Case Study: First Federal Savings Bank Shortens Close and Audit Timeline with SkyStem ART

First Federal Savings Bank shortens audit timeline with SkyStem ART in 20 hours

First Federal Savings Bank, a bank with approximately $1.5 billion in assets, faced significant challenges with its manual, Excel-based account reconciliation process. This inefficient and decentralized system caused project delays and made it difficult for the accounting team to locate supporting documents during audits, leading to missed deadlines. Seeking to streamline its financial close, the bank selected the ART solution from vendor SkyStem.

SkyStem's ART solution provided a centralized platform that automated reconciliations and electronically stored all supporting documents. The implementation was completed in just 20 hours. The results were substantial: First Federal Savings Bank significantly shortened its external audit timeline, created internal audit efficiencies, and established a standardized monthly close process. The vendor's solution also lowered risk through higher quality reconciliations and provided real-time status reporting.

First Federal Savings Bank