SRC Software, the leader in providing flexibility and sophistication for enterprise financial planning and performance management, announced today that Union Bank of California, the fourth-largest commercial bank in California and one of the 35 largest banks in the United States, has implemented SRC Budgeting, SRC Reporting and SRC Capital Planning solutions to meet its strategic financial planning and analysis goals.
Since implementing SRC, Union Bank has eliminated numerous manual tasks and significantly compressed its quarterly planning process from six weeks to two weeks, enhancing visibility throughout the organization.
Union Bank needed to involve more than 500 users in the planning process making it critical for Union Bank to select a scalable and easy-to-use budgeting and reporting solution. Users found SRC's Budgeting and Reporting solutions, which leverage an Excel interface, to be extremely user-friendly and highly scalable.
Union Bank extended the benefit of its planning process by implementing SRC Capital Planning. Business unit managers now have insight into every project's original forecast, current status and any variances and can make necessary adjustments. Additionally, Union Bank's IT department can see, for the first time, the total demand for resources across all IT projects and the specific status of each project. By providing access to this detailed information to both the IT department and business unit managers, everyone has the information they need to accurately plan, measure and adjust capital projects throughout the year.
"We spend upwards of $70-100 million per year on capital projects that involve more than 1,000 users; therefore we needed a flexible, yet functionally rich system to accurately track our projects. With SRC Capital Planning, our users can actively monitor the status of projects and reforecast based on actual costs to date," said Lois-Grace Golde, senior vice president of strategic and financial planning analysis, Union Bank of California. "SRC delivered a budgeting, reporting and capital planning solution that exceeded our expectations and has translated our planning vision into actionable information and tangible results."
"We are pleased to have partnered with Union Bank assisting them with their budgeting, forecasting, reporting and capital planning functions," said Peri Pierone, vice president of vertical markets, SRC Software. "Union Bank, like most financial institutions, did not have an equitable method for monitoring and managing the costs, resources and changing timelines of their approved capital projects. Their vision was to merge standard balance sheet and noninterest planning functions with new capital acquisition requests and existing capital project management tracking requirements. This 'one stop shop' approach has received rave reviews from their end-user community and has given management much greater visibility into how the organization is performing. We are delighted to have joined with the Union Bank team in assisting them to realize their vision."