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Case Study

Prepared for Growth: How Tandia overcame their post-merger reporting challenges

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Tandia logo

Sector

Credit Union

Country

Canada

BankBI Applications

Financial Performance

Banking Performance

Integrations

RFS

The Customer

"The actual technology and application is very slick and easy to use - everyone that uses it knows where to get all the information."

Joe Agro Associate Vice President
Information Technology

Tandia is a cooperative banking institution with 30,000 members and 15 branches. Completely member-owned, Tandia is the product of a merger between Teachers Credit Union and Prosperity One Credit Union in January 2014. It provides a full range of financial services, administering nearly CAD 1billion in assets under administration. Tandia prides itself on working with its members to help them build a healthy and prosperous future.

The Problem

Before merging at the start of 2014, both Teachers Credit Union and Prosperity One Credit Union - as separate organisations - were using Microsoft Excel for their financial reporting. With seven branches each, this method provided actionable financial insights, although reports took several days to construct and spreadsheets became increasingly complex.

After the merger, it became clear that using this method for financial reporting was no longer feasible. Creating reports and statements began to take weeks, not just days. With two separate banking systems for the previously independent credit unions, it became extremely difficult to consolidate and present data. Tandia’s formula-based spreadsheets had ever-increasing pages of data that would throw up errors whenever edits were made. Management reporting latency was becoming a major issue.

"The process we had in place was no longer going to work."

Sandy Alward, Senior Vice President
Finance & Administration

Timely financial reports are essential for high-level decision making and clearly without this information, senior management are unable to strategise for the future; but of equal, and arguably more importance, are the daily and monthly reports that feed operational and tactical decisions. With additional branches and potential mergers in the near future, Tandia recognised that they needed a new means of financial reporting to stay competitive.
"What I saw on the webinar was exactly what we were looking for."

Sandy Alward, Senior Vice President
Finance & Administration

The Solution

Having recognised the size of the challenge and need for a new software tool, Tandia evaluated a number of solutions and as part of the selection process, attended a BankBI webinar. Designed for financial institutions, and with a number of tailored offerings for specific vertical solutions, including for credit unions in Canada, BankBI’s performance management software provides insight and analysis of key performance indicators (KPIs), via Microsoft’s Azure cloud.

After initial discussions, BankBI undertook a series of product demonstrations which included a quick turnaround in presenting a consolidated view of the two legacy General Ledgers. Based on the speed and level of accuracy with which this was achieved, Tandia committed to a software implementation that started in April 2015.

  • BankBI mapped the chart of accounts, loaded history from the two legacy credit unions and was ready to combine Tandia’s RFS core banking system (hosted by CGI) month-end in May 2015.
  • BankBI continues to map the chart of accounts as it evolves post-merger, and provides consolidated and branch level reporting.
  • CGI integrates the RFS system data to BankBI on a daily basis, and BankBI continues to pick-up back valued postings until the month-end is closed.
"After some initial questions on the two data sets, BankBI took it over and knew what to do from that point on. The process went very well."

Joe Agro, Associate Vice President
Information Technology

The BankBI reports are now in place on day one following the month-end run and Tandia’s KPIs and financial reporting dashboards are immediately available in a user friendly and device independent user interface.

Both the financial and technical staff at Tandia were impressed by the speed at which BankBI handled the complete process of data migration, setup and deployment. This together with the depth of information available and ease of use of the product, meant that Tandia were able to label the migration project a success.

The Result

With a new system in place, Tandia has a full financial perspective of its operations. Every day at month-end, branch managers have a unified view of Tandia’s financial position, with all important information summarised in a concise dashboard. Custom reporting packages can be easily created for senior management so they have access to the information they need to make those all important strategic decisions.

"Every day after month end we’re able to go into BankBI and look at a report to see where we are, it doesn’t take three or four days."

Sandy Alward, Senior Vice President
Finance & Administration

Without a complex spreadsheet system, staff are no longer dedicating large periods of their time on managing financial data, maintaining spreadsheets and constructing reports. Financial information is always available from a centralised, easy-to-use user interface. Data management and platform development has been completely outsourced to BankBI.

With BankBI’s performance management software Tandia is a fully consolidated credit union, extending use of the management platform to branch users and exploring other areas in which BankBI can offer powerful analytical reporting. Most importantly, Tandia is ready for any future expansion that the business strategists might throw at them.

"The good thing about BankBI is that they are constantly trying to improve the application to move it forward."

Joe Agro, Associate Vice President
Information Technology

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