Financial services digital transformation

KPMG helps you change faster and more efficiently

Market forces are changing every day presenting new challenges to the future of financial organizations, including banking, investment management, and insurance. KPMG enabled by Workday works with Financial Services organizations to be more agile in delivering all the information you need to stay competitive, and our accelerators let you develop and implement a single solution for finance, HR, analytics, reporting, and planning quickly and efficiently. With KPMG, you can streamline core business processes and improve operational efficiency so your people can make faster, more accurate decisions that ensure you meet the future confidently. Learn more: Get news about our alliance with Workday and listen to our podcast on transforming banking and the capital markets.

Featured Services

Charles Schwab

Hear from our client, Charles Schwab, a leading provider of financial services, on how the KPMG Powered Enterprise tool helped with the success of their implementation.

Video transcript

I'm with Schwab TD Ameritrade. So, I spent the first 20 plus years at TD Ameritrade and as part of the acquisition of Schwab. So, I've been helping them transfer everything over and with our disparate systems, our ERP system that was on 20 year old technology. The fact that your technology is all batch driven. You had no real time data.

You had no drill down capabilities. It was very hard to use the reporting tool unless you were an expert. It just got to be very hard to do your job. We weren't providing value to the organization and that's what we needed to do. We needed to make a change. The reason we selected Workday, we bought into the power of one fully integrated platform across HCM, across finance, in across our planning and forecasting area.

That system is easy to navigate. It's easy to create your own reports. Even I can do it. And that's saying something. And lastly, they wanted to be our partner, and that's what we wanted. We wanted a partner for the long term. We chose KPMG primarily for three reasons. At the beginning, when we were going through the process of looking for a vendor to work with KPMG came to the table with their powered enterprise solution and that was one of the main reasons we picked them.

The second reason we chose KPMG is they emphasized change management and what it would mean for our whole organization. Just not finance, just not HR. But our entire organization. The final reason we chose KPMG was the fact that they were a great partner. They were there with this the whole way. They wanted us to be successful. Our enterprise is unique to what KPMG brings to the table that kept us on track.

It has built in leading practices in there, which helped us with decision making. It reduced the risk to the project, and that is one of the reasons at the very beginning that sold us on KPMG. None of the other vendors that we dealt with had a tool that was anywhere near that. Also, KPMG is not left us at all either.

They check in with us continually and that was huge because they didn't just walk out the door when our project in it, they were on site for six months after until we really had to start concentrating on the Schwab acquisition. We would have not been successful with our implementation without powered enterprise. They have a layer of reporting called PRISM.

That's where you can marry data from another third-party system with the data in your financial system to produce the outcomes that you want to see. They could drill down to the data whether it's a journal entry, whether it's an invoice, whether it's a PO and they can see who did it, how much it was. That was a huge win for our team.

You can't put a value on having one set of data. I can't emphasize that enough. They've been a partner in this thing from the get-go. They wanted us to succeed and the level of effort they put in to help us succeed was tremendous. They were there late nights, Saturdays, Sundays. And it's been a partnership since day one.

Workday and KPMG were invested in our success.

Brown & Brown Insurance

Watch this video to hear how KPMG helped Brown & Brown Insurance maximize the value they got from Workday.

Video transcript

We have no shortage of projects, really good value add projects, having enough people and enough time to get them all done is the real challenge. Brown. Brown is one of the world's largest insurance intermediaries. We are a member of the S&P 500, traded on the New York Stock Exchange, been in business for over 80 years. I'm the chief accounting officer and controller for Brown and Brown So I'm responsible for all technical accounting, SEC reporting, financial planning, analysis, and Treasury work.

We came from a place where we didn't have an ERP. We were working off of spreadsheets and stitching other systems, and it was clear that we couldn't continue on that path.

Talent right now is just such a huge issue for all companies, including Brown and Brown.

Having a solution such as Workday enables us to attract the best talent, give them the tools to feel that they're really adding value to the organization.

We knew we needed expertise and so KPMG was an excellent source of that. The team really understands what we're trying to do in the first 100 days since our go live. We were actually able to close about 120 tickets between incidents and enhancements, which is almost unheard of.

But Brown and Brown, we don't have employees, we have teammates and KPMG is just another teammate. The powered evolution team is like having another set of teammates, so we really don't draw a big distinction. They're aligned to our goals. They're part of our team. And so, the relationship with KPMG has just been fantastic. Workday has helped us dramatically close the gap on our financial close process as a publicly traded company.

We used to get very close to the SCC reporting deadline and now we effectively file our assessing document the day after we release earnings on our quarter closes. It's really helped us so we can do the analytics. We need to have the confidence in our numbers before we go to the street and file. We're talking to KPMG now about doing a reevaluation.

Some of the configuration decisions we've made to make sure that we are absolutely maximizing the value we get out of Workday today. And so, they're in a great position as our support partner to go through that journey with us and really recommend configuration changes to get the maximum value. The next thing is, now that we're on HCM, how do we couple the HCM data with the finance data to make better decisions?

People is what drives the value that Brown and Brown delivers for our customers. And so, we need to get a lot better at analyzing that data and driving correlations between the activity our teammates participate in and the results that we get from.

Pan-American Life Insurance Group

Hear from our client, Pan-American Life Insurance Group about their Workday implementation.

Video transcript

Pan American life serves the accident life and health insurance needs of individuals and businesses throughout the Americas.

Over the last decade we've grown in size. We originally serviced eight countries.

We're now 22 and we tripled in terms of top line and bottom-line growth so one of the challenges we're facing is our back-office operations need to catch up to that period of growth and to prepare us for the future.

We also have a number of countries that have IFRS filing responsibility so we're preparing fire for 17 and then lastly then with the pandemic that's really caused us to go back and accelerate our digital initiatives and to improve the resilience of our capabilities with the research that we've done with Workday they proved to be best practice in terms of Gartner research that we relied upon and I think also too client experience that we've tapped into I think helped us quite a bit in in choosing Workday.

With Workday financials we will implement that company wide as we continue to grow through activity to integrate those businesses in our platform will be much accelerated and then we expect to gain significant operational efficiencies just by having common operating platforms throughout our enterprise.

It's going to save us so much time and improve the efficiency of our of really the finance services that we deliver to the organization really all users throughout the organization just can't wait uh for us to get on.

Workday KPMG has been a great partner so far, they've been very collaborative they've helped us work through various implementation approaches, but I think one of the things that we're really leaning on is kind of the structure that they have.

They've done this many times before with other clients and so that experience is very useful for us the powered enterprise solution that KPMG provides we're leaning very heavily on that we want to leverage the best practice capabilities that are really built into Workday and we see this partnership with KPMG as being very helpful for us to deliver that their experience is going to be key for us in order to get our people to see a different way of doing business and we see that that's going to be the key for our success with this implementation with Workday.

We see significant synergy opportunities from really leveraging all of the capabilities within the solution and we're growing it over time. I mean we started with HCM this last year we implemented it adapted for planning and now with birthday financials and they will continue to evaluate other solutions and to see how to gain you know greater efficiencies as we continue to expand the use of Workday in the enterprise.

The pandemic clearly changed the way that we approached the implementation with adaptive Workday and KPMG were really great with really working in a virtual setting with us. We were able to implement adaptive really in 90 days and use that for our 2021 planning process. It's not you know really what we would want to have happen, but we've made it work and it's worked really well so far.

Contact us

Antonio Alejo

Antonio Alejo

Principal, Advisory, Enterprise Solutions, KPMG US

+1 312-665-2134