When Kevin Valois joined Sunrise Banks as CFO in early 2019, he quickly realized the need for more robust and flexible financial reporting system that would allow the bank to better understand profitability across the organization (i.e. incorporating funds transfer pricing, cost allocation, ALLL allocation and RAROC). Since Sunrise business lines are very data-dependent, it was also critical to bring in data from multiple sources and report on that data easily.
“We’re different than most community banks,” Kevin said. “As the fourth largest prepaid card issuer in the nation, we operate in a unique space where we need to integrate and analyze more data points.”
While Sunrise Banks is still building out its implementation of the Axiom Financial Institutions Suite, they’ve already realized great results.
“In the first year, we enhanced financial reporting, began rolling out management reporting at the division, business-line and unit level and rolled out a more robust budget process, and the ‘aha!’ moments started this past January,” Kevin reported. “Now we can come to the executive team and present information on various layers throughout the organization. We’re starting to have conversations about how areas that we thought were profitable are only marginally profitable.”
Kevin’s FP&A team can now show their revenue centers how much individual business lines or units generate for the bank. With plans to continue building and enhancing the foundation they’ve laid with Axiom, the finance team appreciates the flexibility of the solution.
“When I reach out to Syntellis, there’s always a resource I can go to, which is super important in learning Axiom best practices. The flexibility of Syntellis consultants and being able to learn and work with other Axiom clients is a huge benefit to us,” said Kevin.
For these excellent results and for generating meaningful business intelligence, Sunrise Banks is Syntellis’ 2021 MVP for Financial Institutions. Congratulations, Kevin and team!