Cortell Business Solutions and Teba Bank have jointly implemented a budgeting, forecasting and reporting solution based on Cortell's TM1 Applix, SPF+ and NetAnalytics products.
"The system is exactly what we wanted - at the click of a button we have it all," says Pat Mokoena, management accountant at Teba Bank.
Accuracy and time saving are two of the biggest immediate benefits Teba Bank has derived from the new system. Another important benefit is the ability to enhance the bank's systems by adding an activity-based costing capability and transfer pricing or cross-charges component.
Teba Bank has undergone this upgrade of its core systems due to a change in its business in 2000 converting from a savings fund - servicing the mining industry - to delivering banking services to the under-banked market.
In order to meet the needs of the under-banked, new branches have been opened in the Eastern Cape, Rustenburg, Marikana, Welkom, Northam, Klerksdorp and Randfontein. There are also more than 50 agency offices throughout southern Africa that render services on behalf of the bank. The Cortell solution operates across a satellite link, allowing for real-time budget capturing and reporting.
The bank maintains 523 641active accounts and has launched a savings product and a provident/pension fund backed home loan. The total product offering includes:
* A book-based savings account, Grow With Us;
* Speedcash ATM account;
* A-Card debit card;
* Fixed deposits;
* Provident fund backed home loans;
* Remuneration handling services;
* Teba Cash Financial Services (a suite of savings products designed for mineworkers and their families);
* Teba Bank Secure Data Net (TSDN);
* Micro loans; and
* Funeral insurance.
"We needed an automated system that would improve efficiencies," says Mokoena. "Although I am always sceptical of new systems, the Cortell solution is easy to work with after basic training.
"Cortell showed an unprecedented level of professionalism during planning and implementation. They brought their experience to bear in identifying our requirements and deploying the systems to meet those. The Cortell project manager and I were both so determined to see it through to a successful completion that we overcame all challenges."
35 people use the system: 15 at head office in Midrand and the remaining 20 at branches around the country, across all departments at Teba Bank, including IT, HR, finance and operations.
Cortell distributes, supports and maintains TM1 locally for US-based Applix. The product is a multidimensional online analytical processing (OLAP) tool for analytical applications.
SPF+ (Strategic Planning and Forecasting) models information and dimensions that reflect any range of business structures, giving Teba Bank the flexibility to adapt to market or internal changes.
NetAnalytics is a thin client visualisation tool for analytics, developed by Cortell.
"The solution we designed and deployed for Teba Bank is an automated budgeting and forecasting tool that stores data centrally, offering one version of the truth and automated consolidation while eliminating inter company accounts," says Greg Bogiages, MD of Cortell Business Solutions.
"The implementation went smoothly because we have performed extensive work in this environment, and training was quickly completed because users retain their familiar Excel spreadsheet interface. It also solved a number of recursive calculations," says Bogiages.
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