Pennsylvania-based bank joins growing roster of financial institutions using Axiom software to support financial reporting, planning, forecasting, and profitability analysis
CHICAGO – July 22, 2019 – Kaufman Hall, a leading provider of enterprise performance management software, data and management consulting services, announced today that First Commonwealth Bank has joined a growing number of mid-sized U.S. financial institutions implementing Kaufman Hall’s Axiom Financial Institutions Suite. The software will be used to support the bank’s financial reporting, planning, forecasting, and profitability analysis needs.
The bank, which manages $8 billion in total assets and is a wholly owned subsidiary of First Commonwealth Financial Corporation (NYSE: FCF), continues the trend of financial institutions choosing Axiom to become more agile in responding to changing market dynamics and to gain deeper understanding of the drivers that affect their institutions.
“Fundamental changes in the financial industry have put greater pressure on institutions like ours to understand what drives profitability and forecast our short- and long-term performance more effectively,” said Frank Zink, senior vice president of finance at First Commonwealth Bank, who is leading the initiative to implement Axiom. “In evaluating potential partners, we focused on solutions that could support both our overall strategic plan and operational requirements. With Axiom, we gain not only a powerful, enterprise-level system but also a partner and user community focused on innovation and best practices to improve financial performance.”
First Commonwealth Bank is one of a growing list of financial industry wins Kaufman Hall has secured since the beginning of the year.
“First Commonwealth Bank joins a vibrant user community of financial institutions using Axiom solutions,” said Kermit Randa, CEO of Kaufman Hall Software. “Working from a single platform to manage financial performance and analytics has been transformative for our clients and a key tenet to their success. We are thrilled that First Commonwealth Bank has recognized the benefits Axiom brings and has chosen to make it a cornerstone of the organization’s financial future.”
Kaufman Hall’s Axiom Financial Institutions Suite is designed to improve financial processes, helping banks, credit unions and farm credit associations navigate uncertainty, reduce risk, and build insights to approach the future boldly. It delivers solutions for driver-based budgeting, planning, and forecasting; financial and operational reporting and dashboards; accurate funds transfer pricing and profitability analysis; and incentive compensation management—all on a unified platform available in the cloud or on premise. The Axiom Financial Institutions Suite empowers professionals to analyze results, model the future, and optimize organizational decision making.
“Axiom was designed by professionals with extensive experience in finance and financial institutions,” said Ken Levey, vice president, financial institutions software for Kaufman Hall. “Our clients count on the Axiom team to deliver innovative solutions and proven methodologies that drive operational efficiencies, improved profitability and better strategic investments. We are happy to welcome First Commonwealth Bank to the growing roster of institutions who put their trust in Axiom, and look forward to helping them achieve and exceed their financial goals.”
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 135 community banking offices in 22 counties throughout western and central Pennsylvania and throughout Ohio, as well as corporate banking centers in Pittsburgh, Pennsylvania, and Cleveland and Columbus, Ohio. The company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Dublin, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.