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Accenture helped a major Italian banking group develop a flexible budgeting and forecasting model that accommodates multiple variables relevant to several of its business units.
For this large and diversified banking group, the budgeting process is extremely complex. Each business unit has its own set of market variables to take into account such as economic and commercial trends, and value-based indicators. Customer profiles also need to be factored in to target definition models.
The banking group wanted to develop a more flexible budgeting model for its retail department that would respond to the variables of each market segment, was backed by a comprehensive financial analysis, and would define budget targets already compliant with European Union regulations in terms of customer financial needs.
Accenture put together a core team to:
Choose an analytics software to generate custom reports through Microsoft Access, Visual Basic and Excel.
Complete an analysis of the current budgeting model and process, and define the future model and process.
Oversee the definition process and all subsequent alterations to arrive at a set of models customized to each product and market segment.
Create flexible models so that executives could simulate the effect of a range of scenarios in a fast-changing and unpredictable environment.
Generate specific budget goals for a broad range of products affected by a number of economic, financial and commercial indicators.
The banking group now has one of the most advanced budgeting models among other European banks. Its comprehensive set of models is able to meet the specific needs of its retail business unit across all market segments, while integrating relevant indicators.
This budgeting model supports the client’s goal of setting the benchmark for value creation in the European banking system, and its drive to achieve high performance.
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