Credit Union Australia (CUA) has used a financial management software offering to automate budgeting and forecasting spreadsheets across the business.
The Brisbane-based financial institution operates 80 branches around Australia and has 400,000 customers.
Since the rollout of SAS Financial Management a year ago, CUA has also used it for activity-based analytics. For example, management can use the software to work out how much it costs to launch a product and the costs of running a branch.
CUA CIO David Gee said that there has been “much more transparency” around branch performance.
“There has also been a good hard look at where branches are located and there has been a process of branch refurbishment,” he said.
“So far, we have opened five new ‘concept’ branches across Victoria, New South Wales and Queensland, including a new flagship branch in Brisbane’s central business district and refurbished two. In some cases, we have also re-located.”
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Core systems overhaul
Since the SAS implementation, CUA recently completed a core systems overhaul encompassing core banking, its Internet platform and mobile platform for smartphones. The overhaul was announced in early 2011.
“Within CUA, we had a home grown COBOL system that was 20 years old. Going from that informality of having a handful of people who managed the previous system to having a new package is a very different proposition,” said Gee.
“We’re well positioned going forward because we can now focus on ensuring that the customer experience of using this banking platform is exceptional.”
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