Premium business software maker SAP SE’s SAP SAP HANA platform has been deployed in Commerzbank, one of the biggest banks in Germany, to aid the creation of a modernized digital model conducive to its future growth.
Built on SAP’s most commercially successful platform, SAP HANA business suite, a set of finance and risk solutions has been developed for implementation in Commerzbank. For instance, the SAP Bank Analyzer suite which includes applications like SAP Accounting for Financial Instruments will help Commerzbank to accelerate the pace of closing its monthly books and digitizing the production of business avenues including retail, commercial and investment banking. This has also helped the bank in maintaining compliance with regulations like German GAAP and International Financial Reporting Standards.
Commerzbank, with more than €533 billion in assets, believes its partnership with SAP will revolutionize its operations including connected line-of-business transactions, improving closing processes and adhering to regulatory compliance. Currently, the bank has successfully integrated about 70% of its balance sheet on SAP Bank Analyzer and SAP Accounting for Financial Instruments and is looking forward to eventually transform the remaining operations.
Timely compliance with stringent regulations maneuvered by regulatory authorities like European Banking Authority, BAFin, Deutsche Bundesbank and maintaining consistent accounting data for reporting have become integral for the survival of financial business enterprises based in Europe. This has unlocked significant opportunities for SAP, which possess a solid line of technological offerings like in-memory computing based on the SAP HANA platform, to help financial giants deliver timely reports thereby enhancing customers and regulator satiation.
SAP follows an open ecosystem strategy, which enables it to better leverage its innovation capacity by extending it to partners as well. This drives better customer value, based on respective domain expertise. As the enterprises are inventing new business models and making a transition toward digital businesses processes, SAP is supporting its partners in such transition through continual co-innovations. Also, it has established itself as a trusted partner for business enterprises who seek to transform the entire landscape of their operations including applications, cloud, business networks and platforms.
Despite the company’s continuous customer wins, factors like intensifying competition in the IT industry and inherent seasonality in clients’ technology spending are currently dampening its near-term prospects. Currently, the company holds a Zacks Rank #4 (Sell).
Better-ranked stocks in the industry include Citrix Systems, Inc. CTXS, CommVault Systems, Inc. CVLT and Infoblox Inc. BLOX. All the three stocks carry a Zacks Rank #2 (Buy).
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