New reporting standards catalyst for change
Technology One is recording significant traction in the financial services sector, as banks, credit unions and insurance agencies look to business solutions to deliver a competitive advantage in a tightly contested market.
The company has signed 11 contracts with financial organisations in the past 18 months. In terms of client numbers, this market is Technology One’s second biggest growth sector, behind local government.
Technology One’s Executive Chairman Adrian Di Marco said Technology One’s business solutions were a perfect fit for this market.
“Technology One guarantees its clients on time, on budget implementations – which are critical in the financial services sector,” Mr Di Marco said.
"One of the drivers for new business solutions in this market has been the introduction of the International Financial Reporting Standards (IFRS), and the ongoing regulatory reporting requirements outlined by APRA (The Australian Prudential Regulation Authority),” he said.
“The complex and detailed requirements of IFRS and APRA have highlighted the need for financial services organisations to ensure that they have the ability to easily extract detailed information from their financial system.”
Banks, credit unions and insurance providers run complex businesses that are structured as multi-companies with franchisees or business units running their own P&L. Technology One’s financial management and accounting solution has a unique general and sub-ledger structure that simplifies consolidated accounting and multi-company reporting.
“Technology One provides its financial services clients with a solution that allows them to run multiple ledgers and concurrent sets of accounts, Mr Di Marco continued.
“This allows organisations to hold multiple reporting structures for each chart of accounts, giving them the power to track, monitor, control, analyse and report on any information within the general ledger and any number of subsidiary ledgers.”
Technology One’s success in the Financial Services sector could also be attributed to its guarantee of on-time, on-budget implementations.
"In this market, there are three key areas that hinder organisations updating their solutions – cost, on-time implementations, and integration to core applications,” he said.
“Technology One has developed an integration platform to ensure its financial management and accounting solution seamlessly integrates with Financial Services core applications – ARMs (a core banking solution), Ultra-Data (a solution for Credit Unions) and Bravura (a wealth management solution for superannuation and investment organisations).
“This integration gives our clients a competitive advantage in a tightly contested market, and provides them with a clear picture of their business and daily issues affecting that business.
“Organisations can use this information to quickly turn-around any underperforming area and be more responsive to their customers, without waiting for monthly or quarterly reports.”