How Raiffeisenlandesbank OÖ went from invoice receipt to modern financial reporting in one swoop

Setting the scene

Over the years, the bank’s existing system used within banking and accounting alongside the mix of different programs had created inefficiencies, particularly as a move to digital was increasingly a priority. Within their monthly, quarterly and annual processes multiple systems needed to be engaged each time.

In practice, this meant data had to be collected manually in order to produce the relevant reports taking up time. Raiffeisenlandesbank needed a system for easy, regular reporting.

The ultra-complex legacy system affected multiple accounting areas

Raiffeisen Bank’s entire platform was built from the ground up. Since then, the bank’s requirements and necessary functionality have changed significantly. For example, they needed a modern platform with modern programming languages to continue attracting and keeping the best talents while lowering costs and maintaining productivity high.

On top of that, Raiffeisen was looking for a future solution that would exceed the complex requirements.

“We knew what we needed, and it was going to be big. It was clear early on that FPSL would meet our expectations as well as our requirements.”

Reinhard Schwendtbauer, CFO at Raiffeisenlandesbank OÖ

FPSL meets the specific needs of a finance department in financial services

Raiffeisenlandesbank prioritized a central system for all functionalities across multiple parts of accounting that could keep up and proactively adapt to future developments.

They needed a single system with standard software that would unify their many processes while still prioritizing efficiency and transparency. Crucially too, when evaluating the best product fit, the bank was looking for banking solutions specific to financial services – not only an ERP – to help holistically improve their set up and have their specific needs fully understood and met.

SAP Fioneer’s Financial Products Subledger (FPSL) hit all the criteria Raiffeisenlandesbank had set. For the bank, the single, faster and higher-quality system that didn’t require niche knowledge and encourages evolution won out.

The SAP Fioneer team showed dedication and determination to finding a solution to Raiffeisenlandesbank’s unique and multi-layered needs and was able to instil confidence in the project’s delivery. Therefore, Raiffeisen chose SAP Fioneer and FPSL for their mass system upgrade.

Solid improvements for a strategic future

With a single interface and platform, employees have been quick to learn and use the new system to complete their tasks making for a strong start just 30 days after go live.

The new system is more user-friendly and intuitive which has simplified the daily accounting routines and improved the quality and speed of monthly and quarterly processes.

From another point of view, the data governance tool has improved data quality and consolidated much of what was stored in the old systems. Raiffeisenlandesbank has been able to leverage this on subledger posting documentation and has created conditions for an improved management reporting. Altogether, the largescale project showed great signs for synergies within Raiffeisen.

“SAP Fioneer’s collaboration gave us confidence that we’d chosen a team who understood the importance and impact of the change – and were equally dedicated to deliver the efficiency.”

Reinhard Schwendtbauer, CFO at Raiffeisenlandesbank OÖ