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Two More US Credit Union CFOs Choose BankBI to Automate Financial Reporting & Banking Analytics

by Simon Goble on March 8, 2019

Topics: Financial Reporting

We are delighted to welcome Topline Federal Credit Union and Fulda Area Credit Union as clients and users of BankBI. Topline Federal Credit Union serves over 40,000 members with assets of over $400 million and Fulda Area Credit Union serves over 9,000 members, both are located in Minnesota, USA. They join our community of US credit union users which amongst others includes Credit Union of Texas and Ideal Credit Union.

Credit Union of Texas serves over 139,000 members with assets over $1.4 billion and have recently gone live on BankBI with five data sources for their loan and deposit analytics. Like many credit unions, Credit Union of Texas has more than one core processing system for different product lines, and we’ve helped them overcome the challenge of consolidating all their data to give a single analytical view of all products across the credit union.

Download the case study to find out how Ideal Credit Union moved away from  Excel-based financial reporting.

Ideal Credit Union has around 50,000 members and $700m in assets. Dennis R. Bauer EVP and Chief Financial Officer at Ideal Credit Union recently participated in a podcast with BankBI CEO - Graham Goble, and hosted by Pete Keers of OnApproach to discuss the CFOs role in promoting analytics in credit unions.

During the podcast Dennis was asked what goals he has achieved using BankBI. His reply included:

  1. Consistent GL reporting no matter what system you’re on.
  2. Professional reporting package for stakeholders:
    1. ALCO Committee
    2. The Board
  3. Financials ready first thing in the morning before you come into office. These used to be in Excel and manually constructed daily.
  4. Efficiencies gained one of the biggest things achieved using BankBI.
  5. Coupled with loan and deposit information to drilldown and look at trends:
    1. Look at loan production daily with reconciliation to the general ledger.
    2. Look at trends in delinquency every day (instead of after month end). Results in being able to intervene much quicker rather waiting until after period end.

Our goal is to help CFOs of credit unions, of any size, to automate financial reporting and product analytics, enabling daily analysis of the credit union’s financial position and loan and deposit trends.

Our target for each credit union CFO is to deliver a financial analytics quick win within days so that they can better serve their stakeholders whilst benefiting from an immediate return on their investment.

Moving away from Excel based reporting can seem like a big decision, but the benefits that automated financial reporting and analytics provide cannot be understated. Download our case study to find out how we helped Ideal Credit Union do away with their legacy Excel systems, and turn their data into easily digestible, reliable dashboards and reports.

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