Banque CIC (Switzerland), a subsidiary of Crédit Mutuel, one of Europe's best-capitalized banks, has achieved greater #liquidity planning and financial transparency with Jedox's unified solution. With 105 years of history and 6.1 billion CHF in assets, Banque CIC required agile #financialplanning to navigate exchange rate pressures, volatile markets, and time-consuming financial standards.
The bank's Financial Controlling department sought to optimize cost-center structures, establish contribution costing, and allocate costs between departments for improved expense management and internal compliance. However, their legacy #BusinessIntelligence solution could not meet these requirements. Banque CIC chose Jedox for its flexibility, self-service cost-center reporting, and powerful modelling capabilities without the need for constant IT support.
Implementing Jedox took just a few weeks, with power users at Banque CIC working independently, supported by Jedox Academy. The solution's ease of use and Excel-like approach made it intuitive for Finance, while its write-back, planning, and modelling features provided far more than simple data discovery. The knowledge transfer empowered Controlling to own their solution and carry out future adjustments confidently.
With Jedox, Banque CIC now has a flexible #reporting solution that unifies staff, organization, and cost data in real-time, providing full cost allocations and reconciliation with the bank's income statement. Management can access a true picture of activity costs and profitability, ensuring transparency and effective communication of performance. The solution enables fast error identification and correction, securing reliable data and promoting collaboration between departments.
Users across the Swiss bank utilize Jedox in ways that suit their needs best. Financial Controllers work seamlessly with Excel, internal auditors ensure consistency and transparency in risk management analytics, cost-center managers analyze costs through web-based reporting, and executives access highly visual insights on mobile dashboards.
Looking ahead, Banque CIC plans to expand Jedox for volume and income statement planning. The bank's excellent performance in the 2014 European stress test, along with Jedox's unified planning capabilities, positions them to improve operational efficiency, reduce costs, and better manage economic capital through cost-center #FP&A.
By embracing Jedox's flexible and intuitive solution, Banque CIC (Suisse) has transformed its financial analytics, empowering decision-makers with transparent insights and laying the foundation for future growth and success in the competitive banking industry. #FinancialServices #BankingAnalytics