Production environment
Once Ideal and BankBI got into the actual production environment there was closer alignment with the teams to make sure that the correct data - from balance sheet to yields to margins and budget forecasting - was collected correctly in the first place before it went into BankBI’s systems.
“We also worked to make sure that our daily dashboard could be customised for us so that each user can see what is relevant and at the level that they need- be that top line trend to granular and in depth. Again we were very happy with what came back- it wasn’t just the functions that pleased us it was the way in which the data is presented. It’s so easy to consume no matter how granular the detail is – this is the real value add we think.”
Dennis R. Bauer, Ideal Credit Union
EVP and Chief Financial Officer
The KPI analysis has been singled out for special praise. Bauer comments:
“With this we can click on the asset of choice and the system breaks it down into various categories within that asset such as loans, investments etc. The great thing about this is that we can drill down as far as we like but no matter how far down you go the format is still very easy on the eye and instantly consumable. For example when we are comparing different time periods within our financials or looking at things like ratios, yields or margins- then those things can get quite complicated. But the way the system is set up means that the presentation is impeccable. Drilling below that level when we look at cash positions we need to know quickly how things look - the format is always easy to consume – we know just by looking at the screen where we are up to no matter what the level of granularity.”
Dennis R. Bauer, Ideal Credit Union
EVP and Chief Financial Officer
On the basis of this successful transformation for financial reporting Ideal also decided to revamp its board pack using BankBI.
“This is a 30 page document that we present to the board each month and it has various levels of detail. We need to meet the needs of the various board members and be able to go from at a glance oversight to in-depth detail within our various portfolios. The look and feel of it is very important too – it needs to be easy to consume. We were using another provider to do this but as we had already replaced our financial package decided to run BankBI and the previous provider together for a while to see which people preferred.”
Dennis R. Bauer, Ideal Credit Union
EVP and Chief Financial Officer
This was largely a case of fine tuning an automated feed but again, the look and feel of the end product needs to be bespoke in order to meet the needs of the board as a collective and as individuals.
“The can-do attitude of BankBI stood out here. We were open to ideas and they really worked with us to make sure that the end product was the best it can be. We are very happy with the result.”
Dennis R. Bauer, Ideal Credit Union
EVP and Chief Financial Officer
Bauer says that the next step in Ideal’s technological transformation will be to look at the BankBI loan and deposit reporting.
“This is something that is currently carried out using Excel. But there’s just no room for the errors that Excel can throw up. It’s on its way out.”
Dennis R. Bauer, Ideal Credit Union
EVP and Chief Financial Officer
Consequently the aim is to do something similar to that done with the financial reporting.
“We know with BankBI that we will be able to get to a point where we have both financial and loan & deposit analysis delivered in an automated, efficient way with various levels of granularity in an easy to consume and attractive format.”
Dennis R. Bauer, Ideal Credit Union
EVP and Chief Financial Officer
