Bellco Credit Union Speeds Budget Development by 30%—Gains Insight into Specific Branch and Financial Product Profitability
 
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Bellco Credit Union Speeds Budget Development by 30%—Gains Insight into Specific Branch and Financial Product Profitability

Bellco Credit Union, one of the largest credit unions in Colorado, offers a full range of financial products and services, including mortgages, auto loans, and checking accounts. Founded in 1936, Bellco has more than 230,000 members and has received a financial-strength rating of “excellent” from Weiss Ratings, a leading independent provider that specialized in rating and analyzing financial services companies, mutual funds, and stocks. Bellco Credit Union’s customers benefit from the advantages of a credit union, including lower interest rates on loans, higher yields on savings, and access to thousands of ATMs nationwide.

 
 

 
 

Challenges

A word from Bellco Credit Union

  • “Oracle Essbase enabled us to create a smooth, automated budgeting process and improve our overall data and reporting integrity.” – Jack Pargeon, Vice President and Controller, Bellco Credit Union

  • Improve budgeting timeliness and accuracy by moving away from time-consuming, manual, spreadsheet-based processes
  • Consolidate budgeting data to compare year-over-year statistics by branch or product, enabling the credit union to easily assess trends and common challenges
  • Enable the organization to complete forecasts more easily and quickly for specific branches and products, including consumer loans, mortgages, and checking accounts
  • Implement user-friendly, flexible, financial reporting to track performance by branch, financial product, and service more effectively
  • Automate executive-management and board reporting as well as historical trending

Solutions

Oracle Product and Services

  • Improved data accuracy and accelerated budget creation by approximately 30% by implementing Oracle Essbase—enabling easily consolidating financial data from the general ledger, loan and deposit subsystems, and disparate spreadsheets
  • Provided scenario-based capabilities, enabling adjustment of budget models based on specific strategic initiatives across various consumer and business financial services
  • Enabled the development of annual and quarterly forecasts for the first time
  • Replaced two legacy reporting tools with Oracle Essbase, providing user-friendly financial reporting—including common income statement and balance sheets—as well as ad-hoc tools, such as product-margin analysis, enabling the management team to make more effective decisions to drive the credit union’s profitability
  • Automated nearly 70% of monthly executive management and board reporting, closing monthly financial books in five business days and completing board reporting in just two days
  • Established new data management structure in Oracle Essbase to include hierarchical management of accounts, cost centers, products, scenarios, versions, and data sources—enabling Bellco Credit Union to easily categorize and track performance of specific credit union branches and financial services products, including loans, checking accounts, and deposits
  • Provided specific sales and productivity metrics by branch
  • Enabled the organization to reallocate 10% to 20% of full time employees, previously dedicated to generating reports, to other more strategic programs
  • Improved overall reporting accuracy, integrity, and timeliness—enabling more effective decisions that improve customer support

Why Oracle

“Having previously worked with Oracle Essbase, I knew it had the power to address our needs. There is no other tool on the market that does what Essbase does. We can now provide more accurate and timely reports—improving our budget process and, more importantly, enabling us to provide even better service to our customers,” said Jack Pargeon, vice president and Controller, Bellco Credit Union.

Implementation Process

Working with Oracle partner Rolta, Bellco Credit Union completed the Oracle Essbase implementation in just two months and provided a working demo within six weeks.

Partner

Bellco Credit Union worked with Oracle partner Rolta on database development. Rolta installed Oracle Essbase and hosts the application. The organization also built the first budgeting and management reporting application on Oracle Essbase.