How do banks assess their financial state, in real-time, and quickly take any necessary action? This is a challenge that their finance and executive teams constantly face—especially in the current environment.
Today’s banking institutions are focused on preparing for whatever may come next while identifying new areas for growth. Even without the additional challenges created by the pandemic, banks must always look for opportunities to modernize their finance function so they can spend less time closing the books and more time driving growth and performance.
Banking CFOs and their finance teams are also under pressure to quickly adapt to constantly changing, complex regulations—and they can’t afford to be slowed down by manual processes and inaccuracies. An automated close that connects stakeholders, systems, and data is critical for getting timely, accurate information into the hands of regulators and decision-makers.
This Oracle paper highlights six best practices for streamlining and automating a bank's financial close process. It also offers four proven steps to get started and four reminders to keep you on track to automating financial close.
Click on the link to download the paper and chart your path to automated financial close.