18 February 2010
Compliance and Performance Management investments to drive growth in Financial Institutions
Tagetik outlines why implementing software for performance management and process control is one of the smartest investments a bank can make
“The market doesn’t suffer from the crisis – at least when it comes to monitoring performance. Especially in difficult times like these, financial institutions can benefit from using tools that support the CFO and other decision-makers. Unfortunately, finding the budget for developing responsible solutions is not always easy”, explains Sabrina Rosati, Executive Vice President, Professional Services at Tagetik. “Many banks, however, have continued to invest – particularly in solutions that help reduce the total cost of ownership (TCO). Performance Management is one strategic area where companies can quickly reduce costs and optimize business management.”
“Today, many banks are in the middle of massive enterprise data warehouse projects”, she continues. “Most times, these efforts primarily concentrate on collecting mortgage, stocks and bonds, accounting and other types of data from many different systems.” Yet, the overall objective of building a data warehouse is to create a single source of reconciled information, for example, to monitor profitability down to individual customer levels. At the same time, financial institutions also need to account for the growing requirements of regulatory reporting and compliance.
“To ensure that these projects don’t fall short of their goals, banks should complement their data warehouses with an innovative performance management solution – one that streamlines and unites business processes while providing the necessary flexibility to meet fast-changing regulatory requirements. Tagetik 3.0 is the ideal solution to manage both of these activities. In addition to unifying the processes of collecting and consolidating data for both statutory, management and regulatory reports, this software also supports key business processes such as budgeting, planning and cost allocations and even ensures a fast close.”
“Currently, 40% of Tagetik’s revenues stem from the financial sector”, says Rosati. “Many global players including Carige Group, Unicredit Group and BNL use the software to monitor their business, create accurate forecasts and, ultimately, drive growth. And to help support that rampant growth through unparalleled scalability and effective collaboration, Tagetik has recently partnered with Microsoft to fully integrate Tagetik 3.0 into Microsoft Office SharePoint.”
“As a whole, our global banking system is still very backwards when it comes to information technology”,concludes Rosati. “Many still rely heavily on mainframes or stand-alone systems, which makes it difficult to manage processes and help employees collaborate effectively. Fortunately, however, the first step to improvement isn’t hard to take. With Tagetik 3.0, banks receive a highly intuitive, user-friendly solution which is fast to deploy and easy to maintain without requiring costly external consultants or IT experts.”
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