes to business, many decision-makers hesitate to outsource special projects to consultants. It usually boils down to the (often erroneous) belief that whatever a consultant can do, an internal staff member can do just as well, if not better, and for less money. I get it — it’s human nature to conserve resources. But in many areas, a consultant can outperform an “insider.” These individuals or companies can actually help your organization by being 100% dedicated to the task at hand, provide specialized expertise, offer objectivity and make unbiased recommendations, helping you achieve bottom-line results.


I’ve seen time and time again what a return on investment our clients get when they trust their business to us for a consulting project. If you want to truly achieve greater results, outsourcing your next project could be right for you.  Whether it’s to increase non-interest income, control expenses, improve processes and efficiencies, or all of the above—consider some of the benefits of hiring an outside professional with a proven track record.


You’ll save time

Recent research published in the Proceedings of the National Academy of Science found that spending money to save time can bring about happiness. While this study looked at individuals outside of a business setting, the core finding that time really is our most valuable asset rings true in the work world as well.


It may seem tempting to assemble an internal task force to uncover and resolve issues relating to poor organizational performance, but no matter how skilled your “A-team” is, they will not be able to devote all their time. Further, they’ll be spending less time on their everyday tasks and duties, possibly jeopardizing their existing responsibilities the company relies on them for.


A meaningful, in-depth examination of your organization and subsequent recommendations and implementation requires a dedicated team. By having true experts on the job, your staff can stay focused on their usual job responsibilities. Meanwhile, your “outsider” team with intensity and efficiency will get to know your organization, determine opportunities, make recommendations, provide training, help implement best practices, and follow up to ensure everything stays the course.


You’ll get industry expertise

Expertise comes through education and training, and even a highly skilled internal project team may not be able to look at issues from the necessary angles. Your outside consulting team should have expertise in a number of areas, including business administration, management, accounting, finance, technology utilization, evaluating delivery channels, change management, communication, psychology, data analytics, and forensic accounting. Additionally, their experience should include various roles within different types of financial institutions as well as other organizations within the industry, offering a holistic approach.  


You’ll get verified experience

Speaking of experience, it only comes through real-life exposure to similar situations. This is imperative in hiring a consultant, as things will go smoother and more accurately with an experienced team than with novice firms.


Experience is also the difference-maker when it comes to moving along a major project like revenue enhancement or process improvement. When you’re attempting to solve a problem for the first time, you inevitably run down a few rabbit holes that don’t lead to your desired result. When you’re solving a problem you’ve seen tens or hundreds of times, however, you’re much more aware of where to look for answers, as well as many other minute details that can only come with ample experience.


You’ll get hard-to-find objectivity

It’s quite difficult to be objective when it comes to our own employers—and employees for that matter. That’s why utilizing current employees to overhaul organizational structure, revenue streams, expense management, and other areas can be downright dangerous.


First, the employees’ attitudes about their jobs, their past interactions with others in the company, their opinion of the organization as a whole, and their desire to please upper management can all hinder the ability to provide a pure, honest opinion. Second, for many reasons, other employees may not feel comfortable speaking freely and openly about the company’s weaknesses to someone they see every day or someone who influences their professional future.


Conversely, an outside consultant offers fresh eyes on a problem with no other agenda than to improve the company’s bottom line and strengthen the value you offer to your account holders.


You’ll get worthwhile results

We’ve all heard the phrase, “You have to spend money to make money.” The more I live, the more I see this confirmed in most walks of life. Investing. Fundraising. Education. Likewise, a business trying to increase revenue can expect an upfront cost—which should be earned back quickly in the form of results that pay off for years to come.


And the quality of results is key. Our case studies and client testimonials highlight just some of the satisfied clients we’ve served over the years.


So, next time you’re pondering the pros and cons of outsourcing a business improvement project, in addition to cost, be sure to include all of these other factors as well. You may just realize that you’ll save a lot of time, money, and headaches by reaching out for expert assistance.



To learn more about our services contact us.  Or, contact Mark directly at Mark.Roe@JMFA.com.



