Automation of data collection and reporting can have significant impact on a banks ability to make informed decisions, identify successful or problematic products, budget better and cut costs. Departments can become more efficient and improve services by increasing financial transparency, simplifying reporting, streamlining processes and consolidating information.
Data from multiple sources can be updated daily and represented in an easy-to-use Analytics Dashboard displaying important information by way of graphs, charts and traffic light graphics (e.g., red for bad and green for good) to indicate how products or staff members are performing against targets. This can provide an overall view of your banks performance meaning that all departments are singing off the same “hymn sheet”. This dashboard solution can give you a snapshot of key business and operational metrics.
“WE’VE GOT A GREAT OPPORTUNITY TO UNDERSTAND THE DATA THAT ALREADY EXISTS IN THE ORGANISATION.”
– Wes Hall, Head of Practice Management, BT Financial Group
Having an integrated information solution can give the Finance team independence from the I.T. department when it comes to reporting. Company-wide integration of financial information combined with versatile and highly visual reporting dashboards enables the finance department, management team and directors to easily interpret financial information that is essential to strategic decision making, ultimately improving the banks bottom line.
There are great advantages to being able to review company information on a daily basis rather than waiting a few weeks into the next month. Targets, submissions and product performance can be viewed daily meaning that immediate action can be taken if issues arise rather than waiting for month end reporting to be completed.
While daily access to data can be invaluable to your business there is still a need for month-end reporting. Automatic periodic reports are available if needed and can be emailed directly to relevant staff members.
Having all of the relevant financial information at hand can help you budget better and improve your ability to make cost cutting decisions more quickly while relying on more accurate information… contributing to significant cost savings.
In summary, the benefits of automating information collection and analysis are;
- Reporting is streamlined
- Visibility to see how each product or department is performing
- Ability to respond to issues as they arise
- Improved budgeting processes and tracking
- Knowing how your bank is performing compared to targets
- Having all of your banks relevant information at your fingertips either on your computer, tablet or smart phone
Accurate reporting means that you can better tailor your products to suit your member’s needs and are better able to respond to shifts in the market. We understand the cultural and technical infrastructure of both ‘Big’ and Mutual Banks and we have worked with Ultracs by UltraData. We are ready to integrate your existing banking system with intuitive and cost saving Dashboard Analytics.
Mutual Banks and Credit Unions need to be able to compete with the ‘BIG’ Banks. Having a responsive, flexible and integrated information management system can help you deal with the ever-changing demands of the banking sector.
Accurate reporting and financial management can provide timely information for strategic decision making, ensuring your bank runs more efficiently via well informed cost cutting and proven service improvements, ultimately benefiting members.
We are focused on solving business problems where complex data is involved. We deliver business intelligence solutions using intuitive visualisations to support data driven decisions through data discovery and self-service analytics.
Satsumas have worked with financial, pharmaceutical, utility, retail and mining companies and understand the challenges you need to overcome.