Photo by: Lau Chun Kit
Standard Chartered Bank: All Together Now
Standard Chartered Bank expects to save more than $3 million a year by integrating its general ledger data.
Standard Chartered Bank is a leading international banking group with more than 86,000 employees and a 150-year history in some of the world’s most dynamic markets. More than 90% of the company’s income flows from Asia, Africa and the Middle East. Due to the vast size and scope of its business, the bank was challenged to make timely and well-informed decisions across the entire organization.
The bank’s solution was to embark upon a Financial Analytics (FA) project that set out to replace a 19-year-old legacy management reporting platform and to pull together 10 instances of general ledger data across 54 countries and 200 legal entities into a single, scalable platform. As a result, a streamlined view across different countries, hierarchies, pipeline structures and business lines is already yielding benefits for the bank. In the coming years, it expects to see annual savings of $3.75 million.
Integrating the financial reporting platform with the bank’s internal reporting pipeline eliminated 90% of
existing reconciliation processes and allowed the bank to gain a 360-degree view of the business. Now automated reports are standardized and rationalized throughout the organization and manual processes have been reduced by an estimated 95%.
Another key advantage is the ability to respond more rapidly to the demands of the business. Since teams have direct access to FA information, the bank no longer has to rely on a system in which countries published information only once a month. Instead, it’s possible to drill down deeper into financial data subsystems such as procurement and expenses
as well as regional and country-level data on a daily basis.
The Journey Continues
This project is only the first step in a long journey of breaking down silos to gain more data-driven advantages to stay ahead of the competition. Next, the bank plans to implement a single dashboard for management reports on revenue with cost analysis broken down to each person and transaction, providing further insights for the business.
Standard Chartered Bank
Headquarters: London, England
Formed: 1969 (bank merger)
Carly Schramm is the assistant editor of Teradata Magazine.