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.



100% 12 months 14 years 20 years 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 agreements alerts Americans analysis analytic Analytics announcement ask the expert Assistance ATMs Attendees attorneys attracting talent auto loans 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 brand loyalty branding Bryan Hanks budget budgets bundling business business culture business environment business practices business processes business strategies calendar card processing cardholders career advice Career Goal CARES Act caring case studies Case Study cash CDC CEO CEO onboarding certainty CFPB Challenges change charitable Checklist Cher Cheryl Lawson Choose Chris Karstens civil litigation claim clarity class action class-action lawsuit Classroom clients Cloud Cohron collections CommFirst Federal Credit Union commitment committed Communication communications communities community community banks Community Outreach Referral Program Competition Competitive Complaint Compliance compliance examinations compliance risks compliant condition conduct Conferences confidence connection Consistency Consistent consultant Consultation consultative consulting Consumer Consumer FInancial Protection Bureau consumer protection Consumer-focused Consumers Contactless Contactless cards Contingency Contingency Pricing contingency-based contingency-based fees Contract Contract Analysis Contract Negotiation contract negotiations contract negotiator Contract Optimizer Contract Renegotiations contract review contract staffing Contracts Convenience core processor contracts Cornerstone Credit Union League coronavirus corporate culture corporate governance cost costs Courtesy Pay COVID-19 CPE credits Credit Card credit card contracts credit card processing credit cards credit report Credit Union Credit Union Vendor Management credit unions crisis Crissandra Fry CSS culture customer customer experience customer service customers CUVM cyber security Damian Data Data Analytics database Deal debit debit card contracts debit cards Debt deceptive Decisions Demand Letters Department of Labor Deposit deposits Development Dick Miller digital digital wallet directors Disclosed disclosures discounts Discussion Dodd-Frank Act dollars donation Donna Sumrall Dynamic earnings Economic economic recovery economy Education efficiency studies election Email Emergencies Emergency employed employee employee retention employees EMV migration enchancing productivity enforce enforcement Engagement environment Errors evaluation Evolve examiners executive search Expectations Expense expense management expense reduction expenses Experience Experiences Expert expert negotiations expertise Experts expire Facilitators families family FastTrack FDIC Federal Reserve Federal Reserve Board fee Feedback fees Field Consultant Financial Financial Institution financial institutions financial integrity financial security financial services financial stability Financial Worry FinTech fit Fixed limits Fixed-limit Floyd's Forum Forrester Franklin First Federal Credit Union Free Analysis full disclosure Fully Fully Disclosed fully disclosed overdraft program fund funds future Gen Z Generating Income generating leads generation Generation Z Gift Gil Johnson global Goals governance government government agencies Greenwood Credit Union Grow growth guidance Gym Halloween Hammond Happiness health Heartland Tri-State Bank hiring HKW Holiday Holidays Houston Area Food Bank Houston Livestock Show and Rodeo HR HR policies Hubur human capital human resources Implementation implementing important Improved improved efficiencies improved results Inc. incentives income income enhancement Industry Innovate Innovative in-person Institution interest rates interests internet banking services interview strategies interview tips IT contracts Jackson Jai Jai Darden James Jamone Moore Jan Southern Jennifer Peoples Jennifer Simmons Jessica Pickett Jim Griffis Jimmy Nguyen JMFA JMFA Academy JMFA clients JMFA News JMFA Next Generation Overdraft Privilege JMFA team Joe Marsh John Cohron John M. Floyd John M. Floyd & Associates judicial justification Kelli Silvernale NCUA Kelly Flynn Kennedy knowledge law lawsuits Lawyer leaders leadership Learn Learning Legal legal risk legislative lending program Lesson leverage Limit Limits Literacy litigation litigators lives loans local Long Term Long-Term lost revenue Maggie Thompson Maintenance manage Managed management management experience Mark Roe marketing marketplace Mary Soergel MasterCard matrices Matrix Matrix-based measurable measurable results meeting Member Members mergers Midwest Region Millennial Millennials mindset minimalism minimalist Mississippi Missouri mobile Mobile Banking mobile phone app Model monetary Money Morrison & Foerster Partner mortgages Most Valuable Provider NAFCU NCUA Needs negative balance Negative Settlement Negotiate Negotiating negotiating contracts negotiator Net Operating Analysis New Decade new revenue New Year New Year's Next Generation JMFA Overdraft Privilege NOA Non-Compliant non-disclosed non-interest Non-Interest Income North Carolina NSF NSF fees Obrea Poindexter OCC Officer Oliver Ireland onboarding Online operational Opportunities Opportunity Opt-In organization 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 overdrawn Overspending pandemic Part 2 Partner partnership Paul McFarland paycheck emergency payday loans payment cards Payments Penalties Pennsylvania performance personnel physical distancing plan planning Plus4 Credit Union podcast Podcasts policies policies and procedures Policy POS Positive Swipe post-pandemic practice practices Press Release Privilege Manager CRM proactive problem-solving procedure Procedures process process improvement Processing product profitability Productivity Products Professional Profitability Improvement Program Program Management programs prohibited project staffing Promotions Proposals Provider providers PwC Quality quantity Reactive reality Reassess Recruitment Services recruitment strategies reduce expenses refer referral Reg E regional director regulation Regulation E regulations regulators regulatory relationship Relationships reliability remote Renegotiate Renewal Reporting Reputation resolutions Resources Results Retail retail operations Retaining Employees Retention Retirement revenue revenue enhancement review Richard Miller risk risks ROI Ron Jennings Roy Roy Seifert Rules Ryan Armstrong safety Sales Salesforce Satisfaction savings Scrutiny secrets Security senate Senior Relationship Manager service service agreements service contracts service delivery Services Sessions settlement shareholders Sheila Bridges Shopping social distancing Social Events social media socially distanced Software Solution South Carolina specialization speed Spending staff staff development staff spotlight staff training staffing staffing gaps staffing studies staffing study stakeholders standard Statistics stimulus payments Strategic Planning strategic vision Strategies Strategy streamline Stressful study succeed Success success factors successful Succession plan succession planning Support survey Susan Prell system talent team team members technology technology costs technology upgrades technology utilization temporary staff term terms Text Third-Party Expert third-party providers third-party vendor contracts third-party vendors threat three Tim Strandquist Time Tools Tools and Resources Tracking Trainer training transaction transactions Transparency Transparent Travel Treats trend trends Trey Martin Trust turnkey UDAAP uncertain times unemployment unfair updates Upgrades Value Variable Variable Limits Vendor vendor agreements vendor contract negotiations vendor contracts vendor management services vendor performance vendors video violation Virginia VISA volunteer Walker Washington Washington D.C. Washington Savings Bank Webinars weeks well-rounded Westmoreland Community FCU Whitney & Company Wish list women work work ethic Workshops YouTube