Case Study

Secure Trust Bank

Secure Trust Bank Reaches World-Class Status with Cadency® by Trintech

Main Challenges:

Increased complexity of reporting requirements.

Key Objectives:

  • Reconcile more efficiently and accurately, while also offering more visibility into the process

Return on Investment:

  • Decreased balance sheet accounts by over 40%, increased granularity and achieved improvements in quality, visibility and accountability of reconciliations

Due to their aggressive growth strategy, Secure Trust Bank initially identified challenges around their balance sheet reconciliation process which was a highly manual, spreadsheet-driven process.

They were managing 700 GL accounts in a 41-tab Excel template of which 32% of the cells were formulas. This process led to increased delays and risk when completing balance sheet reconciliations and provided no evidence of workflow and zero visibility into the real-time status of the month-end close process. In addition, they were increasing the complexity of reporting requirements (both internal and external), so they needed an automated solution that provided effective decision support for the business and maintained robust financial control. This would allow them to move away from the manual tasks of processing data to more strategic initiatives like information analysis.

Objective

Secure Trust Bank was looking for a solution that would help them reconcile more efficiently and accurately, while also offering them more visibility into the process. This became a high priority for their transformation initiative, however, they never lost sight that they could benefit from a solution that could also address other key areas of the financial close outside of reconciliations. Another key requirement for Secure Trust Bank was that the solution provider that they chose to partner with needed to be involved throughout the whole project.

This was their first deployment of a Cloud-based solution, so they wanted a partner that would guide them through the implementation process and offer a best-in-class approach to this initiative. Additionally, to fit their continuous improvement strategy, they wanted a complete solution that covered multiple processes, allowing them to phase out the project. The ability to add on processes at their own pace fit well with their overall transformation strategy, so they ultimately decided to implement Cadency.

“The kick-off meeting material and the available resources online combined to meet our expectations for the implementation. The expertise of the consultant at the workshops contributed to exceed them.” — Secure Trust Bank

Solution in Action

Since implementing Cadency, Secure Trust Bank has been able to decrease their balance sheet accounts by over 40%, increase their granularity and achieve improvements in quality, visibility and accountability of their reconciliations. Furthermore, the solution enabled a far simpler auditing process and easy adoption for their users. Since the implementation, the users have acknowledged that the reconciliations are much more easily completed and on time. Their Financial Controllers have found that Cadency allows them to have greater visibility and clarity over the reconciliation status.

“With Cadency, we can complete reconciliation of the balance sheet on a monthly basis at a detailed level, with timely and clear information of progress.” — Emmanuel Ranchin, Finance Strategic Systems Manager, Secure Trust Bank.

While Cadency did not result in a net FTE reduction in terms of reconcilers, the solution allowed them to do more with their existing staff. “Because of Cadency, we have not had to bring in extra resources to cater to the 40% increase in reconciliation volumes,” said Ranchin. The overall quality of the reconciliations completed has improved and they are now completed in a timely manner. They have substantially cleaned up their balance sheet, which has led to process improvements around journal postings, as an example. “The solution has brought dramatic improvements to the auditing process by allowing us to give auditors access to the solution, removing the need to resource provision of data and greatly reducing risk, too,” continues Ranchin.

To continue their ongoing improvement strategy, Secure Trust Bank is expanding their usage of Cadency with Cadency Close and Cadency Compliance. “It’s a natural progression after deploying Cadency Certification,” said Ranchin. “Close is going to provide us a workflow to maximize our processes from end to end. Compliance will give a high-level overview of what is happening in the process and will help manage our overall risk,” continues Ranchin. “This will give us one complete solution that tracks everything we do in finance.” In addition, they also plan to use Cadency’s Dynamic Account Maintenance capability to adjust risk and frequency of accounts and will track efficiencies accordingly. “Cadency has been an incredible investment for our organization, as it was a key step in our world-class finance initiative to regain control of our balance sheet, build capacity to absorb growth and simplify the month-end process,” concludes Ranchin.

 

 

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About Secure Trust Bank

Secure Trust Bank is a rapidly growing bank with over 950 employees across the United Kingdom, with their finance team based out of their headquarters in Solihull. They currently have a business model covering 3 sectors: Business Finance, Consumer Finance and Consumer Mortgages, and have strategic goals of reaching a world-class finance status, as well as moving into a Shared Services model.