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Case Study

SRP Federal Credit Union: From Finance Committee-Approved Budget to a 5-Year Strategic Plan with BankBI

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Sector

Credit Union

Regions

U.S.

 

BankBI Applications

Financial Performance

Banking Performance

Symitar Episys

Fiserv GL

Overview

SRP Federal Credit Union wanted to modernize its financial planning process and create a stronger connection between annual budgeting and long-term strategy. Using BankBI’s Planning, Budgeting and Forecasting (PBF) application, SRP built its 2026 budget, which was reviewed and approved by the finance committee, and then used that approved budget as the foundation for a five-year strategic financial plan.

This approach provided leadership and the board with a single, trusted financial framework that supports confident decision-making today and clear strategic direction for the future.

The Challenge

SRP faced several challenges common across credit union finance teams:

  • A manual, spreadsheet-heavy budgeting process

  • Limited ability to test assumptions and scenarios quickly

  • Difficulty clearly linking annual budgets to long-term strategy

  • Finance committee and board discussions focused more on validating numbers than evaluating strategic options

SRP wanted a planning approach that was faster, more transparent, and better aligned with governance and strategy.

The Solution: BankBI Planning, Budgeting & Forecasting

SRP selected BankBI PBF to bring budgeting, forecasting, and strategic planning into a single, purpose-built platform.

The 2026 budget was jointly developed by Karen Key, Controller, and Elizabeth Blitch, Financial Manager, working collaboratively within the PBF application.

“BankBI allowed us to work together in one model instead of managing multiple spreadsheets. We could clearly see the impact of changes as we built the budget, which made the process more efficient and far easier to explain.”

Elizabeth Blitch, Finance Manager

Using BankBI, the finance team:

  • Built the 2026 budget directly from actual financial data

  • Used driver-based assumptions for income, expenses, staffing, and growth

  • Modelled scenarios quickly to support informed discussion

  • Produced clear, consistent outputs designed for finance committee and board review

“The transparency in BankBI made a real difference We were able to clearly document assumptions and walk the finance committee through the budget with confidence.”

Karen Key, Controller

The result was a 2026 budget that could be clearly explained, challenged, and confidently approved by the finance committee, with full visibility into the assumptions behind the numbers.

From Budget Approval to Strategic Planning

Rather than treating budgeting and strategy as separate exercises, SRP used the approved 2026 budget as the baseline year for its strategic plan.

Karen Key then extended the approved budget into a five-year strategic financial plan, using the same model and assumptions within BankBI.

“Once the 2026 budget was finalized, turning it into a five-year strategic plan was a natural next step. Because the model was already built, we could focus on strategy and long-term decisions.”

Karen Key, Controller

Using BankBI, the team was able to:

  • Extend the approved budget into a five-year financial outlook

  • Keep assumptions consistent across all years and scenarios

  • Model strategic initiatives and investment decisions

  • Clearly show the long-term financial impact of short-term decisions

This ensured the strategic plan was realistic, financially grounded, and aligned with governance expectations.

The Impact

By using BankBI PBF, SRP Federal Credit Union achieved:

  • Faster, more structured annual budgeting

  • Stronger confidence from the finance committee and board

  • A single, trusted financial model for both budget and strategy

  • Improved quality of strategic and financial discussions

  • A shift from static reporting to strategic financial leadership

“BankBI changed how we think about planning. Instead of treating the budget as a one-time exercise, we now have a living financial model that supports better decisions and long-term strategy.”

Gregory Gibson, Chief Financial Officer

Why BankBI?

SRP chose BankBI for its:

  • Credit union–focused financial modelling

  • Rapid implementation and ease of use

  • Governance-ready reporting and transparency

  • Ability to support budgeting, forecasting, and strategy within one platform

Looking Ahead

With a finance committee–approved 2026 budget and a connected five-year strategic plan, SRP now has a scalable planning framework that supports:

  • Rolling forecasts

  • Scenario and sensitivity analysis

  • Clear finance committee and board reporting

  • Ongoing evaluation of strategic priorities

BankBI has become a core part of how SRP plans, communicates, and makes financial decisions.

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