Vena for Banking and Credit Unions streamlines net interest margin planning, detailed profitability analysis and more with process automation, data integration and a native Excel interface to help banks scale growth amid evolving market conditions
TORONTO – April 7, 2021 – Vena, the Complete Planning platform loved by finance and trusted by business, today announced the release of Vena for Banks and Credit Unions, a pre-configured solution that streamlines the FP&A and extended planning processes of financial organizations whose primary revenue stream is interest margins. The solution combines industry best practices for corporate performance management (CPM) with Vena’s Growth Engine—the technology and methodology behind your business plans—to power net interest margin planning, profitability modeling and analysis by product and branch, driver-based budgeting and more with process automation, data integration, real-time reporting and a familiar native Excel interface.
In today’s economic environment, banks and credit unions have to contend with quickly-changing market conditions, tighter margins, increasing customer demands, global competition and strict regulatory compliance requirements. These obstacles are all the more difficult to overcome when key business processes, such as net interest margin planning, variance reporting and profitability analysis, are manual, complex and hindered by disparate data sources, disconnected planning models and fragmented business logic. This makes having an efficient, flexible and agile performance management solution crucial to success.
“Most planning systems aren’t purpose-built for banks and credit unions. They try to fit a unique business model into a one-size-fits-all solution without considering the unique planning, reporting and analysis needs of the industry,” said Rishi Grover, Co-founder and Chief Solutions Architect at Vena. “Vena for Banking and Credit Unions gives finance and accounting teams in banking the capabilities of our Complete Planning platform with a solution configured to meet their business dimensions—including branches, financial products, chart of accounts and more. They can get up and running in a matter of weeks and hit the ground growing.”
Vena for Banks and Credit Unions streamlines CPM for banking with automation and industry best practices for finance-led and extended planning, developed using Vena’s extensive experience with customers in the financial services sector. The pre-configured solution includes integrations with core banking, ALM and FTP source systems. Its pre-configured planning templates allow for real-time product profitability analysis, business logic incorporating assumptions around base rates, margin and interest rate calculations, unlimited modeling capabilities, comprehensive reporting, collaborative workflows and more—all leveraging a native Excel interface that drives ease-of-use, transparent yield calculations, customization and adoption across the business.
“I couldn't believe what we were able to achieve with Vena,” said Michael To, Director of Finance Data Services & Analytics at ATB Financial, a Canadian financial institution based in Edmonton, Alberta, with over 300 branches, $55 billion in assets and 5,400 employees. “We now have the capability to look back at actual versus budget during our monthly analysis and see if these variances are due to our margins or to our price/volume variances. That's something we'd never really talked about before.”
Vena is also committed to furthering its mission to help banks and credit unions power their plan to grow through its membership with the American Bankers Association (ABA), an organization that provides the training, advocacy and expertise banks and credit unions need to serve their customers and communities and help grow the economy.
“Digital transformation, powered by the right technology and methodology, is critical if banks are to have the planning agility needed to keep pace with today’s quickly-changing market conditions,” said Shelly Loftin, Senior Vice President, Retail Banking, Payments & Lending at American Bankers Association. "With flexible, scalable planning solutions that are easy-to-use and adopted across the business, institutions can streamline key business processes, power deeper analysis, drive more informed decision making and plan with confidence for today and tomorrow."
To learn more about Vena for Banking and Credit Unions, click here.
Vena is the only Complete Planning platform that empowers and inspires business leaders and finance and operations professionals to plan to grow their businesses. Vena leverages the familiarity and flexibility of an Excel interface within the Vena Growth Engine, the SaaS platform and methodology that powers your plans and guides your journey to growth. Over 850 of the world's smartest companies grow with Vena. For more information, visit venasolutions.com.
Kelly Anderson | SHIFT Communications