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Unlock the full capabilities of Cognos Analytics within your Fiserv application

Posted by LPA Software Solutions on Jul 14, 2021 11:20:36 AM

Our client is a mid-size Community Bank that is using Fiserv for analytics and needed a way to unlock their data and utilize the full capabilities of Cognos Analytics within their Fiserv application.

Business Challenge

Many mid-sized and large Community Banks use Fiserv as their analytics reporting tool. Fiserv analytics is limited to reporting using only data held within Fiserv.  

These banks wanted to empower their users by offering self-service analytics. However, their analytics solution could not report on any data located in systems that existed outside Fiserv data. As a result, these banks sought alternative solutions such as purchasing additional visualization and data exploration software to fill the gap, as well as potentially building a data warehouse or datamart to centralize information.

Solution

Path one: Bolstered Cognos analytics reporting capabilities by leveraging the current Fiserv environment

  • Leveraged existing Fiserv content and modernized the reporting with new visualization and data layouts
  • Consolidated and modernized existing content to assist with monthly reviews and team communications

For an east coast bank, LPA took existing Fiserv reports and modernized them using updated layouts and visualizations. We then created a workflow for the CFO to collaborate with every regional manager around weekly and monthly activities. Consolidated reviews included loan maturity and credit line increases, new loan summaries including PPP, as well as deposit transactions. In addition, an external data source containing credit information was incorporated into these consolidated reports. After this engagement, the CFO was able to have more efficient conversations with management and staff without needing to consolidate data across multiple systems and numerous spreadsheets first.

Path two: Implementing a non-restricted Cognos instance that coexists with Fiserv analytics which allows the bank to:

  • Incorporate locally managed and cloud data sources (non-FISERV) into the Cognos Analytics reporting environment
  • Leverage new Cognos Analytics features including AI Assistant, Exploration, Dashboards, Mobile, and Stories
  • Upgrade as the newest versions become available to leverage the latest Cognos Analytics features

LPA can incorporate all your data into a modern data warehouse architecture designed for flexible persistence and reporting. Benefits of centralizing data into a vendor-neutral standard data model include:

  • True single source of truth
  • Information governance, including standardized definitions and clear data lineage.
  • Application of data quality and cleansing rules to improve analytics output at the source

Watch a Testimonial Video from Solvay Bank How They Enhanced their Analytics with LPA

LPA helps leverage existing systems to improve your information landscape in order to access information and create reports quickly and easily.

 

Fiserv + Cognos Analytics

Topics: Financial Services Market, Banking, Fiserv Banking

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