Skye Bank PLC, now known as Polaris Bank, was grappling with inefficiencies in their financial reporting processes. Without an enterprise reporting solution in place, the bank had to rely on multiple manual imports and exports of data to generate essential reports. This cumbersome process consumed significant man-hours, was prone to errors, and produced reports that lacked the interactivity needed for in-depth analysis. The delays in generating accurate and insightful reports posed a risk to the bank’s decision-making processes and overall business performance.
In response to these challenges, Skye Bank sought a solution that could automate the extraction, transformation, and loading (ETL) of financial data from various sources, consolidate this data into a single database, and streamline the production of Management Profitability Reports (MPRs). They turned to FEES Ltd, experts in BI & Analytics, to deliver this critical transformation.
Understanding the challenge
The first step in addressing Skye Bank’s needs was to thoroughly understand the existing challenges. FEES Ltd initiated the project by conducting a comprehensive analysis of the bank’s requirements. The lack of an enterprise reporting solution meant that the bank’s financial data was scattered across different systems, requiring time-consuming manual efforts to compile and analyze. Moreover, the reports generated through these processes were static, offering limited insights and making it difficult for management to make informed decisions.
Our Approach
FEES Ltd developed a solution centered around automating and optimizing Skye Bank’s profitability reporting. The key components of this solution included:
Outcomes & benefits
The transformation brought about by FEES Ltd’s BI & Analytics solution was profound. Skye Bank now had an automated system that not only streamlined the generation of MPRs but also enhanced the interactivity and depth of the reports. The benefits included:
“Our goal was to transform Skye Bank’s reporting process from a time-consuming task to a streamlined, automated system that delivers accurate and actionable insights. The result was a significant boost in efficiency and a new level of clarity in their financial data management.”
Popoola AdamsDirector, FEES Limited
FEES Ltd’s expert implementation of a tailored BI & Analytics solution enabled Skye Bank to overcome significant challenges in their profitability reporting processes. The project not only addressed immediate inefficiencies but also positioned the bank for sustained operational excellence.
As Polaris Bank, they continue to benefit from the streamlined processes and enhanced insights that FEES Ltd helped establish, ensuring their competitive edge in a demanding financial market.
Transform your financial reporting
Is your organization spending too much time on manual data handling? Let FEES Ltd help you automate your financial reporting processes. We’re offering a free BI assessment to demonstrate how we can boost your productivity and accuracy.