![]() Plus, the institution’s regulatory and reporting process was mostly manual, meaning long hours and more room for hiccups and mistakes. When KeyBank began its finance transformation, it maintained thousands of accounts and cost centers and had too many people manually inputting general ledger data. This, in turn, would help reduce time spent manipulating and reconciling data and allow business lines to focus on analysis powered by real-time insights.īy streamlining the planning and forecasting process-and aligning expense drivers-KeyBank leaders would be able to make more informed decisions and help maximize ROI. It wanted to dramatically reduce transaction processing time and lower compliance costs by automating controls and reporting processes. KeyBank, however, looked at the bigger picture. Priority number one? Replace the critical, but soon-to-be-retired, general ledger solution and their finance data platform, which stores important financial information. Instead, they went all in on a business-altering finance transformation. Case in point: when the bank-which caters to retail, small business, corporate and investment clients-needed to replace a decades-old mainframe finance application, leadership wanted to do more than buy new technology. While KeyBank is a 200-year-old financial institution, the Cleveland-headquartered organization has never shied away from making critical business investments.
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