Effective data management assured revenue for financial institute

Reiknistofa bankanna

Effective data management can assure revenue and increase customer satisfaction.


This is a use-case story about how Reiknistofa Bankanna (RB) are using exMon to assure revenue, avoid fees – a bonus increased efficiency and customer satisfaction


RB is the shared services of the Icelandic financial industry, owned by retail banks

Aron Óttar Traustason comes with a background as Head of FP&A and before that, Financial Controller, but recently he took over as Director of Finance in RB.



RB started using exMon for process management and data quality assurance. This made sure data flows were correct. And now uses exMon to orchestrate all data flows in RB regarding financial data.

For example data from and in Navision, Jira and custom systems regarding customer consumptions.


Data flows are scheduled and up to date every day, but business users can refresh the data ad-hoc with exMon. For example, when something timely is updated in Jira, they can refresh their Power BI reports themselves creating smoother processes and usability.



exMon for improved efficiency in business

Like any other business, RB did also experience a backlog of unapproved expenses and invoices, which should be segregated and approved by several people.

exMon now automatically monitors and gives notice when;

    1. Invoices are close to the due date, but not been approved
    2. Unusual invoices
    3. Helps with the segregation of duties (not the same person approves the lines and the headers for larger invoices)

These controls have helped them reduce overdraft fees.


Assuring revenue and customer satisfaction

RB sell a lot of pay-per-use services. But experienced discrepancies between actual usage and the invoiced amount. exMon automatically compares, what is supposed to be invoiced vs the actual invoices after they are formed, but before they are scheduled and sent out.

This has helped increase customer satisfaction by reducing incorrect invoices and reducing revenue leakage.

The controls set up are;

    1. Some controls are looking at metered usage against invoice
    2. Others are looking at metered usage and seeing if there is an actual agreement related to that 

Aron explains; "I now have the peace of mind to know that exMon has scanned all our data, making sure it's correct, according to the set standards and controls. This increases trust in reports and enables faster decisions."

About other uses of exMon for more efficient business processes, Aron continues; "If I didn't have exMon it would mean lots of manual work searching for errors, analysing for lost revenue and trust issues within the organisation. We need to build trust in our data with our owners and auditors. When one's data and reporting are correct it is easier to build a trusted relationship with them."



Affiliate partnerWould you recommend exMon?

When asked if Aron would recommend exMon to others, he replied with a sum up; 

"With exMon I have the peace of mind to know that our data has been validated, making sure it’s correct and up to date, according to set standards and controls. exMon has replaced a lot of manual work and enables faster decisions. With accurate data and reporting, we are able to maximize value.”