Business Objects Helps Zions Bancorporation Improve Return On Investment
Business Objects Enterprise Performance Management Solutions Helps Financial Institution Enhance Its Strategic Planning, Budgeting, and Forecasting
SAN JOSE, Calif. and PARIS - Sept. 12, 2006 - Business Objects (Nasdaq: BOBJ; Euronext Paris ISIN code: FR0004026250 – BOB), the world's leading provider of business intelligence (BI) solutions, today announced that Zions Bancorporation (Nasdaq: ZION) has selected Business Objects for enterprise performance management and business intelligence. Zions is using Business Objects enterprise performance management (EPM) software to help the company efficiently create and evaluate strategic initiatives, develop accurate budgets and forecasts, measure performance, and analyze results. Zions is now in the process of upgrading to the new version of Business Objects EPM Solutions and deploying BusinessObjects™ XI Release 2.
Zions operates more than 450 full-service banking offices and 500 ATMs in 10 western states, and has over $45 billion in assets. Zions owns eight separate banks in fast growth markets, allowing the community banks to operate independently. Using Business Objects budgeting, reporting, and strategic applications for Financial Institutions, Zions has streamlined the budgeting and forecasting process for both the company's corporate office and its affiliate banks. Zions can now produce two semi annual strategic plans, as well as a bottom-up cost center budget, in less time that it used to take to do a single bottom-up budget. With Business Objects performance reporting, Zions can also quickly determine the profitability of its loans and see where and when there are pricing problems.
By radically shrinking its budgeting and reporting cycles, Zions has been able to develop long-term strategic financial plans for the first time - resulting in a significant return on investment for the company. For example, one strategic plan Zions formulated using Business Objects contributed to the justification and supporting regulatory and rating agency documentation for a large merger. This financial plan bolstered the confidence of various internal and external stakeholders, and enabled the company to minimize the cost of debt to finance the merger - saving the company nearly $30 million in funding costs over the next ten years.
"The ease of use and customization for the banking industry provided by the Business Objects EPM software made it the most attractive solution for our planning, budgeting, forecasting, and consolidations needs," said H. Walter Young, senior vice president and manager of corporate finance at Zions Bancorporation. "By using Business Objects software, management throughout our organization is better informed. We have had a significant increase in forecasting capabilities and have shortened our budgeting cycle, allowing us to provide better information to the investment community in a timely fashion. We have had a large positive ROI from our investment."
Standardizing on Business Objects for an Integrated BI and EPM Solution
To address their needs for a world-class business intelligence platform, Zions has recently standardized on BusinessObjects XI Release 2. The company is also deploying several additional EPM solutions, including BusinessObjects Dashboard Manager, BusinessObjects Performance Manager, and Crystal Xcelsius™. These solutions will enable Zions to expand its use of dashboards, scorecards, and other data visualization methodologies to improve performance. In addition, Zions has purchased BusinessObjects Incentive Compensation Management to streamline and automate the administration of its variable compensation program.
To help Zions tie together data from its disparate data sources, the company is deploying BusinessObjects Data Integrator. The metadata integration between Data Integrator and the Business Objects BI platform will allow Zions to see the impact of source changes and track data to its source.
"We believe that Zions Bancorporation recognizes the importance of having a comprehensive solution that delivers on a broad range of performance management initiatives," said Tom Malone, group vice president and general manager, Planning and Budgeting at Business Objects. "The integration between our BI and enterprise performance management software provides Zions with an innovative solution to track performance, understand the key business drivers affecting the company, and manage their business more effectively. Zions is now able to turn their data into actionable information that serves as a tangible asset to the company."
About Zions Bancorporation
Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions operates its banking businesses under local management teams and community identities through over 450 offices and 500 ATMs in 10 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.
About Business Objects, an SAP company
Business Objects has been a pioneer in business intelligence (BI) since the dawn of the category. Today, as the world's leading BI software company, Business Objects transforms the way the world works through intelligent information. The company helps illuminate understanding and decision-making at more than 46,000 organizations around the globe. Through a combination of innovative technology, global consulting and education services, and the industry's strongest and most diverse partner network, Business Objects enables companies of all sizes to make transformative business decisions based on intelligent, accurate, and timely information.
Business Objects has dual headquarters in San Jose, Calif., and Paris, France. The company's stock is traded on both the Nasdaq (BOBJ) and Euronext Paris (ISIN: FR0004026250 - BOB) stock exchanges. More information about Business Objects can be found at www.businessobjects.com.
Business Objects and the Business Objects logo, BusinessObjects and Crystal Reports are trademarks or registered trademarks of Business Objects in the United States and/or other countries. All other names mentioned herein may be trademarks of their respective owners.
###
The Business Objects logo, BusinessObjects, Crystal Reports, Intelligent Question, and Xcelsius are trademarks or registered trademarks of Business Objects in the United States and/or other countries. All other names mentioned herein may be trademarks of their respective owners.
