The Zenit bank optimized management of finance using Oracle EPM Cloud service

2020: Implementation of Oracle EPM Cloud

On January 30, 2020 it became known that the Zenit Bank selected cloud services of Oracle EPM Cloud for business planning process automation. It includes planning of the old and updated portfolio of banking products, calculations of risks and formation of reserves and also representation of planned financial results by lines of business, products, clients and several standards of accounting. Cloud instruments of business planning will allow to have dynamic scenario planning, to increase the speed and transparency of budget process. According to plans of bank, the budget campaign of 2021 will be started already in the updated system.

As it was reported, the business growth, integration of subsidiary banks and complication of processes of budget planning demanded transition from Excel to single full-function solution. Implementation of an information system will allow to reduce operational risks at the expense of an exception of failures of model of planning, maintaining historicity and preserving of all actions of users. Big advantage is integration among themselves of the different planning divisions of bank, including Control block risks, and their models of the scenario, industry analysis and an interest rate risk.

Oracle EPM Cloud The scalability, total cost of ownership and broad functionality of the solution became the defining factors of the choice. The uniform complex for budgeting, planning and allocation in the best way answered tasks of bank. Besides, compliance of cloud services of Oracle to requirements of financial institution in terms of functionality security was also confirmed during pilot testings using real data and relevant scenarios.

Interfaces and a set of opportunities Oracle EPM Cloud will allow specialists of financial department of bank to perform independently tuning of formulas and the visualized reporting panels with the minimum involvement of IT service of bank.

For January, 2020 the competition between banks passes into the area of technology innovations. It concerns also management of finance. At integration of the banks entering into the Zenit group, the problem of increase in effective management of finance became especially relevant. We looked for the single checked system for process management of budgeting, planning and allocation. Having studied experience of colleagues, we selected Oracle EPM Cloud as the solution which is most full meeting our requirements. Alexander Zyryanov, the deputy chief of department of strategy and finance of Zenit bank told

The cloud is going to be unrolled in two stages. At first setup of circuits of budgeting and planning in Oracle EPM Cloud will be made, and then allocation of expenses is implemented. The bank plans a budget campaign of 2021 of a message already in the updated system. The Amega Tech company specializing in the Oracle EPM direction acts as the partner in the project.^[1]

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