Financial services' future in the cloud | KPMG | UK

Financial services' future in the cloud

Financial services' future in the cloud

Utilising our industry knowledge and expertise, KPMG is working with this UK financial services group to revolutionise its ledger and finance processes.

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Tech in dustbin in front of cloud

To thrive in a fast-changing financial services market, players need flexible, efficient technology. That’s why we’re working with one of the UK’s best-known financial services groups to explore how migrating core finance applications to the cloud could support the future business.

The general ledger is a typical example of challenges posed by the group’s legacy technology. A series of mergers and acquisitions has left the organisation with multiple ledgers, supported by a mix of software. The various solutions are expensive to upgrade and, in one case, the software is due to go out of service completely. What’s more, without all the data in one place, financial insight is effectively locked out of sight.

To address problems like this, KPMG is delivering group-wide implementation of Oracle Fusion Financials. We’re using our Powered Finance solution to drive the project. Powered Finance incorporates KPMG best-practice designs for all finance processes, which can be validated against the client’s requirements and refined as necessary. Not having to design processes from scratch can now significantly reduce the time and cost of the overall implementation. 

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The ledger running on soon-to-expire software will be the first to move to the cloud, paving the way, eventually, for a full-scale migration. The ability to move step-by-step, taking advantage of cloud scalability, cuts the risks associated with a single, ‘all or nothing’ switch-over.

Once fully implemented, the cloud solution has the potential to cost the group much less than maintaining and upgrading ageing software solutions. Investment by Oracle will help ensure the solution remains at the cutting edge and the latest version will always be available through automatic upgrades.

For almost 3,000 system users working in finance for the group, the new software will make a dramatic difference. They’ll be able to gain fast, efficient access to the data they need to understand how the organisation’s story is unfolding and give executives the insight they need to write the group’s future.

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