Mechanics Bank, is a leading community bank in northern California with over 34 branches, 4 billion in total assets, and 500 employees.
Mechanics Bank was using outdated technology that resulted in significant downtime and manual workflows, including physical signature-based approval processes. The Bank needed upgrades to enable growth via acquisition.
Infovity implemented Oracle ERP Cloud (Financials and Procurement) and Oracle Enterprise Performance Management (EPM) Cloud on top of the bank’s FISERV core banking platform to provide scalability for future growth, automated reporting processes, and controls over disbursements.
The Infovity solution gave Mechanics Bank:
- Real-time general ledger functionality
- Streamlined financial closes (less than five days)
- Ability to verify compliance, privileges, data entry, and segregation of duties
- Reconciliation and journal reports, supplier and invoice payment reports
- Multi-layered security driven by branch, portfolio, and business functions
- Reduced budgeting cycle by 70%