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Community Alliance Credit Union

The credit union has reduced hours of data entry to minutes, enabling better channelling of resources

Case study highlights

  • Reduced hours of manual data entry to minutes
  • Data is readily available and more consistent
  • Streamlined delivery of budgets and forecasts

Challenge

Community Alliance Credit Union (CACU) wanted a more cost and time-efficient way of performing simple finance functions such as bank reconciliations, accounts payable, budgeting, and determining monthly profitability of each brand, branch and products.

Formed in 2003 with the mergers of four credit unions, CACU is a co-operative owned by its members rather than external stakeholders and has a strong focus on member-driven banking.

Behind the scenes, a highly experienced team manages the credit union’s operations, with a focus on efficiency and innovation.

Solution

CACU implemented TechnologyOne’s integrated solution for financial institutions to help it meet the daily, weekly, monthly and quarterly financial challenges including regulatory, financial and management reporting, improving forecasting and financial accuracy, and cost transparency. TechnologyOne’s integrated Financials, Enterprise Budgeting and ETL (Extract, Transform, Load) was implemented, including embedded Business Intelligence (BI) portlets, to facilitate easy analysis and provide greater insight into retail operations.

The implementation of TechnologyOne's Enterprise Budgeting allowed CACU to eliminate the time-consuming processes involved in constructing budgets and forecasts, meaning they could be delivered more efficiently and cost-effectively. Additionally, ETL helped CACU streamline and automate administration processes by consolidating data from various systems into one.

Outcome

As a result of using the TechnologyOne solution, benefits in areas such as cost reduction, risk management, and cultural change have flowed through the finance function, making for a more disciplined organisation where control is the key word.

CACU has reduced hours of manual data entry to a few minutes, allowing staff to focus on the performance of the business in real time. Subsequently, the solution has provided the tools to make smarter strategic business decisions and allocate resources more efficiently

Treasury Accountant
Community Alliance Credit Union

Being able to keep track of information as it is entered into the system by each individual branch means all our data stays consistently up to date and accurate.

Perspective

Striving for improved banking standards, CACU was looking for a solution that would manage budgets more tightly and provide greater reporting capabilities to further drive efficiencies and business growth in a highly competitive environment.

The decision to choose TechnologyOne was principally based on the credit union’s successful history using the Financials solution for over a decade. The implementation of the TechnologyOne solutions delivered fast analysis of important financial data from CACU’s banking systems, which has enabled the organisation to report on their key performance indicators in a timely manner.

Spotlight

Integrating TechnologyOne's Business Intelligence with ETL and Enterprise Budgeting helped improve efficiency within the organisation, with more accurate information gathered and produced by the system, explains CACU’s Treasury Accountant, Belinda Hogan.

“Being able to keep track of information as it is entered into the system by each individual branch means all our data stays consistently up to date and accurate.

“Having this level of detail helps identify where the unnecessary costs are, which, in a member-based organisation, is integral to our operation,” Ms Hogan said.

Corporate Performance Management

About Community Alliance Credit Union

CACU operates across a number of brands as the result of mergers between Illawarra Credit Union, Unicom Credit Union (now re-branded Catalyst Money), Western City Credit Union and Shoalhaven Community Credit Union.

It has approximately 23,000 members, more than $509 million in assets under management, operates nine branches between Nowra and Campbelltown, and employs 98 people.

Community Alliance Credit Union website

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