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Wednesday, January 21, 2009

FCMB, Travia partner on Microsoft solution

FIRST City Monument Bank Plc (FCMB), has successfully concluded an enterprise performance management project in conjunction with Tavia Technologies Limited, a solution from Microsoft Corporation.

Chief Information Officer, FCMB, Mr. Yinka Oni, gave this indication, saying they believe that in future, decisions at the bank will need to be taken with insight.

“The bank therefore needed to invest in a performance management system that will make insightful decisions,” he said, pointing out that Microsoft PerformancePoint has significantly benefited the bank’s performance management team.

“What they used to spend a whole day to do can now be done in less than an hour,” Oni said.

Speaking, Managing Director, Tavia Tech, Mr. Ayo Olashoju, said that his firm recommended Microsoft PerformancePoint as the performance management solution at FCMB because it delivers the capabilities to meet the bank’s needs for an integrated data resource, an automated performance reporting system and a more efficient data management process.

He also said that the state-of-the-art system deployed by the bank measures and tracks both financial and non-financial performance and delivers the information through dashboards on an enterprise portal to key business unit heads. This system comprises of Microsoft PerformancePoint for performance management, Microsoft
SharePoint for an enterprise portal and Microsoft SQL Server 2005 as an enterprise datawarehouse.

“With the implementation, the bank now enjoys significant improvement in the ease and speed for generating performance management reports including the automation of the Monthly Performance Review (MPR) reports,” Mr. Olashoju said.

For the Head, Performance Management, FCMB, Mr. Ademola Ogunmiloro, the need to improve efficiency became mission critical in order to achieve the bank’s development goals and sustain the growth rate.

Ogunmiloro affirmed that since the automation of the data management and reporting system, the FCMB’s monthly performance reports (MPR), which were previously delivered on day five, are now delivered on the first day of each month.

“In addition to the reduction in time and manpower previously expended on the reporting process, the CEO gets an automated dashboard on his mobile device on a daily basis. The additional analytical capability is also making users more intelligent as we now have the platform to go into core business analytics. We are using the data to increase productivity without increasing costs. The feedback from the executives has been excellent.”

In his comment, Microsoft’s Financial Services Business Manager, Mr. Bode Fagbemi, commended FCMB for using the power of technology to drive business performance especially now that increasing productivity, reducing costs and enhancing customer value have become mission critical for the success of banks in the midst of an economic downturn.

“Our vision for PerformancePoint is to bring the powerful capability of business intelligence to all information workers in the banking sector to democratize access to critical business insight and to drive more effective business actions” he said.

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