The demand for financial and banking-related services is closely tied to economic activity and the level of interest rates. Financial Institutions such as; commercial banks, and savings banks are operating in a highly concentrated industry where large economies of scale offer new opportunities such as industry consolidation. The credit union segment is more fragmented where one credit union is less able to influence the industry direction.
Given the competitive nature of the industry and the continuous challenges on financial institutions, organizations require a best-in-class performance management solution to mitigate risk and manage the micro and macro industry factors such as regulations, global operations, industry automation, customer service and changing leading economic indicators (prime rate, personal income). These factors can affect the profitability and the financial stability of the organization on a daily basis and need to be continuously monitored to assure challenges are managed and positive financial success is achieved.
Prophix performance management solutions enables financial institutions to focus on the bottom line and decrease operational inefficiencies. New opportunities are easily discovered and market and customer value increases. Organizations begin to measure product and service line profitability, evaluate different revenue lines, streamline operations, produce vital reports, efficiently consolidate data and eliminate cost inefficiencies. Prophix delivers the means to start understanding overall financial performance and the true health of the organization.
Financial service organizations use Prophix Performance Management software and services to: