{"id":37934,"date":"2024-12-17T22:24:43","date_gmt":"2024-12-17T22:24:43","guid":{"rendered":"https:\/\/www.trintech.com\/?post_type=case-study&p=37934"},"modified":"2025-06-05T14:26:09","modified_gmt":"2025-06-05T14:26:09","slug":"first-federal-bank-achieves-an-efficient-accurate-financial-close-greater-employee-satisfaction","status":"publish","type":"case-study","link":"https:\/\/www.trintech.com\/case-study\/first-federal-bank-achieves-an-efficient-accurate-financial-close-greater-employee-satisfaction\/","title":{"rendered":"First Federal Bank Achieves an Efficient, Accurate Financial Close & Greater Employee Satisfaction"},"content":{"rendered":"
\n\t
\n
\n
\n

First Federal Bank Achieves an Efficient, Accurate Financial Close & Greater Employee Satisfaction<\/h1>\n

Case Study<\/p>\n <\/div>\n

\n

Share<\/h2>\n
\n \n Email<\/span><\/span>\n <\/a>\n Twitter<\/span><\/span><\/a>\n Facebook<\/span><\/span><\/a>\n Linkedin<\/span><\/span><\/a>\n<\/div> <\/div>\n <\/div>\n\n \n\t<\/div>\n<\/div>\n\n\n\n

Business Drivers to Automate<\/h2>\n\n\n\n

When First Federal Bank acquired several financial organizations in quick succession, transactions skyrocketed. The bank grew from $500 million to $2 billion in assets and from nine branches to 24 branches. The burden of manual reconciliation processes became overwhelming, and the accounting team worked many extra hours just to keep up. Timeliness, data accuracy and exception management suffered, as did the overworked accounting team. So, the bank implemented Frontier by Trintech.<\/p>\n\n\n\n

Brooke Hand, SVP and controller, said, \u201cOur bank thrives on its positive culture and strong focus on customers and employees. The tremendous effort it took to reconcile accounts using manual processes was not aligned with our approach. It was not efficient or effective for employees to spend so many manual hours on the financial close, when technological solutions exist.\u201d<\/p>\n\n\n\n

Reconciling accounts manually and rekeying data left the bank vulnerable to errors, inaccurate data and even fraud. Exceptions took months to research. Using Excel spreadsheets \u201crequired countless hours\u201d to reconcile accounts, Hand said. \u201cEvery balance sheet for every account had to be manually signed off.\u201d<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

\n
\n \"Woman\n\n
\n \n \n <\/svg>\n\n
\n

Now we can see the matches immediately and resolve exceptions much faster, in weeks instead of months.\u201d <\/p>\n <\/blockquote>\n\n

\n Brooke Hand<\/span>\n \n SVP and Controller<\/span>\n <\/figcaption>\n\n <\/figure>\n <\/div>\n\n
\n
\n\n

Finding Frontier by Trintech<\/h2>\n\n\n\n

When the bank decided to automate reconciliation, Frontier was a front-runner. But it wasn\u2019t until Hand went to see a bank using Frontier in person that she knew Frontier was the right solution to meet the bank\u2019s reconciliation challenges.<\/p>\n\n\n\n

Seeing Frontier in use at another bank allowed her to see how implementing the solution would lead to lower risk and higher productivity.<\/p>\n\n<\/div>\n <\/div>\n<\/div>\n\n\n

\n
\n \"banking\n\n
\n \n \n <\/svg>\n\n
\n

\u201cWe wanted a life outside accounting, and with Frontier, we got our lives back. It\u2019s a great system. Overall, it\u2019s been a smart decision to automate reconciliation, and we want to continue automating to recognize additional benefits.”<\/p>\n <\/blockquote>\n\n

\n Brooke Hand<\/span>\n \n SVP and Controller<\/span>\n <\/figcaption>\n\n <\/figure>\n <\/div>\n\n
\n
\n\n

Solution in Action<\/h2>\n\n\n\n

Frontier forms a complete picture of account reconciliation across the organization that makes exceptions instantly visible and reduces or eliminates manual intervention. It minimizes the risk of financial misstatements with transaction-level matching and a full audit trail, driving a faster and more accurate financial close.<\/p>\n\n\n\n

With the help of Frontier consultants during a 5-week implementation, the bank set up all daily accounts for automated reconciliation on Frontier, including cash, ACH, ATM, Federal Reserve, daily loan, deposit and savings accounts. Files are imported from the bank\u2019s core.<\/p>\n\n\n\n

\u201cReconciling the daily accounts helps facilitate a timely and accurate financial close,\u201d Hand said. \u201cNow we can see the matches immediately and resolve exceptions much faster, in weeks instead of months.\u201d<\/p>\n\n\n\n

The segregation of duties in Frontier means no opportunity for data manipulation. \u201cThe auditors like that. From an auditor\u2019s perspective, it\u2019s much better than spreadsheets,\u201d Hand added.<\/p>\n\n\n\n

Although the accounting department still has eight employees working on reconciliations, they enjoy the efficiencies created and split their time with more value-added responsibilities.<\/p>\n\n\n\n

<\/p>\n\n<\/div>\n <\/div>\n<\/div>\n\n

\n
\n
\n
\n\n
\n
\n

Read the Full Case Study<\/h2>\n\n\n\n

Discover key insights and actionable strategies by downloading our full case study.<\/p>\n\n\n\n

\n
Download Case Study<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n
\n

See Trintech in Action<\/h2>\n\n\n\n

Seeing is believing. Discover why Trintech is the real leader in financial close automation.<\/p>\n\n\n\n

\n
Book a Demo <\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Business Drivers to Automate When First Federal Bank acquired several financial organizations in quick succession, transactions skyrocketed. The bank grew from $500 million to $2 billion in assets and from nine branches to 24 branches. The burden of manual reconciliation processes became overwhelming, and the accounting team worked many extra hours just to keep up. Timeliness, data accuracy and exception management suffered, as did the overworked accounting team. So, the bank implemented Frontier by Trintech. Brooke Hand, SVP and controller, said, \u201cOur bank thrives on its positive culture and strong focus on customers and employees. The tremendous effort it took to reconcile accounts using manual processes was not aligned with …<\/p>\n","protected":false},"featured_media":37952,"template":"","topic":[69,734,64,71,67,74],"product":[214,662,238],"class_list":["post-37934","case-study","type-case-study","status-publish","has-post-thumbnail","hentry","topic-account-reconciliation","topic-erp-integration","topic-financial-close","topic-improve-visibility","topic-increase-efficiency-effectiveness","topic-risk-management","product-erp-sap","product-frontier","product-banking"],"acf":[],"lang":"en","translations":{"en":37934},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/case-study\/37934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/case-study"}],"about":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/types\/case-study"}],"version-history":[{"count":0,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/case-study\/37934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/media\/37952"}],"wp:attachment":[{"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/media?parent=37934"}],"wp:term":[{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/topic?post=37934"},{"taxonomy":"product","embeddable":true,"href":"https:\/\/www.trintech.com\/wp-json\/wp\/v2\/product?post=37934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}