KPI Benchmarks : Revenue per Lockbox Account
- Benchmark Range $964 - $1,367
- Benchmark Average $1,110
- Benchmark Sample Size (n) 24
* Is High or Low Best: Higher is Better
Download a Sample Revenue per Lockbox Account
KPI Details : Revenue per Lockbox Account
Revenue per Lockbox Account measures the total dollar amount of revenue generated by the bank through lockbox operations in relation to the number of wholesale lockbox accounts managed by the bank at the same point in time. A relatively low value for this metric is typically related to a few common factors, including highly manual (i.e., error and rework prone) lockbox processes and procedures (e.g., manual documentation scanning and data entry, etc.), overstaffing, general inefficiencies within lockbox processes (e.g., untimely documentation scanning, inefficient backup processes concerning lockbox data, sub-par lockbox activity supervision, poor customer communications concerning which lockbox would be more efficient for the customer, etc.), and sub-par lockbox employee training and performance. Each of these factors can increase customer frustration and attrition rates.
KPI Best Practices : Revenue per Lockbox Account
- Perform regular lockbox reviews to assess the location of physical lockboxes and their proximity to client locations.
- Be transparent about expected payment processing times to increase customer satisfaction
- Implement lockbox ions in graphic areas of sales growth to rely less on postal service
KPI Calculation Instructions Revenue per Lockbox Account?
Two numbers are used to calculate this KPI: (1) the total dollar amount of revenue generated by the bank through lockbox operations, and (2) the number of wholesale lockbox accounts managed by the bank at the same point in time. Lockbox counts hould be considered to be accounts serviced by the bank that allows companies to use a special post office box to collect customer payments. Count each lockbox account separately, even if a customer owns multiple lockbox accounts.
KPI Formula :
Total Revenue Generated Through Lockbox Operations / Number of Wholesale Lockbox Accounts Managed