Market Harborough Building Society (MHBS) has announced a partnership that will see its manual spreadsheet reporting replaced by cutting-edge software.
The society, which has held an established customer base for almost 150 years, will partner with data analytics and financial performance management provider, MHR Analytics, to streamline core processes and add value to its services.
IBM Planning Analytics Cloud will underpin the organisation’s complex month-end reporting, while managing increased compliance obligations.
A keen planning analytics advocate, MHBS’s new Financial Director, Nick Fielden, wanted the society to benefit from the advantages he had experienced in previous roles: “Planning analytics is the best way to dramatically reduce admin time, allowing skilled finance professionals to focus on more strategic activities that will provide better value to our 29,000 savings members and 3,000 mortgage members,” Fielden said.
“Mandatory compliance procedures can dominate workloads and against an unpredictable economic backdrop, there has never been a better time to invest in analytics software in our industry.
“These solutions eliminate potential for error and support the reporting of key metrics like liquidity which are critical in financial services and are typically complicated and time consuming to manage in spreadsheets. We will be able to track mortgage approvals and understand performance versus targeting of products like savings accounts and new mortgage pipeline.
“To keep IT costs down where possible, we have moved to a cloud-first policy, making the IBM Planning Analytics cloud solution ideal.”
Nick Felton, MHR Analytics SVP, said: “Planning Analytics Cloud is the perfect solution for Market Harborough Building Society and will empower the organisation to continue doing what it does best and remain a trusted provider of mortgages, savings and insurance to its local customer base.”