At the Royal Bank of Scotland (RBS), the finance team struggled to create core group-level reports and model scenarios quickly due a spreadsheet-heavy process. To improve the speed of business, RBS decided to move a number of finance functions to the cloud—including planning and budgeting, strategic modeling, financial forecasting, predictive analytics, profitability and cost management, and the financial close. As a result, RBS can now adjust its strategic models in minutes.
“The cloud has really helped us improve the pace at which we're able to produce scenarios... And it's not a case of just building the model and it's finished. Our users are able to evolve their models on a regular basis, in a safe and controlled way.”
- Stuart Wray, Head of Implementation for Future Finance at RBS
Our Role in Royal Bank of Scotland's Finance Transformation
The Qubix Group designed and implemented a bank-wide multi-franchise reporting platform in the cloud. Enabling faster reporting, self-service analytics and the use of advanced modelling supported by machine learning capabilities. The business now has actionable accurate insight into costs, cost drivers and allocations to support profitable growth.
Qubix designed and implemented the solution with the following deliverables:
- All core reporting now performed on Qubix platform: Financial Statements, Month, Quarter, Year end close, CFO and Board level reporting.
- Complete cost transparency across the cost of services (internal and external). Supported by a fully integrated cost allocations model covering ~900 services and ~2,000 entities.
- Cost of services by activity and entity across the entire banking group, broadly split into two categories: run-the-bank and change-the-bank.
- The data visualisation tools, ad-hoc analysis and scenario modelling to deliver greater insight into how performance is viewed at the franchise level of the business.
- Delivered significant time and efficiency savings through automation of key financial processes and the reduction of spreadsheets.
- Finance & Franchises within the bank are now moving to reporting from the new GL.
- The solution deployed is highly performant managing 150 million rows of data growing at a rate of 5 to 7 million per month.
- Integration with source systems including Oracle E-Business Suite and PBCS.
- Highly secure environment with VPN, IP filtering and encryption across all layers.
- Resources to help implement RBS planning and budgeting solution using Qubix Project Resourcing service.
- Oracle Profitability and Cost Management Cloud
- Oracle Analytics Cloud
About The Qubix Group
Qubix is a global Oracle ERP, EPM and Analytics design and implementation partner with over 30 years of experience across a variety of solutions, technologies, and industries. We bring proven expertise curated from 1,000 engagements globally, innovative delivery tools and unique IP, including Qubix Cloudbridge.