Financial Performance Reporting for a Leading Financial Institution

Industry: Finance

Technology Used: SQL Server Reporting Services (SSRS), Power BI, Azure Synapse Analytics, Azure SQL Database

Region: Europe

Challenge: A prominent European financial institution was struggling with its slow, manual, and error-prone reporting processes. Financial analysts spent days gathering, cleaning, and validating data from multiple departments and external sources, resulting in delayed reports, inconsistent figures, and errors in regulatory filings. The institution needed a solution to automate reporting, improve data accuracy, and provide faster, actionable insights for decision-making.

Business Impact:

• Slow and inconsistent financial reporting
• Manual errors in financial reports leading to compliance risks
• Delays in generating key performance metrics and forecasts
• Inefficiencies in the regulatory filing process

Solution: MSP and IT created a unified data platform by centralizing financial data into Azure SQL Database, utilizing Azure Synapse Analytics for advanced analytics and fast querying. We automated the ETL process using Azure Data Factory to integrate data from various internal and external sources, eliminating the need for manual data aggregation. The financial data was then made accessible through Power BI, providing intuitive dashboards and reports that could be customized by department, region, and financial metric. For formal, regulatory reports, SSRS was used to automate the generation of high-quality, compliant reports.

Technology Stack:

• Azure SQL Database for data storage and management
• Azure Synapse Analytics for data analysis and integration
• Power BI for financial reporting and interactive dashboards
• Azure Data Factory for automated ETL processes
• SSRS for automated, customized financial reports

Outcome:

• Reduced financial reporting time from 5 days to 2 hours, enabling quick monthly and quarterly reports
• 30% improvement in report accuracy through automated data validation
• Enhanced executive decision-making with real-time financial dashboards and actionable insights
• 40% reduction in audit preparation time by streamlining the generation of regulatory reports
• Improved compliance by automating and securing financial reports, reducing the risk of penalties

Client Testimonial: "Thanks to MSP and IT, our financial reporting is now faster, more accurate, and fully automated. The Power BI dashboards provide real-time insights, and we can now make decisions based on accurate data, reducing both risk and costs."