Why Financial Institutions Need Custom Reporting Tools

Automating data preparation and reporting allows teams to free up time for deeper financial analysis and more strategic decision-making.

Financial institutions manage enormous volumes of data every day. Spreadsheets, siloed systems, and outdated reporting software often slow decision-making, increase the risk of errors, and make compliance harder to achieve. 

In a sector where precision and speed are critical, these methods fall short.

By streamlining financial reporting and enabling data-driven decision making, organizations can forecast more accurately, manage risk proactively, and improve operational efficiency.

Why Traditional Reporting Tools Fall Short in Finance

Financial reporting in banks, credit unions, and investment firms goes beyond producing statements. It requires monitoring liquidity, consolidating data across multiple systems, and ensuring strict regulatory compliance.

Traditional methods struggle with:

• Manual processes that consume excessive time.
• Fragmented data across ERP, CRM, and core banking platforms.
• Limited visibility for decision-makers.
• Higher compliance risks due to errors and outdated reports.

According to Vena Solutions, FP&A professionals in traditional finance setups are spending about 77% of their time gathering data and managing the FP&A process, leaving only roughly 23% of their time for high-value analysis.

How Custom Reporting Tools Drive Efficiency and Accuracy

Custom BI solutions bring automation, integration, and flexibility to reporting. With business intelligence dashboards and financial reporting automation, institutions can:

• Generate automated financial reporting that reduces errors.
• Access real-time financial insights for faster decisions.
• Improve compliance with audit-ready reporting.
• Simplify complex statements with financial data visualization.

By replacing manual processes with intelligent automation, financial institutions gain time back for strategy and innovation.

How Genesis BI Elevates Financial Institutions

Genesis BI is Codence’s advanced reporting and analytics platform built for finance leaders. It transforms complex financial data into meaningful, actionable insights.

Real-Time Data Integration

Genesis BI consolidates information from multiple systems, ensuring leaders see the full story behind their numbers with real-time accuracy. 

This eliminates blind spots and provides a unified view of the organization’s financial health.

Automated Financial Reporting

Automation eliminates repetitive manual work. Teams generate consistent, audit-ready reports in minutes instead of hours, reducing human error and freeing professionals to focus on analysis rather than preparation.

Role-Based Access and Data Security

With role-based data access, finance, operations, and compliance teams see exactly what they need, protecting sensitive information while supporting collaboration. 

This ensures both efficiency and adherence to regulatory standards.

Scalable and Future-Ready

As organizations grow and regulatory demands evolve, Genesis BI scales effortlessly. 

Its flexible architecture supports new data sources, advanced analytics, and emerging technologies, ensuring institutions remain agile in a rapidly changing market.

By combining automation, predictive intelligence, and enterprise-grade security, Genesis BI empowers financial institutions to move beyond reporting and embrace data-driven strategy.

Read more: Genesis BI: Transforming Business Insights

Steps to Implement Custom Reporting Tools

Adopting BI is not just about technology. It requires a roadmap:

1. Data Mapping: Identify key data sources across financial systems and ensure consistency in definitions, so reports are accurate and reliable.
2. Integration: Connect ERP, CRM, and core banking platforms to create a single source of truth and eliminate silos.
3. Dashboard Customization: Tailor BI dashboards to reflect business-specific KPIs, allowing stakeholders to track performance in real time.
4. User Training: Empower finance and business teams with hands-on training, so they can extract insights without relying solely on IT.
5. Continuous Monitoring: Regularly review dashboards and KPIs to adapt to evolving business priorities, compliance requirements, and market changes.

When executed properly, this roadmap transforms BI from a simple reporting tool into a strategic enabler of decision-making. 

Finance teams move beyond manual processes, gaining the agility to deliver forward-looking insights that guide growth and competitiveness.

Why Codence Is the Ideal Partner

Codence combines deep expertise in Claris FileMaker with years of experience helping financial organizations modernize reporting. 

Unlike off-the-shelf software, we design custom BI solutions aligned with your workflows.

Our advantages include:

• Proven expertise as a Claris Platinum Partner.
• Custom-built solutions tailored to financial operations.
• Secure, flexible integrations with ERP and financial platforms.
• Ongoing support to evolve with regulatory and business needs.

With Genesis BI, your institution gains clarity, compliance, and a platform for smarter, faster decisions.

Read more: How Genesis BI Dashboard Improves Manufacturing Analytics

Ready to Transform Financial Reporting?

Legacy tools can no longer keep up with the demands of modern finance. Custom reporting tools for financial institutions unlock the ability to simplify data, improve forecasting, and strengthen compliance.

Codence helps leaders take control of their reporting strategy.

Request a consultation to discover how Genesis BI can transform your financial operations.