Community Institution Saves an Estimated 4,316 Man-hours on Data Reconciliation; Speeds Operational Reporting and Analysis
BEDFORD, Mass. – April 4, 2017 – Datawatch Corporation (NASDAQ-CM: DWCH) today announced that Massachusetts-based MountainOne Bank is utilizing the company’s Monarch self-service data preparation (prep) software to easily access and blend data from disparate systems and reports. The $850 million community bank joins the expanding roster of hundreds of financial institutions around the globe using Datawatch to radically simplify and expedite transactional and operational reporting and analysis.
Banks and credit unions are increasingly tapping the power of Datawatch Monarch to access, manipulate and combine their data – and eradicate extremely time-intensive manual processes, such as rekeying data and performing line-by-line reconciliation. With no dependency on IT or complex scripting required, institutions’ business users are finally liberated to unlock and blend the data housed in general ledger and core processing systems with other various “siloed” systems and static reports to make timely, data-driven decisions. Executives and managers in the front- and back-office benefit from unprecedented visibility into and better management of everything from ATM settlements, accrued interest reports and loan offerings, to daily teller reports and customer/member card services.
MountainOne, which recently went through a conversion to the D+H core processing platform, turned to Datawatch Monarch to speed the process of obtaining and reconciling text report data from its Oracle® General Ledger system. SVP of Operations Stacy Litke initially tried the traditional, manual route of dumping general ledger text reports into Excel and matching up rows of data with account numbers, but knew there had to be better way.
“I spent a few full days on the mind-numbing work, only to find that I had completed 40,000 rows and had 750,000 more to go on the first account alone,” said Litke. “I calculated that it would take 12 weeks of eight hour days to complete the same process for each of the bank’s remaining nine accounts. By employing Datawatch Monarch, I was able to drastically reduce that data reconciliation process from the estimated 4,320 man-hours down to four hours.”
MountainOne had only been utilizing the Monarch platform for about one month before quickly reaping the benefits of the tool for other operational use cases. Litke used Monarch to quickly create accurate, random samples of accounts across various databases for core conversion data validation as well as extract data from multiple, disparate reports for loan insurance and cash transaction monitoring.
“We are amazed at what we’ve been able to accomplish in a very short time using Datawatch Monarch – and know that we’ve only scratched the surface in terms of how we can leverage its capabilities throughout the bank. Not only is the data prep software incredibly intuitive and easy-to-use, the Datawatch team took the time before I purchased the software to truly understand what problems we were trying to solve. That commitment to our success really impressed me, and was a big factor in my selection,” added Litke.
“Self-service data prep is most commonly thought of as a means to get data ready for analysis in an analytics platform or visualization tool, but as demonstrated by organizations like MountainOne, it also delivers tremendous operational business value,” said Ken Tacelli, chief operating officer, Datawatch. “Only Datawatch Monarch enables organizations to bridge the data divide, giving business users the ability to access and merge all of the trusted data they need from any report or other data source. As a result, banks and credit unions are solving pressing data problems across planning and budgeting, reconciliation, audit, compliance, sales and much more – without the pain or cost of data warehousing initiatives.”
To learn more about Datawatch Monarch, visit: datawatch.imarc.io/our-platform/monarch/.
About Datawatch Corporation
Datawatch Corporation (NASDAQ-CM: DWCH) enables ordinary users to achieve extraordinary results with their data. Only Datawatch can unlock data from the widest variety of sources and prepare it for use in visualization and analytics tools, or for other business processes. When real-time visibility into rapidly changing data is critical, Datawatch also enables users to analyze streaming data, even in the most demanding environments, such as capital markets. Organizations of all sizes in more than 100 countries worldwide use Datawatch products, including 93 of the Fortune 100. The company is headquartered in Bedford, Massachusetts, with offices in New York, London, Frankfurt, Stockholm, Singapore and Manila. To learn more about Datawatch or download a free version of its enterprise software, please visit: datawatch.imarc.io.
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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements contained herein, including but not limited to those relating to product performance and viability, are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: rapid technological change; Datawatch’s dependence on the introduction of new products and product enhancements and possible delays in those introductions; acceptance of new products by the market, competition in the software industry generally, and in the markets for next generation analytics in particular; and Datawatch’s dependence on its principal products, proprietary software technology and software licensed from third parties. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by Datawatch from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015. Any forward-looking statements should be considered in light of those factors.
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Marketing Communications Manager, Datawatch Corporation
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