At
the core of most successful partnerships
are two prime qualities: shared
values and shared vision. Both
are firmly in place as the foundation
of U.S. Bank's long-standing relationship
with Carreker Corporation.
They share a commitment to shareholder value and
a vision for what makes a bank great. They have built
a relationship that spans many years, many "versions" of
the current U.S. Bank and its predecessors, and many
businesses that make up the whole organization.
The bank has a proud history in terms of shareholder
value. Throughout waves of change in banking, turbulence
in the stock market, and the bank's own rapid growth
by acquisition, U.S. Bank has continued to perform
in the top tier of its sector. Today the bank maintains
a clear and simple strategy:
Take care of customers. Increase net revenue.
Build the best bank in America.
Perhaps
the most significant of Carreker's
contributions has been Revenue
Enhancement, deployed under the
leadership of U.S. Bank's vice
chairman of Operations and Technology
William (Bill) Chenevich. Rev
E, which generates organic, profitable,
revenue growth for clients, typically
produces about $1/2 million increased
revenue for every $1 billion
in bank assets. At U.S. Bank,
according to Chenevich, "what
that meant for us was an additional
2 to 3 cents per share."
Not all
of our clients track our
impact all the way
to stock price, but
we are pleased to be
measured by that yardstick.
Said
George Noga, Carreker's executive
relationship manager for U.S.
Bank, "Not all of our clients
track our impact all the way
to stock price, but we are pleased
to be measured by that yardstick — pure
shareholder value — and
it is certainly a clean way of
validating the wisdom of revenue-generating
activities and decisions."
U.S. Bank's commitment to innovation is evident
in its adoption of state-of-the-art enabling technologies,
including Carreker applications for managing cash
and float and mitigating fraud. Said Tom Rea, U.S.
Bank's executive vice president of transaction
processing, "If you know how fraud works, you don't
want to be the weakest link in the system, so we
put Carreker's system in our smaller banks, too.
Not a difficult decision - it paid for itself in
less than 90 days."
The relationship began with what has become for
both parties a distinguishing core competence:
merger management. The bank continues to call on
Carreker expertise for ongoing consolidation, standardization,
process redesign, and e-enabling technologies.
Said Chenevich, "I believe in making selective
use of best-of-class, no matter where it comes
from. We don't have to invent everything ourselves.
So we have used a number of third parties. Carreker
brings me more benefit by a factor of ten. And
they do it early — they get us positioned
for the future."
Said Denny Carreker, chairman and CEO of Carreker
Corporation, "It works both ways. One of the hallmarks
of leadership is the courage to be first — not
to bet the farm but to experiment with fledgling
ideas and new technology. Bill Chenevich's willingness
to work that way with us — to drive us to
be better innovators in the process — has
helped his bank achieve its respected leadership
position."
