ATB Financial Transforms Budgeting & Forecasting in Just 3 Months With Vena
Smiling African American woman working at a laptop computer

Snapshot: ATB Financial

bank and money icon
Largest financial institution based in the Canadian province of Alberta
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The company has more than 300 branches and $55 billion in assets
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Integrations: SAP for ERP
“The customer support, the learning, the project implementation team—they were all just first class. Vena really made sure they went above and beyond for us.”
Michael To
Director of Finance Data Services, ATB Financial
One Caucasian woman and one Caucasian man sitting at a desk together looking at a computer screen.

ATB Financial Before Vena

Before implementing Vena, finance-led business planning could hardly be called agile at ATB Financial. Corporate budgeting at the Alberta-based bank was a static annual process, while forecasting was only done once every quarter. To look ahead and adapt to changing business conditions, ATB’s finance team needed to make some big changes. 

“Our existing software before Vena was over 10 years old,” says Michael To, ATB’s Director of Finance Data Services. “We only had four admin licences, and they all had the same user ID. When people made data entries, we couldn’t even tell what those entries were, or who made them.”

This led to major inefficiencies for To and his finance colleagues. The team spent more time verifying data manually than actually analyzing it—making it tough for key stakeholders to make quick, data-driven business decisions.

“A lot of our audit processes involved printing out emails and spreadsheets and storing them in a binder. You can imagine how much work that involved,” says To. “We couldn’t get granular with our financial modeling either. We had to be able to react quicker.”

One African American man and one Asian woman working together at a desk.

The Vena Solution

When To implemented Vena in the Fall of 2016, he was especially impressed by the platform’s user-friendly Excel interface. By integrating with existing source systems and enabling real-time data analysis, Vena was able to deliver custom planning templates for all of ATB’s cross-functional leaders.

With their salary planning model, ATB’s finance team plans compensation, employment insurance and pension plan contributions 18 months in advance. Another crucial item is the net interest income model, which measures consolidated revenue figures for more than 100 unique banking products. 

“This is the first time since I've been at ATB that we can achieve models with this level of granular detail,” says To. “We now have the capability to look back at actual vs. budget during our monthly analysis and see, are these variances due to our margins, or due to our price/volume variances? That's something we'd never really talked about before. Vena provides that capability.”

Another important consideration for To was quick time-to-value and teamwork throughout the implementation process. After looking at some other options, he realized Vena was better equipped to work with ATB’s finance team and build a custom solution, instead of just delivering a pre-packaged tool.

“We looked at Cognos, Anaplan, Board and a few others. We found Vena to be the most capable in terms of meeting our needs and working with us on a short implementation timeline,” says To. “The customer support, the learning, the project implementation team—they were all just first class. Vena really made sure they went above and beyond for us.”

ATB Financial With Vena

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Single source of truth up-and-running after just 3 months of implementation time
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Customized, automated templates now in place for salary planning, revenue planning and more
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Detailed audit trails make it easy to ensure data accuracy
Caucasian mother with her young daughter in front of a lake and mountains.

Key Results

In just three months with Vena, ATB’s finance team rolled out a brand new budgeting and forecasting model and trained 35 cross-functional users. Today, instead of relying on their annual budget to plan for the entire year, To and his colleagues update their plans monthly and keep the business on track with agile scenario modeling.

“I've been on previous projects where just writing the project blueprint took over three months. I couldn't believe what we were able to achieve with Vena,” he says. “Even though we still have annual budget data, we version it every month so our users have a snapshot of what changes have happened. We can also audit back to see who made those changes, and why. That's one of Vena's best capabilities.”

Now To and his colleagues can keep a firm pulse on the long-term health of the business and always react quickly when market conditions change. As ATB continues to evolve, he’s excited to learn more about what Vena can do for them next.

 “Our business partners are talking about what we can do with the system, not what we can't do.”

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