Our background with Bank of Queensland
Established in 1874, Bank of Queensland is Australia's fastest-growing retail bank with a network of more than 270 branches. It is one of Australia's top 100 listed companies and maintains one of the most widespread ATM networks in Australia, with more than 2500 ATMs.
FCm Travel Solutions managed part of Bank of Queensland's travel requirements before being named the bank's sole travel services provider in July 2008. In the 12 months since securing the national tender, we worked together to implement a tailored travel program resulting in visible savings and tighter control over business travel expenditure.
Last year FCm showed the Bank of Queensland how to save an average of $154 per ticket on key domestic travel routes.
Here's how we made it possible...
The Bank of Queensland sought a travel management company (TMC) that could provide tailored and flexible travel management solutions for their national staff base. Bank of Queensland wanted visibility on its travel spend, an effective travel program and advice on how to execute its travel policies to maximise savings. Bank of Queensland's objectives were to closely monitor its business travel patterns and expenditure and to more effectively use its bargaining strength to gain corporate discounts from suppliers. The company required efficient and effective booking processes, regular reporting and data analysis and employee travel tracking to identify reasons for missed savings.
FCm provided expert advice and the technology platform for Bank of Queensland to contain its costs and promote compliance. A travel policy was implemented as well as an online booking tool with a 'best fare of day' compliance function. FCm also monitored the response from Bank of Queensland's travellers and provided sound guidance to help change their booking behavior to ensure the success of the online booking process. To boost he bank's savings, FCm also applied its strong negotiating muscle to secure competitive corporate deals with the company's preferred hotels.
Achieving the best possible results
Using 'best fare of day', Bank of Queensland reduced its average ticket prices for domestic fares on key routes from $420 to $266. By using FCm's online booking system and best fare compliance tool, Bank of Queensland also improved its airline market share which has helped to reduce average ticket prices. The company's missed savings dropped from $6000 per month to $700 per month. Bank of Queensland's streamlined hotel program helped to achieve savings of almost 10 per cent on its average nightly accommodation rates. After 12 months of working closely with FCm, Bank of Queensland now has a robust travel policy in place and it is achieving approximately 70 per cent online usage and has full visibility of its travel data and policy compliance.
Bank of Queensland's response
"FCm has provided Bank of Queensland with a number of benefits including achieving significant savings on the bank's travel spend. FCm was instrumental in implementing a new travel policy for the bank. Their online booking tool greatly assisted our travelers in complying with the policy as well as providing the bank with valuable reporting data to help with developing future strategies for the travel category."
Head of Strategic Sourcing, Bank of Queensland