12 months 2020 2020 vision 40 years abusive abusiveness Academy account holder account holder retention account holder strategies account holder strategies; growth strategies; account holders accountability Achieve achievements Advancements Advice Agreement analysis Analytics announcement Assistance ATMs Attendees attorneys attracting talent Automation B2B Balance Bank Bank of Pacific Banking banking services banks banks and credit unions batching Benefit best practices board governance board member board of directors Bob Layendecker bottom line branch equipment branch profitability branding Bryan Hanks budget bundling business business culture business environment business practices business processes business strategies career advice Career Goal case studies Case Study CEO CEO onboarding certainty CFPB Challenges change charitable Cher Cheryl Lawson Choose Chris Karstens claim clarity class action Classroom clients Cloud Cohron CommFirst Federal Credit Union commitment Communication communications communities community Community Outreach Referral Program Competition Competitive Complaint Compliance compliance examinations compliance risks compliant condition conduct Conferences Consistency Consistent consultant Consultation consulting Consumer Consumer FInancial Protection Bureau consumer protection Consumer-focused Consumers Contingency Contingency Pricing contingency-based fees Contract Contract Analysis Contract Negotiation contract negotiations Contract Optimizer Contract Renegotiations contract review contract staffing Contracts Convenience core processor contracts Cornerstone Credit Union League coronavirus corporate culture corporate governance costs Courtesy Pay COVID-19 CPE credits Credit Card credit card contracts credit cards Credit Union credit unions Crissandra Fry CSS culture customer service cyber security Damian Data Data Analytics database Deal debit card contracts Debt deceptive Decisions Demand Letters Deposit Development Dick Miller digital directors Disclosed disclosures discounts Discussion Dodd-Frank Act donation Donna Sumrall Dynamic economy Education efficiency studies election Email Emergencies Emergency employee employee retention employees EMV migration enforce enforcement Engagement Errors evaluation Evolve executive search Expectations Expense expense management expense reduction expenses Experience Expert expert negotiations Experts Facilitators FastTrack FDIC Federal Reserve Federal Reserve Board fee Feedback fees Financial Financial Institution financial institutions financial services financial stability Financial Worry FinTech Fixed limits Floyd's Forum Free Analysis full disclosure Fully fully disclosed overdraft program funds Gen Z Generating Income generating leads generation Generation Z Gift Goals governance government Grow Gym Halloween Hammond Happiness health hiring HKW Holiday Holidays HR HR policies Hubur human capital human resources Implementation important Improved improved efficiencies improved results Inc. income income enhancement Innovate Innovative Institution interests interview strategies interview tips IT contracts Jackson Jai Jai Darden James Jamone Moore Jan Southern Jennifer Peoples Jennifer Simmons Jim Griffis Jimmy Nguyen JMFA JMFA Academy JMFA clients JMFA News JMFA Next Generation Overdraft Privilege Joe Marsh John Cohron John M. Floyd John M. Floyd & Associates judicial justification Kelly Flynn Kennedy law lawsuits Lawyer leaders leadership Learn Learning Legal legislative lending program Lesson Limit Limits Literacy litigation litigators loans local Long Term Long-Term lost revenue Maggie Thompson Maintenance manage management Mark Roe marketing marketplace Matrix Matrix-based measurable measurable results Member Members Midwest Region Millennial Millennials Mississippi Missouri Mobile Banking monetary Money Most Valuable Provider NAFCU NCUA Negative Settlement Negotiate negotiating contracts negotiator Net Operating Analysis New Decade New Year New Year's Next Generation JMFA Overdraft Privilege NOA Non-Interest Income NSF fees OCC Oliver Ireland onboarding Online Opportunities Opportunity Opt-In Organizational Health Outcomes outsourcing Overdraft overdraft compliance overdraft coverage overdraft fees overdraft practices Overdraft Privilege overdraft privilege program overdraft program Overdraft programs overdraft protection programs Overdraft Protection Service overdraft service overdraft services overdraft strategy overdrafts Overspending Partner Paul McFarland paycheck emergency payday loans Payments Pennsylvania performance personnel plan planning Plus4 Credit Union Policy POS Positive Swipe practice practices Press Release Privilege Manager CRM proactive procedure process process improvement Processing product profitability Productivity Products Professional Profitability Improvement Program Program Management programs prohibited project staffing Promotions Proposals Provider providers Quality Reactive reality Recruitment Services recruitment strategies refer referral Reg E regional director regulation regulations regulators regulatory relationship Relationships Renegotiate Renewal Reporting Reputation resolutions Resources Results Retail Retaining Employees Retention Retirement revenue revenue enhancement review Richard Miller risk risks ROI Ron Jennings Roy Roy Seifert Rules Ryan Armstrong Sales Satisfaction savings secrets Security senate service service agreements service contracts service delivery Services Sessions settlement shareholders Sheila Bridges Shopping social distancing Social Events social media Software Solution Spending staff staff development staff spotlight staff training staffing staffing gaps staffing studies staffing study stakeholders standard Statistics Strategic Planning Strategies Strategy Stressful succeed Success success factors Succession plan succession planning Support survey Susan Prell talent team team members technology technology costs technology upgrades technology utilization temporary staff term Text third-party providers threat three Tim Strandquist Time Tools Tracking Trainer training transaction Transparency Transparent Travel Treats trends Trey Martin Trust UDAAP unfair updates Upgrades Value Variable Vendor vendor agreements vendor contracts vendor performance vendors violation Walker Washington Webinars weeks Westmoreland Community FCU Whitney & Company Wish list women work Workshops