Monthly reporting for regulators, leadership and other key stakeholders is not getting any easier for most banks and credit unions. In fact, the burden is increasing while the ability to do all of this reporting using excel is being taxed to its limits. Add to that the challenge of getting the right data from your financial system where the books are closed every month and the trial balances are produced and at the same time getting required data from your core banking systems which hold the details on deposits, accounts and loans. Needless to say, it all adds up to a lot of time and manual effort just to produce the reports with very little time for doing analysis and providing insight!
Watch this video about bank reporting with Workday and learn how to:
- Automate monthly financial reporting by automatically bringing in the right data to generate your income statement and balance sheet on a schedule or on-demand
- Enable finance to publish monthly board report books by executing a simple refresh of the latest data.
- Allow for the drill down into the details of financial ratio’s, the income statement or the balance sheet, as well as, into the core banking system data for loan and deposit analysis.
- Enable finance to do the required reporting and analysis independent of IT
