From community banks to large financial institutions, thousands of oil & gas owners rely on the banking industry to manage their assets.  Banks and the highly personalized services they provide have been a cornerstone to family wealth management since the beginning of the oil & gas industry, helping individuals, and trusts navigate investment complexities and grow their oil & gas portfolios.

If you are part of a financial organization that offers mineral management services, technology is the key to delivering higher service excellence as well as efficiently managing client portfolios at scale.  In fact, 77% of respondents in this PwC survey expect to increase their financial technology innovation efforts over the next three to five years. Does your organization have a mineral management technology strategy?

As you know, banking is an industry built on trust and personal relationships. Some fear that technology hinders the ability to deliver the type of personalized, quality service customers expect. In reality, technology benefits banks, financial advisors, and clients, even more so for specialty asset classes like minerals, royalties, and non-op working interests.  Mineral management technology is a key component to help you build that trust, providing a way for your employees to work faster and more efficiently while enhancing client experience for the services you offer, including:

  • Identifying mineral assets held in trust and agency accounts
  • Tracking revenues, operating expenses and providing clients with reporting
  • Negotiating leases and other oil and gas contracts
  • Valuing mineral assets for sales and tax purposes

As a full service asset management provider, you have a skilled team of oil & gas industry experts who manage your clients’ assets.  But chances are, your team relies on outdated technology and spends far too much time on repetitive workflows and manual processes, which is an operational challenge and cost prohibiting, that is multiplied by the large number of client portfolios your team manages.

Change Drivers

Customer expectation is an important driving factor for banks to upgrade their mineral management technology.  Just as online banking transformed personal checking and savings from paper-based processes to on-demand digital account management, today’s mineral owners expect more than a printed monthly or quarterly report from their mineral manager.

The shale revolution of the past decade has led to increased leasing activity in booming and developing oil & gas regions.  As a result, land and mineral owners are increasingly leaning on banks to help manage their assets, track division orders, curate land records, and ensure that they are getting paid properly.  The uptick in oil & gas investment and large number of mineral owners that banks now serve has created an imperative for financial institutions to adopt technology to keep pace with demand.

Finally, the evolving needs of oil & gas investors is driving change for banks to upgrade their mineral management technology.  In today’s fast-paced and constantly evolving oil & gas business, mineral managers need better tools, on-demand data, and actionable insights to effectively manage and grow client portfolios.

All too often, mineral managers rely on spreadsheets or general accounting software to track, manage, and report customer portfolios.  In today’s highly competitive oil & gas investment space, these solutions are no longer enough to get new clients in the door and keep the ones you have.  Legacy systems and processes don’t scale as your business scales.  If you want to ensure your financial organization is delivering exceptional customer service for managing your clients assets, it’s time to upgrade.

Upgrading to a Modern Mineral Management Platform 

To succeed in today’s competitive environment, retain clients, and cost-effectively manage a large volume of customer portfolios, your team needs a mineral management solution that combines purpose-built technology, real-time data, and managed services.  MineralSoft offers the most complete mineral management technology platform, relied on by leading oil & gas investors and financial institutions.

Key benefits of a modernized mineral management solution include:

  • Proactive Management of Multiple Portfolios – Your team has the ability to easily manage each of your client’s portfolios in a multi-tenant environment. The amount of manual effort for your team is significantly reduced so they can focus on higher value efforts.
  • Drive Operational Efficiency – With a tool that delivers real-time insights and alerts when action is needed, your operational efficiency will significantly increase allowing you the ability to take on more clients, without the need to grow the team.
  • Automate Revenue & JIB Processing – With key data integrations such as Oildex and Drillinginfo, it eliminates manual data entry. Not only does this save your team hours, but it reduces the potential for incorrect or missing data.

With MineralSoft, your team gains real-time portfolio insights, integrated income and expense tracking, audit and revenue recovery, customizable client reporting, land data and document management, interactive mapping, and activity alerts for rigs and permits.  Plus, cloud-based tools for managing properties that accelerate key workflows, like lease negotiation, acquisitions and divestitures, NRI and breakeven analysis, and income and expense reporting for tax preparation.

Getting Started

Spreadsheets and even the latest general accounting tools are simply not up to the task of managing and accommodating the unique complexities of non-op oil & gas interests.  This specialty asset class demands purpose-built technology.  Without the right tool for the job, your organization has likely had to create workarounds by bolting together different tools or develop custom solutions that all too often achieve a mediocre solution.

Upgrading your current mineral management methods and technology is easy with MineralSoft.  Our platform is cloud-based and scalable, enabling your team to efficiently manage a few customer portfolios or thousands.  For established mineral management practices, the MineralSoft platform provides a paradigm shift in customer experience and portfolio optimization that will maximize client retention and win new business.  And for banks that do not currently offer mineral management as a service, MineralSoft’s turnkey technology and ease of use delivers everything your team needs to get started.

As Tony Robbins says, “by changing nothing, nothing changes.”  If you’re looking to grow and expand your business, it takes change and investment in the proper tools to make the change.  Ready to upgrade?  Contact MineralSoft today and we’ll walk you through our proven onboarding process.  With MineralSoft, your mineral management practice will be running on the latest technology, designed and continuously improved to solve every day oil & gas mineral management challenges.