KQ Article

Prime Meridian Bank
Tallahassee, Florida

Community banks thrive when everyone from the CEO to the front-line staff understands how their daily decisions affect the bank’s financial position today and tomorrow. It’s a simple concept that is difficult to execute because the information decision- makers need is not always readily available.

Most banks receive monthly financial data from a core processor, but they must use spreadsheets and manual calculations to generate meaningful insight. Plus, the data is typically in a format comprehensible only to financial experts. What banks need most is daily access to their financial information delivered in a way that anyone can easily understand.

This is exactly why Sammie D. Dixon, Jr., CEO and President, and Kathy Jones, CFO, of Prime Meridian Bank in Tallahassee, Florida, were drawn to Banker’s Dashboard, a Web-based community bank management tool that offers instant access to the bank’s complete financial picture. The tool features a user-friendly interface that makes it easy to drill down from a big-picture view to the details behind every data point, and can be securely accessed from any location with Internet connectivity.

“I look at Banker’s Dashboard every morning,” Dixon said. “I can see a daily balance sheet and income statement that shows me any variances from the previous day, so we can strategically manage our bank. I can also view our run rate on interest and see how it is affecting earnings, including drilling down and identifying the reason. I review these numbers daily.”

Putting numbers to work
Faster, easier access to the bank’s financial status is valuable because it can help employees understand how their actions affect performance. Prime Meridian Bank is a testament to the value this knowledge provides.

“Banker’s Dashboard shows our team the impact of one basis point on our net interest margin, which can be eye-opening,” Dixon said. “For example, our team understands that every basis point equates to $10,000 dollars of pretax income; therefore, it’s easy to see why we should try to get 5 or 10 more basis points on each loan, or choose not to give 10 or 20 more basis points on a CD or interest-bearing account. The best part is that Banker’s Dashboard shows how these decisions affect our bottom line on a daily, weekly, monthly and annual basis.”

These are the kinds of choices loan officers and customer service representatives make every day. With the ability to track and view a variety of financial metrics, community bank employees from lenders to the HR team to the front line can use Banker’s Dashboard to gain visibility into the power of their actions.

“It creates accountability and understanding,” Dixon said. “We teach everyone to not just look at the bank from the perspective of your job or your department, but rather to start with the bank as a whole and then drill down. Banker’s Dashboard enables us to do that. It’s presented in a very user-friendly manner. It’s very clear.”

Of particular interest to Dixon and Jones is the ability to view data at the account and branch level, as well as monitor trends, examine historical data and check key performance indicators without having to wait until the end of the month.

“Banker’s Dashboard truly does keep it simple,” Jones said. “It puts the data in a format that makes sense. Instead of focusing on assembling the data, we can concentrate on analyzing the numbers.”

Banker’s Dashboard also makes it easier for Prime Meridian Bank to accomplish frequent tasks. For example, the bank can create a board package with a single click, eliminating the need to compile reports manually. In addition, Banker’s Dashboard creates the ability to forecast, update budgets and produce new plans with little effort.

“We can produce a seven- year forecast, make changes to it, and with one click everything in the forecast is calculated automatically,” Dixon said. “We don’t have to manually reformat cells in a spreadsheet. We can make adjustments and see them in real-time.”

In fact, conversations with regulators and investors flow better with the ability to quickly have updated and real time information, according to Dixon.

“They know that we stay on top of the bank’s financial position at all times, and that instills great confidence,” he said.

Preparing for the future
For Dixon, the appeal of Banker’s Dashboard is strategic. In any financial environment, knowing the bank’s current position is critical to determining its course going forward.

“Gaining visibility to detailed financial data whenever you need it is imperative to understanding where you’re going,” Dixon said. “If you do not have a handle on where you are today, how can you have a handle on where you’re going in the future?  How can you make the right decisions?”

Improve decision-making with daily access to financial information
Banker’s Dashboard is a Web-based community bank management tool that saves time and money by providing instant, daily access to a bank’s total financial picture. This powerful, easy-to-use solution gives senior executives and their management teams quick access to detailed financial information so they can make timely, well-informed decisions that help increase performance and profitable growth.

• Designed for bankers, by bankers. Banker’s Dashboard delivers useful financial information in a format that aligns with how community bankers think. Because it works the way you do, it’s intuitive and easy to understand, even for non-financial staff.
• One tool, extensive capabilities. Take a look and you’ll understand why CEOs around the country say this is one management tool they can’t live without.  You and your entire team can immediately access the data and capabilities you need to run the bank and gain efficiencies in critical areas such as financial reporting and analysis, margin management, budgeting and forecasting, loan pricing and more.
• Up and running in just three days. There’s no technology hassle or software installation. In days, not weeks, you can start each morning with the most current view of your bank’s performance, wherever you have Internet access. The whole process is fast and secure.

Learn more at bankersdashboard.com

_{© 2012 Deluxe Enterprise Operations, Inc.}