CASE STUDY
Excel to Excellence: Modernising FSCS Regulatory Reporting in Building Societies
Overcoming FSCS SCV reporting challenges: A building society’s digital transformation story.
Client Background
The client is a UK building society using Excel for FSCS Single Customer View (SCV) reporting. Increasing data volumes, complex regulations, and manual processes created challenges in data accuracy, meeting deadlines, and ensuring compliance. Macro Global emerged as a saviour for building societies to tackle these issues.
Challenges Faced
- Data Management Issues: Data silos, inaccuracies, inconsistencies, and security risks hindered efficient SCV reporting.
- Regulatory Compliance Difficulties: Meeting deadlines, minimising errors, and adapting to changing regulations were challenging.
- Scalability Limitations: Excel struggled with increasing data volumes, integration, and performance.
Solutions Implemented
- Macro Global’s FSCS SCV Enterprise Solution Suite was implemented.
- The SCV Forza platform automates data collection, cleansing, structuring, enrichment, validation, and transformation.
- SCV Alliance provides audit and screening capabilities with over 175 checkpoints.
Results Obtained
- Enhanced data management with improved quality, reduced errors, and streamlined consolidation.
- Improved regulatory compliance through timely and accurate reporting, and enhanced auditability.
- Increased efficiency with automated processes, reduced manual effort, and accelerated report generation.
- Enhanced decision-making through advanced analytics and user-friendly dashboards.
- Mitigated risks with reduced key-man risk and strengthened data security.
