Commerzbank has implemented a series of SAP HANA-based solutions in a bid to digitally transform its operations with connected line-of-business transactions, simplified closing processes and regulatory compliance.
Commerzbank is one of the largest banks in Germany, with €533 billion in assets and 51,300 employees worldwide.
The bank is now running more than 70 per cent of its balance sheet on SAP Bank Analyzer and SAP Accounting for Financial Instruments. As a result, Commerzbank is closing its monthly books significantly faster, and has digitised production for all lines of business, including retail, commercial and investment banking. This enables continual compliance with German GAAP and International Financial Reporting Standards (IFRS) regulations.
“On the background of a constantly changing regulatory environment, it has become increasingly important to maintain consistent accounting data for reporting across global regions and lines of business,” said Frank Annuscheit, chief operating officer, Commerzbank. “SAP is supporting Commerzbank in fostering a digital business model that helps us gain efficiencies.”
By enabling the processing of massive quantities of data and delivering reports in real time, the SAP helps the bank satisfy the requirements of regulators, including providing regular reports to bodies such as the European Banking Authority, BAFin, and Deutsche Bundesbank.
“The scalability and processing power of SAP HANA are huge for multinational corporations like Commerzbank, which have to cater to many different audiences at the same time,” said Luka Mucic, member of the Executive Board of SAP SE, chief financial officer and chief operating officer, SAP SE. “The digital transformation goals of large banks demand comprehensive solutions that address a multitude of requirements across the entire organisation.”