Overview
One of the top 12 federal credit unions in the United States has grown significantly over the years to become the second largest credit union in its state with over one million members and more than 100 branches. As they continue to expand, they require HR, Payroll, and Financial Services software that can scale as they grow in the years to come.
The Challenge
The federal credit union began their transition off legacy technologies years ago when they moved their HR and Payroll operations to Workday. Following that implementation, they wanted to move their financial systems into Workday as well for better visibility across their entire enterprise. This second transition to Workday would allow them to centralize their HR and Finance functions into one system, and eliminate their struggles with long, manual close processes, and their heavy reliance on IT for data analytics.
They also sought to increase their finance and accounting teams’ visibility into the areas of growth, profitability, product, and branch performance. With Workday, their teams would be able to engage automation, standardize their data, correlate reporting, and leverage the pre-built supervisory hierarchy of the HCM system to make invoice approvals quick and easy.
The Solution
Like many credit unions, they have very high volumes of data and relied on complex IT development to provide the underlying detail that supports their monthly, quarterly, and year-end financial reporting. They turned to CrossVue to help implement Workday Financials and Accounting Center in part because of CrossVue’s previous experience helping banking clients and financial institutions standardize the same volumes of data.
CrossVue presented a solution to bring this federal credit union core data and transactions into Workday Prism and Accounting Center, enabling their accounting team to own the mapping of the transactions to the GL. With this solution, they no longer depend on IT for data access. They can now swiftly trace the data lineage from a resulting balance back to the front office transactions that generated those postings.
The CrossVue team also prioritized standardizing the credit union’s data by integrating it into the Workday implementation, thereby consolidating data that had previously been manually recorded across multiple spreadsheets. This data now flows seamlessly into the Workday approval process, giving them a two-fold benefit: data that conforms to the standard banking format and is easier to use, and a streamlined data foundation to continue to build on.
The Impact
With the full Workday platform implementation complete, this top 12 U.S. federal credit union now has unified HR, Finance, and Planning system. The automated processes CrossVue helped implement allow them to focus on growth and transformation, freeing them from time-consuming manual tasks. Their enhanced ability to drive the organization forward is further supported by their newfound capacity for data-driven decision making.
They have also drastically reduced their financial and regulatory risk by implementing the automations available in Workday. By syncing their front- and back-office applications, they’ve reduced the occurrence of manual errors and positioned themselves for ongoing success as a credit union, benefiting both the organization and its members. With Workday’s continuous advancements and their culture of empowerment and collaboration, the federal credit union is poised to sustain efficient and ongoing growth.
