Transforming, Optimizing Bank Finance Functions

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Banks can optimize their finance functions to go beyond compliance and drive performance and results. Creating a layer of functionality on top of the general ledger allows executives to apply behavior and risk data with an eye toward improving profitability and forecasting without replacing their core. Will Newcomer, vice president of business development and strategy at Wolters Kluwer, and Bill Collette, managing director of financial services solutions at Wolters Kluwer, share what kind of applications and analytics executives could use to drive measurement, accuracy and accountability. Topics include:

  • Trends in Transformation
  • Uses of Finance Analytics
  • Best Practices for Transformation

Banks can improve measurement, accuracy and accountability by leveraging their existing core and finance functions.

The Covid-19 Shift

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For many companies, the Covid-19 pandemic necessitated rapid change. Microsoft Corp. CEO Satya Nadella noted in late April, “We’ve seen two years’ worth of digital transformation in two months,” due to the speedy adoption and implementation of new technology by the U.S. business sector to better serve customers and keep employees working safely during the crisis. 

Navigating the short-term impacts of these shifts has bankers working round-the-clock to keep pace, but the long-term effects could differentiate the companies that take advantage of this extraordinary moment to pivot their operations. This transformation makes up the core of the discussions taking place at Microsoft’s Envision Virtual Forum for Financial Services. As part of that event, Bank Director CEO Al Dominick virtually sat down with Luke Thomas, Microsoft’s managing director, U.S. banking and financial providers, to discuss how financial institutions can use this opportunity to modernize their operations.

They address:

  • Accelerated Adoption of Technology
  • Legacy vs. New Core Providers
  • Ensuring Continued Improvement