Old Florida National Bank
For any organization, integrating new acquisitions into the corporate fold can be a daunting and complex exercise. An integral part of Old Florida National Bank’s (OFNB) growth strategy was to identify the technology and methodology that would allow bank executives to ensure smooth integration of new acquisitions into their corporate planning and budgeting processes, as well as their existing general ledger and balance sheet.
Having already implemented IBM Cognos TM1, OFNB had powerful enterprise planning software for planning, budgeting, forecasting, and analysis. The bank management then realized the need for a framework that would allow it to consolidate financial reporting for the multiple entities in a highly controlled and auditable way.