FINANCIAL REPORTING SOFTWARE
Re-engineering Nationwide’s financial reporting system
Appointed as technology partner, IDS delivered an enterprise data analytics solution
Working with
The project at-a-glance
- Secure enterprise software re-engineering project
- Working as technology partner alongside IBM and HP Autonomy
- MVC 5 portal with Kendo UI framework and MS SQL 2010 database
- Saved 6 days of labour-intensive reporting, per month
- Complex brief, tight deadlines
- Project mandated by European Banking Authority
The requirement
Recognised as the largest building society in the world, Nationwide provides a range of financial services including mortgages, loans, credit cards, bank accounts, savings and insurance products.
When the European Banking Authority mandated the extensive re-engineering of Nationwide’s financial reporting system, they sought a pragmatic and proficient technology partner to redesign their FinRep Data Capture Control Module – a web-based portal for capturing, aggregating, analysing and adjusting raw data, before building financial reports.
"The complexity of Nationwide’s systems was such that IDS had to grasp a technically multifaceted environment and business system plan, very quickly. Deadlines were crucial to the project, and they consistently delivered on time or earlier than scheduled – and never beyond budget."
"My team also comprised EY, Axiom and IBM professionals, and in terms of the quality of the work, I found IDS consistently planned and executed more effectively. I would have no hesitation in recommending them for a secure large enterprise project.."
James Gaunt BSc (Hons), ACA, AMCT
Director of FinRep Consultancy & Project Lead, Nationwide Building Society
Our solution
Working with software development teams from IBM and HP Autonomy, IDS was initially appointed as a systems consultant and technology partner for the financial reporting re-engineering brief.
Our rigorous technical audits and collaborative approach to working with the client saw us deliver a large enterprise analytics system which now collects data from different bank branches and other reports (40+ sources), aggregates it, and builds Nationwide’s annual report for the European Banking Authority.
The results
We introduced a mechanism to securely import and export data to and from different tools and systems, with ease.
By automating the analysis of complex calculations, the intuitive financial reporting software has reduced data duplication, workloads and errors, and improved the speed, accuracy and validation of the process.
Compliant report data is now sent to analysts with engaging visualisation dashboards to display the must-know metrics in seconds.
Faster reporting
6 days a month saved since implementation
£3m
contract value
20m+
records successfully analysed
25%
more efficient than previously