The implementation exercise that made made a big regional bank fiscally fitter!
to move planning & budgeting
to cloud in the Gulf region
on IT hardware
& software costs
on the manual efforts in annual planning
cycle and monthly management reporting
The result of a merger between two of the biggest banks in Dubai, our client is formidable in both size and expertise, capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region. The bank is listed on the Dubai Financial Market where its equity is highly rated.
Dependence on manual data preparation was negatively impacting accuracy as well as timelines in consolidation, reporting and forecasting due to complexity and the challenges of 2 different charts of account structures. This was compounded by use of excel to compute bank specific budgeting and reporting modules like net interest income & expense, internal recharging, segment allocations, intercompany eliminations, Opex, Capex and workforce models for group and other multinational entities.
Full implementation of Oracle Enterprise Planning and Budgeting on Cloud: This enabled complete automation of budgeting & forecasting for interest income model, operational expenditure planning models, et al.
Seamless data integration between the banks many source systems and Oracle EPBCS using advanced mapping techniques between old and new CoA structures for monthly and annual management reporting.
Our client gained the distinction of becoming the region’s very first bank to move its planning and budgeting processes to cloud. Not only was it able to enjoy all the benefits of cloud’s end-to-end platform, it generated massive savings on IT hardware and software. Automation and integration of the planning and budgeting process made ‘What-if’ modeling and ‘scenario analysis’ possible, and reduced the planning cycle from months to days!
We are currently implementing Oracle Financial Consolidation and Close for the bank.