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Case Study

banking

This client is a division of a major Australian bank, with operations in 7 countries of the pacific region, providing financial products and services, covering basic transactional bank accounts, through to high-end innovative financial solutions for large local companies, and those with business links to Asia, Australia, and New Zealand.

Solution

How Essatto improved Budgeting and Forecasting.

  • Automated Monthly Management Reporting
  • Risk Adjusted Assets, Capital Benefit and Capital Charge calculations, IFRS Reporting
  • Customer Credit Reporting
  • Foreign Currency Translation
  • Chart of Account Translation
  • Daily Upload to Group HQ
  • Quarterly Reforecasting
  • Annual Budget Process

    Industry:

    Finance/Banking

    Company Size:

    Large

    Integrations & Apps Used:

    ICBS Integrated Computerised Banking System

    Details

    Challenge

    • These branches were completely autonomous, operating their own banking system, with the basis of all transactions being in the home currency of each country. Each branch also operated their own accounting system and associated chart of accounts. ​
    • The Client required a solution, which on a nightly basis, would take the transactions from each of these remote locations, convert them into Australian Dollars, map each country’s chart of accounts to the Bank’s master chart of accounts and upload the translated transactions into the Australian HQ accounting system and reflected as part of the group’s prior day activity the next morning.
    • The system was also to be utilised for management reporting, budgeting, reforecasting and the calculation of complex performance metrics in the country of origin, and in HQ, therefore it needed to reflect BOTH the local view and head office view of all reports.

    Solution benefits

    • Monthly consolidation across 8 countries including chart of account and currency translation
    • Facilitated the production of Risk Adjusted Assets, Capital Benefit, Capital Charge and IFRS Reporting
    • Enhanced the organisation’s ability to produce budgets and forecasts across multiple scenarios          
    • Removed key-man risk by centralising/automating the organisation’s Intellectual Property     
    • Facilitated self-service reporting by organisation’s users, including management reports, KPIs, and Actual versus Budget variance analysis

    Years in Business

    30+

    No. of Countries

    7

    With Essatto, the bank was able to consolidate data across autonomously running branches. Data driven decision-making helped with reforecasting.