AIB Corporate Banking wanted to implement a Budgeting/Planning System and Customer Profitability Analysis to replace legacy systems within the organisation.
- AIB wanted to implement a new Budgeting & Planning System. There was an urgent need to update a legacy system, as it was not Y2K compliant. At the time, relationship teams spent several weeks/months creating and keying in budget targets on a customer/ product/currency basis.
- All reports were paper-based and therefore summary reports had to be re-keyed to spreadsheets.
AIB Corporate Banking wanted to implement a Budgeting/Planning System and Customer
Profitability Analysis. Codec enabled AIB to spend more time on analysis and adding value to the business. Benefits outlined included; elimination of paper reports, more timely and accurate management information, much improved capability for analysing information and reduced production times for actual reporting and budgets.
AIB Group is one of Ireland’s leading banking and financial services organisation. It operates principally in Ireland, Britain, the USA and Poland. It employs over 32,000 people worldwide in more than 1,000 offices. This project took place in the AIB Corporate Banking section of the AIB Capital Markets Division. AIB Capital Markets compromises of AIB Group’s Treasury, International, Investment Banking and Corporate Banking businesses. The division operates worldwide through a range of specialist business units and subsidiary companies. Its clients include major corporations in all sectors and a number of semi-state bodies.
A thorough investigation of domestic and international vendors was carried out. AIB also consulted with other international financial institutions to establish what systems were currently the best in class. It was essential to AIB (as the technology was new to the bank) that the right partner was chosen both to implement the system and to assist in the transfer of skills to the project team.
The Budget & Planning System was implemented in five months and runs on a multi-dimensional OLAP database with an Excel front-end. The module streamlines the reporting process which is completed in a matter of days. This was done using information produced by the legacy systems and stored in a specialised database, Essbase.
The system enabled the Relationship Management teams to enter the annual budget plans directly into a planning database using a combination of preformatted and native Excel screens.
Numerous benefits were derived from this solution including:
The achievement of a dramatic reduction in turnaround times
- Elimination of paper reports, more timely and accurate management information,
- Improved capability for analysing information adding value to the business
- Reduced production times for actual reporting and budgets
- A more focused budgetary process.
“‘Codec’ strengths lay in its technical expertise and its ability to assess and understand our needs quickly […] the partnership with Codec has proved to be very fruitful and there is an on-going relationship in terms of support and skills transfer.’”
Alan Reid, IT Project Manager, Corporate Banking