From reactive to predictive: how we orchestrated a major Belgian bank transformation with CCH® Tagetik
9 September 2024Banks face growing pressure to stay ahead of the curve, not just react to it. Financial planning must be more agile, allowing for real-time scenario analysis to support swift decision-making. This is the story of how our Financial Institutions team played a pivotal role in transforming a major Belgian bank’s approach to budgeting, forecasting, and financial control through the successful implementation of CCH® Tagetik, a leading corporate performance management tool.
The challenge: a reactive financial landscape
The client, a major bank in Belgium, was facing significant challenges in its financial planning and analysis (FP&A) processes. Without an integrated tool, the bank’s teams were spending an excessive amount of time on manual, non-standardized data collection, reconciliation and reporting tasks. This not only slowed down decision-making but also limited the bank’s ability to perform advanced scenario and sensitivity analyses—critical functions for measuring the impact on profitability, solvency, liquidity, and asset-liability management (ALM).
Recognizing the need for a more efficient and forward-looking approach, the bank embarked on an ambitious project: the implementation of CCH® Tagetik as part of their group strategy. The goal was clear—to shift from reactive analysis to a predictive, automated approach that would enhance flexibility and enable better business performance management.
The Mission: bringing predictive insights to life
Our team of three consultants was entrusted with this critical mission of leading the implementation of CCH® Tagetik, a pioneering project within the bank’s group, which posed both opportunities and risks. Being the first entity in the group to adopt this tool, the stakes were high, and the pressure was on to deliver success while balancing ongoing business-as-usual (BAU) activities, particularly during crucial closing periods.
We have acted as a business integrator by defining clear business objectives and managing expectations to create realistic targets, while aligning on governance and operational frameworks. By capturing detailed business needs and translating them into actionable requirements and parametrization, we ensured alignment with project goals. Serving as the bridge between the bank and CCH® Tagetik, we facilitated effective communication and collaboration. We also coordinated and executed thorough testing to ensure system reliability, while providing comprehensive training to equip the team.
Throughout the project, we implemented active change management, guiding the organization from initial awareness to fully embedding new processes.
Séphanie Struelens - Lead - Pragmatic Advisory & Implementation Financial Institutions
Lead - Pragmatic Advisory & Implementation Financial Institutions
1. Single Platform with real-time data centralization
One of the most impactful benefits of Tagetik is its capacity to centralize financial and non-financial data in a single platform. This enabled the bank to perform planning, budgeting, forecasting, and reporting in real-time across multiple departments. Previously, banking teams would spend excessive amounts of time gathering data from different sources, consolidating numbers from various spreadsheets, and reconciling discrepancies across business lines. The automation of these processes not only saves time but ensures consistency across assumptions and results.
2. Rapid user adoption
Tagetik's intuitive design is crucial for its fast adoption within finance and risk departments:
Familiar Excel-like interface: For departments accustomed to working in Excel, Tagetik’s interface feels familiar and easy to navigate. This accelerates the learning curve for new users, encouraging widespread adoption.
Low code and self-service features: Tagetik empowers business users by offering simple, low-code parameterization. This means that finance teams can configure and adapt the system to their needs without heavy reliance on IT, enabling self-service and faster response times for the business.
3. Enhanced scenario analysis capabilities
Tagetik offers robust scenario analysis functionalities, crucial for both regulatory stress testing and strategic decision-making. Banks can simulate a wide range of scenarios—such as interest rate fluctuations, credit risk exposures, or even the loss of key customer segments—and immediately assess the impact on overall performance. This predictive analytics feature allows for faster, more accurate decision-making, enabling banks to react promptly to market changes or internal risks while meeting regulatory requirements.
4. Focus on strategic value creation
Tagetik enables finance teams to shift their focus from manual tasks to more strategic activities. With more time available for in-depth analysis, decision-makers can focus on identifying growth opportunities, managing risks, and driving value for the organization.
This transformation elevates the role of finance from data processors to strategic business partners.
Séphanie Struelens - Lead - Pragmatic Advisory & Implementation Financial Institutions
Looking forward: a model for the future
As the first entity within the group to implement CCH® Tagetik, this bank has set a precedent for others to follow. The project has not only equipped the bank with the tools it needs for predictive analysis but has also established a new standard for corporate performance management within the group.
We’re proud to have played a key role in this transformation. The success of this project is a testament to our expertise, dedication, and ability to drive complex transformations to completion.