More Than 70% of the Financial Services Companies in the Fortune 500 Have Selected Workday to Digitally Accelerate
The momentum underscores the growing industry adoption of Workday cloud finance offerings, including Workday Financial Management and Workday Accounting Center, which enable financial services customers like
The last 18 months have brought challenges and opportunities for the financial services industry — whether it is market fluctuations, interest rates, or return on investments — requiring financial services organizations to adapt quickly to keep pace with a highly-regulated environment. This includes the need for new technologies that help provide improved insight into business operations in order to identify and mitigate risk and digitally transform time-consuming and budget-draining processes and functions such as financial reporting and accounting.
To keep pace with ongoing industry change, financial services organizations are increasingly adopting Workday to digitally transform finance and HR processes and attract and engage the next generation of financial and insurance services talent.
With Workday, financial institutions are able to:
- Build a frictionless finance process. With Workday Accounting Center, industry organizations can easily access operational data from multiple systems including loan, treasury, policy, and claim providers for greater insights and more accurate reporting. In addition, with Workday Adaptive Planning, customers can plan and forecast multiple scenarios in real time, allowing them to make more data-driven decisions and rapidly respond to market shifts. With Workday, customers can plan across the entire business by pulling in data sets from multiple banking and financial institution sources, as well as insurance and investment management systems. For example,
Shelter Insurance uses the Workday Financial Management suite of applications to automate data extraction from over 50 source systems, helping to streamline manual processes and free up time for employees to focus on strategic efforts such as data analysis. - Support the evolving workforce. The Workday
Human Capital Management (HCM) suite of applications provides real-time people insights in order to attract and retain talent and helps maximize engagement by creating a more seamless employee experience. In today’s challenging hiring and retention environment, organizations are able to view pay equity dashboards and use compensation analysis tools to combine components from regular pay to merit, bonus, and stock pay for a more competitive and comprehensive rewards program. For example, with Workday HCM, Unum was able to reduce the compensation planning cycle from 20 to 12 weeks. The company was able to launch a globally consistent merit process deploying built-in, real-time dashboards that capture external compensation data to support equitable compensation across the organization. - Leverage an intelligent data core to create a decision-ready organization. The intelligent data core in the Workday suite of applications provides a single system to consolidate and inform volumes of data from financial, people, and operational systems, enabling Workday products and solutions to connect data, surface insights, and give customers the ability to adapt in real time. For example,
CNA Insurance uses Workday Accounting Center and Workday Prism Analytics to extract and transform high-volume claims data into accounting, calculating deferred acquisition costs and unearned premium all within a single system. This helps simplify transaction processing, giving time back to get to richer financial and operational reporting faster.
Comments on the News
“We continue to see global financial institutions accelerate their digital transformations to better navigate market disruptions, talent shortages, and position themselves for the next wave of growth,” said
“KeyBank was managing continued growth while simultaneously digitizing our business-critical financial systems — no small feat for a
“Banking and insurance organizations have experienced massive disruptions in the past few years and often lack the enterprise-wide technology tools needed to adapt and keep pace,” said
Additional Information
For additional perspective:
- Read the blog, Increasing Finance Operations Efficiency at
First Sentier Investors
About Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries — from medium-sized businesses to more than 50% of the Fortune 500. For more information about Workday, visit workday.com.
© 2021.
Workday Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
Media Contact:
media@workday.com
Source:
2021 GlobeNewswire, Inc., source