The landscape is changing with the advent of cryptocurrency and digital assets. The banking industry is facing unprecedented change, and the need to remain agile and adapt is stronger than ever. Due to the COVID 19 pandemic, all organizations are trying to navigate the crisis by examining flexible solutions and becoming resilient during these challenging times.
According to a retail banking survey conducted by Global Financial Times, the following are the new realities of the Banking and Financial Services Industry:
- 54% Rate forward-looking planning a high priority in the retail bank’s finance function
- 96% of Retail banks plan on adopting cloud-based planning in the next three years
- 80% rate changing customer demands as a significant challenge facing retail banking
- 66% of bank executives find maintaining agility to respond to economic volatility a considerable business challenge
Organizations commonly evaluate Enterprise Performance Management applications to consolidate these initiatives under one umbrella, addressing these realities. So why is this offering so attractive to solve these realities? In the financial world, data resides in many places. Consolidating core banking data in one place is key to gaining the benefits.
Oracle Cloud Enterprise Performance Management allows organizations to integrate data from systems like Jack Henry, FinServ, or any 3rd Party source to include in your planning process. Infovity’s customers cut their total budgeting time by 70-80% because of this, and are also achieving 95-100% accuracy and are confident in the numbers they reports generate.
The solution alone is not effective unless you have a strong implementation partner to help you navigate the people, processes, and technology to gain agility and flexibility. Infovity provides out-of-the-box industry solutions and dashboards built on Oracle Cloud EPM applications. Infovity customers benefit from our employees’ infinite Oracle expertise and a rare combination of quality and value that customers now need more than ever.
Over the years, Infovity has developed a strong offering for Oracle Cloud EPM implementation consideration. It can offer a fixed-bid, fixed scope offering to mitigate risk and provide achievable ROI.
The fixed scope of the Infovity offering includes the following:
- Enable out of the box workforce planning
- Enable out of the box Capex planning
- Custom banking model to plan and forecast interest income, interest expense, non interest income, and non-interest expense
- Plan for loans at instrument or instrument type level
- Calculate the cash flow for loans at the instrument level
- Plan for deposits, CDs, and investment at the instrument type level
- Plan for new volume at instrument type level for loans, CDs, deposits
- Build consolidated P&L and balance sheet plan and forecast
- Build ten key ratios
- Build five reports
To find out if your organization qualifies for Infovity’s fixed scope, fixed-bid implementation of Oracle Cloud EPM, please watch this on-demand informative Webinar.