Banks Most Perform
FinanceJuly 28, 2020

Banks must perform as well as conform

You would be forgiven for thinking that Banks exist for compliance, such is the weight of regulation on their shoulders. But growth and profitability must emerge victorious in the face of it all, and it is Finance that has the task of balancing compliance costs with achieving performance goals. Conform but perform.

The challenges: knocking at the door on one side, are IFRS, FinRep and data security requirements; ringing the bell on the other are new Fintech players impacting traditional core activities including payments, investments, savings and loans. Add to this the accelerated digital shift imposed by Covid-19, calling for transformation in services to customers and working practices for staff.

So how to hit the magic spot which legacy systems miss, where compliance and competitiveness travel together harmoniously?

A trusted route, and an ever-more relevant solution to drive profitability and maintain compliance, is with CCH Tagetik Solutions for Banking & Financial Services. Targeted precisely at the needs of banks and financial services companies, CCH Tagetik is set up to respond both to external requirements and internal enquiries. And with planning for future growth in mind, modelling and what-if analysis enables companies to play out product launches, M&A and indeed examine the profitability or otherwise of every activity, actual and potential.

Here’s how:

  • Accelerate the close. Manage complex requirements in a streamlined workflow, from account reconciliation to iXBRL. CCH Tagetik’s built-in intercompany cockpit, multi-GAAP/IFRS support and currency translation means enterprise-wide consistency.
  • Fast, accurate, comprehensive reports. CCH Tagetik combines reporting tools with real-time data, automation and financial intelligence.
  • Comply with confidence. With easily-audited, verifiable, accurate and trustworthy reporting, CCH Tagetik gives you trust in your numbers.
  • Accelerate your decision making. CCH Tagetik empowers with data intelligence and predictive analytics, elevating mere planning to “forward-looking performance management”.
  • Meaningful profitability analysis. With a powerful allocation engine, CCH Tagetik enables profit reporting and analysis at granular level, supporting complex calculations and providing actionable information.
  • Integrated reporting. Powered by the Analytic Information Hub, CCH Tagetik brings financial and operational data together in a single source. Numbers and narratives based on the same trusted, vetted data.

From consolidation to portfolio forecasting and statutory reporting, banks and financial services providers have put their trust in CCH Tagetik because it is a solution which centralizes and validates corporate information while maintaining data integrity using embedded banking intelligence. Here are four key reasons why banks and financial services companies thrive in the CCH Tagetik environment:

  1. It’s one solution for financial and statutory reporting
  2. They benefit from integrated payroll and FTE Planning
  3. Compliance is achieved via packaged, regulatory solutions
  4. Transparency improves with integrated workflow

And CCH Tagetik stands out as a finance-owned, reliable and unified CPM solution, which is equally applicable on premise or on cloud, with no compromise either way.

With intuitive dashboards, dynamic P&Ls, and responsive balance sheet plans updated with real-time data to see loan deposit impacts, instrument profitability and interest rate variances, CCH Tagetik Solutions for Banking & Financial Services have put the sector’s technical and growth needs into a compelling, evolving package.

Many companies have already started their modernization journey with CCH Tagetik. We asked Caisse des Dépôts what is making the difference in daily business life while using CCH Tagetik and here is what we heard from them:

“One of the biggest advantages we’ve gained is having a solution that gives local entities the control and flexibility they need to effectively manage their businesses, while simultaneously supporting the CDC’s centralized management objectives and the very complex compliance reporting requirements we must address.”

Check out the full capabilities and features of CCH Tagetik’s Planning for Banking here.