Financial Institution ERP EPM Starter Package
Financial Institution Challenges
Ever growing compliance & Reporting Needs such as SOX, CALL Reporting, 10k & 10Q Reporting,
Net Interest Margin Reporting
Disconnected legacy banking platforms are not scalable
Lack of process integration leads to expensive delays and introduces audit risks which can be very costly.
Manual, time consuming, error prone process affects overall decision making and it takes away agility of the institution to adjust to market conditions.
Lack of connected tools affects the ability of the Bank to align strategic 5-year plan with annual plan costing millions of dollars on missed forecast.
CFOs are constantly in search of finding tools that will help them innovate faster, reduce operating cost, improve efficiency.
Industry is more and more gravitating towards cloud-based applications due to low capex, reduced risks of infrastructure failures and availability of latest technological innovation without upgrade cost.
Companies are looking for ways to enable faster customer acquisition, predict consumer behavior and maximize profitability.
What We Offer (How we can help)
Digital IMS Cloud has helped a number of banks to transform their disparate financial systems using
modern cloud based financial system. Digital brings core competencies in the areas of:
✔︎ Scalable Chart-of-Account design to meet CALL reporting, NIM(Net Interest Margin) reporting and Multi-GAAP reporting needs with multi-currency, multi-ledger and localization capability.
✔︎ Financial consolidation, automatic inter-company accounting, and accelerated financial close
✔︎ Flexible, configurable and robust invoice approval, journal approval, and purchase order approval via email and mobile devices (Android and/or IOS)
✔︎ Automated data integration to push all the financial activities from core banking platform (Loans, CDs, Deposits, Investments & Securities) into Oracle Financials GL
✔︎ Automated reconciliation of bank statements, portfolio balances, and customer accounts
Digital IMS Cloud has migrated number of banks from a manual MS Excel based budgeting and reporting process to centralized budgeting and forecasting systems. Digital offers pre-built banking models allowing customers to jump start.
✔︎ Planning & Budgeting models to project the interest income, non-interest income, interest expense, non-interest expense across different portfolios, branches.
✔︎ Measure product, branch and customer profitability
✔︎ Digital Pre-Built content reduces risks in project implementations and accelerates implementation time
✔︎ Ability to integrate future acquisitions on Day 1
✔︎ Real time general ledger that we can use almost 24/7
✔︎ Greater confidence in financial reporting and streamlined financial close(less than 5 days)
✔︎ Auditing and Security Compliance
✔︎ Reduced budgeting cycle to about 2 weeks. 70% reduction
✔︎ Significant time savings (over 95%) in updating formulas & data
✔︎ Significant reduction of input & calculation error
✔︎ Improve reporting for Executive Management
Solution Foot Print: Oracle Financials Cloud, Oracle Expense Cloud, Procurement Cloud, Planning and Budgeting Cloud Service