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SAP MDG F for Banks, Financial Services and Insurance

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Need for SAP MDG Finance
(MDG – F)

Data is collected from various banking systems in the BFSI sector (banks, financial services and Insurance) and is scattered across different business units. Therefore, the need of the hour is a single unified view of the data for better operational capabilities with the right governance mechanism in place.

This is where SAP MDG Finance for master data governance of banks (MDG bank), Insurance (MDG Insurance) and Financial services steps in, facilitating an integrated, central robust data management and governance framework.

LMTEQ provides expert consulting and implementation services on SAP MDG Finance (MDG F).


Challenges faced by

BFSI sector

Banks, Insurance companies and financial service providers are constantly facing challenges with respect to irregularities in financial master data, manual workflows in a heterogeneous system landscape, data standards and policies, meeting complex regulation standards, transparency in audit trails and managing time-independent data provisioning.

Due to these issues, apart from operational efficiency getting affected, a gap will arise in the inputs needed for financial statements. That, in turn will have an adverse effect on evaluations and subsequent manual adjustments. Hence, it is imperative for the BFSI sector to improve operational efficiency, compliance norms, planning and analysis using SAP banking solutions.

SAP MDG – F

SAP Master Data Governance Finance (MDG F) helps in the central maintenance and governance of a broad range of financial master data providing the BFSI sector with SAP banking solutions (which includes MDG Bank, MDG Insurance etc).

We, at LMTEQ provide you complete support and services in the implementation of SAP MDG F accounting, controlling and consolidation objects such as

01

Standard and group chart of accounts

02

G/L accounts

03

Profit centers

04

Cost centers

05

Associated hierarchies of profit and cost centers

Benefits of using SAP MDG - F

Features of SAP MDG - F

01

Consolidation of Financial master data with financial data of subsidiaries

02

Tracking of the change processes

03

Time based versioning enabling transparency, traceability and editions in audit trails

04

Mapping between company and operative standard charts of accounts

05

Complete compliance with legal requirements

06

Provision for usage of existing SAP ERP objects and data structures

07

Highly engaging, best in class user interface

Are you prepared to embark on a transformative journey?

Contact us to find out how LMTEQ’s Salesforce Implementation Services can revolutionize the marketing and sales approaches of your organization