Workday sees continued momentum in financial services

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Over 70% of financial services companies in Fortune 500 selected Workday to digitally accelerate

PLEASANTON, Calif., November 16, 2021 (GLOBE NEWSWIRE) – Working day (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human ressources, today announced the continued momentum in the financial services industry with more than 70% of financial services organizations in the Fortune 500 who selected Workday. As part of this momentum, Workday has achieved a record number of customer deployments over the past year in the financial services industry and welcomed over 100 new financial services customers in the past 18 months, including a new global customer. First Path investors – who chose Workday to advance their digital initiatives in a regulated and rapidly changing industry.

This momentum underscores the growing industry adoption of Workday’s cloud finance offerings, including Workday Financial Management and Workday Accounting Center, which enable customers with financial services such as CNA insurance, Key bank, Redstone Credit Union, Housing insurance, and Unum gain better insight into various data sets by breaking down silos to support more informed decision making.

The past 18 months have brought challenges and opportunities to the financial services industry, be it market fluctuations, interest rates or return on investment, forcing financial services organizations to adapt quickly. to keep pace with a highly regulated environment. This includes the need for new technologies that help provide better insight into business operations in order to identify and mitigate risk and digitally transform time-consuming and budget-draining processes and functions such as financial reporting and accounting. .

To keep pace with the continued evolution of the industry, financial services organizations are increasingly adopting Workday to digitally transform financial and HR processes and attract and engage the next generation of talent in financial and insurance services.

With Workday, financial institutions can:

  • Build a frictionless financial process. With Workday Accounting Center, businesses in the industry can easily access operational data from multiple systems, including loan, treasury, policy, and claims providers, for better understanding and more accurate reporting. In addition, with Adaptive workday planning, customers can plan and predict multiple scenarios in real time, allowing them to make more data-driven decisions and react quickly to market changes. With Workday, customers can plan across the enterprise by pulling data sets from multiple sources at banking and financial institutions, as well as insurance and investment management systems. For example, Shelter Insurance uses the Workday Financial Management suite of applications to automate data extraction from more than 50 source systems, helping to streamline manual processes and free up time for employees to focus on. strategic efforts such as data analysis.
  • Support the evolving workforce. The Workday Human Capital Management (HCM) This suite of applications provides real-time information about people to attract and retain talent and help maximize engagement by creating a more seamless employee experience. In today’s challenging hiring and retention environment, organizations are able to display pay equity dashboards and use compensation analysis tools to combine items ranging from from regular merit-based compensation, through bonuses and stock compensation to a more competitive and comprehensive rewards program. For example, with Workday HCM, Unum was able to reduce the compensation planning cycle from 20 to 12 weeks. The company was able to initiate a globally consistent merit process by deploying real-time integrated dashboards that capture external compensation data to support fair compensation across the organization.
  • Leverage an intelligent data core to build an organization ready to make decisions. The intelligent data core of the Workday suite of applications provides a single system for consolidating and informing volumes of data from financial, human and operational systems, enabling Workday products and solutions to connect data, bring insights to life, and to give customers the opportunity to adapt in real time. For example, CNA Insurance uses Workday Accounting Center and Workday Prism Analytics to extract and transform large claims data into accounting, calculating deferred acquisition costs and unearned premiums, all in one system. This helps streamline transaction processing, giving you time to get richer financial and operational reports faster.

News comments
“We continue to see global financial institutions accelerate their digital transformations to better manage market disruptions, talent shortages and position themselves for the next wave of growth,” said Indy Bains, vice president, Industry Solution Marketing, Workday . “Data management is key for these organizations – whether it’s financial, operational, or worker data – and the ability to bring together disparate sources to gain a deep understanding of their business. With Workday, institutions have a single intelligent data core that integrates diverse data sources into our cloud and HCM finance applications, providing insight and agility to meet the changing needs of the financial services industry.

“KeyBank was managing continued growth while simultaneously digitizing our business-critical financial systems, which is no small feat for a $ 187 billion bank,” said Doug Schousser, Executive Vice President and Chief Accounting Officer from KeyBank. “With Workday, we’ve been able to automate and streamline our financial and operational data into a single system, giving us the information we need to support our performance goals across the business. Thanks to the efficiency gains we have gained, we have saved time to provide the best service to our customers.

“Banking and insurance organizations have experienced massive disruption in recent years and often lack the enterprise-wide technological tools needed to adapt and keep pace,” said Tom Zink, director of research, IDC Financial Insights. “Cloud-based solutions like Workday provide financial institutions with better information about people and finances to meet diverse workforce needs, industry regulatory changes, business performance and scenario planning,” helping them respond in an agile, resilient and data-driven manner. “

Additional information

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About Workday

Working day is a leading provider of enterprise cloud applications for finance and human ressources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, expense management and analytics have been adopted by thousands of organizations around the world and in all industries, from mid-sized businesses to over 50% of Fortune 500. For more information on Workday, visit workday.com.

© 2021. Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Workday forward-looking statements

This press release contains forward-looking statements, including statements regarding Workday’s plans, beliefs and expectations. These forward-looking statements are based solely on information currently available and our current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions and changes in circumstances that are difficult to predict and many of which are beyond our control. If the risks materialize, if the assumptions prove to be incorrect, or if we experience unexpected changes in circumstances, actual results could differ materially from the results implied by such forward-looking statements, and you should therefore not rely on such forward-looking statements. Risks include, without limitation, the risks described in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q for the fiscal quarter ended July 31, 2021, and our future reports we may file with the SEC from time to time, which could cause actual results to differ from expectations. Workday does not assume any obligation to, and does not currently intend to update any forward-looking statements after the date of this release.

Any unpublished services, features or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be provided. as expected or not at all. Customers who purchase Workday services should make their purchasing decisions based on the services, features and functions currently available.

Media contact:
Vanessa mcnulty
[email protected]


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