You’ve sown the seeds and invested in OnApproach V4 as your data warehouse- now it's time to harvest your data. Your core banking, general ledger, loan origination, credit card, and other ancillary data are now in OA/M360.
Let’s Get Started
The first step is financial reconciliation. Although your data is all in one place, reconciling is essential especially as it relates to the core banking system and the general ledger.
Why is this important? Reconciling your data will identify entry errors and confirm everything is accurate. If done regularly, this ensures the security of your finances too by identifying inaccuracies.
Integrity and trust of data are essential for decision-making, and the only way to ensure accuracy is to use a 100% reconciled data set.
How Do You Do This?
In conjunction with OnApproach, BankBI has collaborated in the development and use of M360 V4 Data Services, a solution that extracts, loads, and transforms data from OA's M360 (DW).
Using the V4 Data Services, data can be pushed directly to the BankBI application in the cloud (Azure). BankBI then automatically reconciles loans and deposits back to the balance sheet and income statement with a full audit trail.
After implementing this, you can move on to the next step.
Data Integrity, Sorted
Next, you want to utilise the power of BankBI’s Financial Performance (FP) and Banking Performance (BP) applications.
These applications provide insights into your business, deliver key nuggets of client-related information, enhance daily decision-making and analysis, and reveal areas where efficiency gains can be sought.
These processes can be automated and completed on a daily basis, allowing you to enjoy performance gains and achieve growth in revenue and profitability, without manually organising your data.
A View from the Frontlines
A BankBI client recently told us what benefits they have achieved by using BankBI integrated to OnApproach M360:
- Access both financial performance and banking performance features anywhere, anytime - both at a summary and detailed view.
- Set up dashboards of KPIs at user level.
- View financials at a very high level and drill down into detail without leaving the page. These daily financials are ready every morning.
- Create online financial presentations for CU staff. No need to prepare reports - just log onto the website.
- Use banking performance to review loan and deposit production daily and loan risk-change in delinquency etc. Gain a picture of production volume and rates.
- View and analyse financial KPIs on a daily basis, and compare purposes to prior periods and budget.
- Provide the board with professional presentations of financial reports.
- Get consistent views of your financials despite the change of GL systems. Your presentation of financials will not change, even though you’ve converted to a new GL system. There is a different source, but the same views of financial presentation.
Effective Data Harvesting
Your data warehouse is now 100% reconciled and you've begun harvesting your data to help grow your credit union. But, the final question is: do you have the resources to achieve the above or the time to get there?
By utilising BankBI with OA's M360 V4 Data Services, your Credit Union can be up and running and LIVE in 3-4 weeks.
So let's Get Started and Harvest your Data…
