Budgeting and planning is notoriously a lengthy process at financial institutions, largely due to the amount of time required to consolidate data across an environment typically based on multiple spreadsheets. Accuracy and consistency are also compromised by multiple re-keying efforts. BCU selected BancWareâs web-based budgeting and planning solution to help automate the budgeting and planning cycle, including the integration of data, enabling real-time updates and a closed-loop for improved decision making. BancWare will replace a spreadsheet-based environment at BCU, providing increased automation, integration and accuracy.
Todd Gustafson, chief financial officer at BCU, said, "BancWare was able to meet our specific payroll planning and balance sheet requirements. It provides web-enabled planning that allows for posting in real-time to a central server, with broad access and distribution options. We also liked BancWareâs ability to help shorten the planning cycle and enable rolling forecasts. In addition, a process control feature that provides increased accountability makes it easier to keep the process moving along. BancWare further met our need for improved operating efficiency by providing a data integration tool to ensure the consistency and integrity of all planning assumptions."
Terence Faherty, president of SunGardâs BancWare business unit, said, "We aim to help our customers run their businesses more efficiently by shortening processing times, integrating functions and streamlining the organization. BancWare Budgeting and Planning offers real-time results for payroll planning and capital budgeting, with wide internal distribution that reduces time consuming back and forth comparisons."