Eika Boligkreditt

Reporting taken to a new level

Investment managers discussing current investments
With PORTMAN, we have undisputedly increased our ability to pull data and create reports at a whole new level
Henrik Bråten, Head of middle office at Eika Boligkreditt

When the Norwegian company Eika Boligkreditt decided to look for a new investment management solution, multiple requirements were established. Fundamentally, it should ensure good ALM (Asset Liability Management) and management of the financial instruments, but Eika also had two additional overall objectives: the internal reporting solutions should be made more efficient within the organisation, and the level of support and collaboration with the new partners should increase significantly. Both are achieved with PORTMAN.

Almost five years ago, Eika Boligkreditt decided that a new investment management solution was needed.

They chose the PORTMAN solution by Vitec Aloc. This was not only because it is a modular standard solution, in which you only pay for the functionalities you need. Nor was it only because the running, maintenance and upgrading of the system requires minimal resources. The most essential reason was the desire to achieve stronger and closer collaboration, as the supplier from the USA was exchanged for a supplier ‘just around the corner’.

“We were in a situation where we felt we were stuck in a system in which we were the little fish in a gigantic ocean. This meant long support hours and limited possibility for business development”, explains Henrik Bråten, Head of middle office with system responsibility for Eika Boligkreditt’s PORTMAN solution.

Open and honest dialogue about development

Because PORTMAN is a modular standard solution, it is relatively easy to use. However, as no two organisations are identical, Eika Boligkreditt had, like everyone else, their own functionality requirements.

“From the very start, we experienced an open dialogue in which we were taken seriously”, says Henrik Bråten, who continues:

The PORTMAN solution was not a plug-and-play solution for us, but Vitec Aloc is very accommodating as they continuously develop the solution and ensure that the functionalities we need are developed and integrated into the solution
Henrik Bråten, Head of middle office at Eika Boligkreditt

Reporting raised to a new level

One of the overall objectives of Eika Boligkreditt was to make the internal reporting solutions within the organisation more efficient. Henrik Bråten can now tick this box.

It has been possible to connect PORTMAN directly to Eika Boligkreditt’s other systems, such as the BI systems. This has made it easier to run performance measurements, risk control, and management- and account reporting.

“With PORTMAN, we have undisputedly increased our ability to pull data and create reports at a whole new level”, says Henrik Bråten.

Collaboration based on trust

To be able to continuously support Eika Boligkreditt’s strategy and business requirements, there is a need for close collaboration. Therefore, in addition to the daily contact, several annual meetings are also held in either Oslo or Odense.

Even though this close communication is crucial for Henrik Bråten, he points to another aspect when he describes the essence of the co­llaboration between Vitec Aloc and Eika Boligkreditt.

“Vitec Aloc is a very client-friendly and service-minded organisation, and we get all the qualified support we could wish for. We work closely together on a daily basis, and we meet often, which has created a relationship built on a high degree of trust”, says Henrik Bråten, who asserts: “this mutual trust ensures that, if there is anything that needs discussing, it certainly gets discussed”.

Is everything really perfect?
Whenever you change to something new, there will always be certain teething problems. This is also the case here.

“We still have employees who say that the user interface was better in the old days. However, Vitec Aloc was aware of this and has recently launched a new user interface, which is in the process of being rolled out.”

“And, of course, sometimes I feel that the distance from idea to development and, finally, to production can feel a bit long – however, the quality is high. When this happens, it is something we make clear, and this is only made possible thanks to our good collaboration”, says Henrik Bråten.

Reinforced internal processes

Eika Boligkreditt continually and consistently works to make internal processes more efficient with greater quality assurance. This is because increased efficiency gives better risk control and releases time that can be otherwise used on strategic contributions. One way in which this is achieved is via an annual workshop, which is hosted by Vitec Aloc. The workshop in Oslo lasts a whole day, and a question framework from Vitec Aloc serves as the basis for the workshop, in which improvement possibilities are identified. Henrik Båten concludes: 

There is no doubt that the collaboration has helped to make our processes more efficient. For example, we now spend considerably less time on accounting – time we can instead devote to actually developing the business
Henrik Bråten, Head of middle office at Eika Boligkreditt

About Eika Boligkreditt
Eika Boligkreditt is owned by 62 local Norwegian banks and OBOS, which makes them the third-largest bank group in Norway, with 200 branches and more than 3,000 employees. With a high collateral rating from the rating bureau Moody’s, Eika Boligkreditt ranks as the second-best of more than 200 bond issuers concerning the quality of collateral.

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