Our customer is a financial services provider who operates in Finland, Estonia, Latvia, Lithuania and Australia. The main area of business is consumer loans with a maximum term of three years. Apart from this, credit lines and online payment services (similar to PayPal) are also part of the product range. The portfolio is expanding rapidly with roughly 30,000 new lending contracts being concluded every month.
Until now, complex Excel workbooks and an industrial accounting system, which had been earmarked for replacement, were used for bookkeeping and management reporting purposes. It was also important for the customer that IFRS-compliant balance sheets could be generated for nine individual companies as well as for two consolidated groups. Thanks to the FlexFinance solution, this process is automated and multiple GAAPs operate in parallel which will facilitate the expansion into new countries considerably.
Of overriding importance for our customer was the fact that FERNBACH had experience with IFRS and risk management in the international banking sector and was able to provide a scalable solution.
However, what mainly convinced this customer to choose FERNBACH was the SaaS solution (Software as a Service) that is pre-installed in FERNBACH’s computer centre and provided in the form of “pay-as-you-use” models. In this way, the customer did not have to deal with buying, configuring and maintaining the hardware and software for server or database archiving but can still enjoy an error-free, safe access to all data. Another benefit is that this customer does not have to upgrade releases, carry out programming or monitor the computer centre.
Since the solution can be upgraded and other components implemented, this financial services provider and FERNBACH will continue to grow together and expand their activities to several other counties.