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Financial Reporting Challenges Faced by CFOs of Banks & Credit Unions

by Simon Goble on October 25, 2018

Topics: Financial Reporting

As CFOs and finance departments are increasingly put under pressure from regulators, management and stakeholders to have better, more timely information they are having to put in place more robust financial reporting systems.

The challenge is to have a single version of the truth for financial and banking performance reporting.

Core banking systems are designed to keep records of deposits, accounts and loan contracts but it can be quite complex for finance users to get the data out in a way that shows the total financial position of the bank.

Finance departments are expected to:

  • Enable daily financial analysis
  • Close the month-end efficiently
  • Produce monthly board reports automatically for the CEO & the Board
  • Complete central bank regulatory reporting automatically
  • Reduce errors, increase accuracy & operate independently of IT
  • Respond to questions quicker by having access to daily financial information

Finance departments are also expected to help provide the CEO with the ability to:

  • Track daily growth in sales across regions and branches
  • Reconcile product balances and revenue to finance’s numbers
  • Align regional directors, branch managers and officers to strategic goals & targets
  • Measure the risk & profitability of the product portfolio
  • Use data as the basis for decision making

We understand the challenges that finance departments face and you can read about how we're helping CFOs of banks and credit unions to automate finance.

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