Academic journal article ABA Banking Journal

Pass the Aspirin

Academic journal article ABA Banking Journal

Pass the Aspirin

Article excerpt

The Headache

As they grow, community banks can be fairly complex creatures to manage, with their financials becoming more and more detailed. The Wall Street Journal recently carried a technology column devoted to "dashboards." These are programs that putt data from existing systems into a format that allows key management data to be easily understood and tracked on a continual, instantaneous basis. Has your bank used a dashboard?

The Remedy

Deb Evans, cashier, Bank of Lancaster, $309.02 million-assets, Kilmamock, Va.

We use a web-based product called "Banker's Dashboard." We have had it for a tittle more than two years and love it. It has turned the chore of creating financial reports into a snap--or a dick, actually! It has allowed our managers to see ALCO-type data as often as they wish, and is allowing them to manage our margins more actively and easily.

I am the cashier and use it multiple times daily. All our branch and department managers have access to it and most use it to took at budget variances, plus other various month-to-month and year-to-year comparisons, both MTD and YTD, and both balance sheet and income statements. …

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