Large bank mortgage originator and savings bank achieves more productivity, accuracy, and flexibility with Oracle Cloud EPM
Historically, financial institutions have played a unique and significant role in society. While the very first in the United States was formed in 1791 and primarily collected tax revenues on behalf of the government, banks of the 21st century primarily serve consumers and business owners through a variety of products. These services include loans, mortgages, savings accounts, checking accounts, and investment vehicles. In a way, banks have become the financial services equivalent of one-stop shopping. With nearly 5,000 FDIC-member commercial banks and savings institutions in the nation, according to the Federal Deposit Insurance Corporation, Americans have many different opportunities to get their “shopping” done. Plus, thanks to the advancements in technology and digital transformation, mobile banking has enabled more individuals to easily access financial services from anywhere with their smartphones and tablets.
The plethora of banking options and providers available to account holders makes the financial institution industry highly competitive. Additionally, the sensitive nature of the loan products and cash holdings banks maintain requires accurate reporting and tracking in a highly regulated environment. In short, for banks to be successful and increase retention, they must minimize inefficiencies and optimize their current work processes.
Our client, a large bank mortgage originator and savings bank, had this goal in mind. It is a classic example of a do-it-all bank, offering retirement savings plans, personal money management, wealth management services, estate planning services, annuities, and even insurance policies. Its vast tapestry of financial services and products has helped it to become the rising star that it is today, with more than 250 branches and mortgage locations, and approximately 4,000 employees.
But to get to the next level, our client wanted to tighten some loose ends as it pertained to their enterprise performance management software.
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