Workday for Financial Services: Features, Benefits & Costs

Workday for Financial Services

Workday is a cloud-native (SaaS) ERP solution from Workday that provides financial services companies with the tools they need to streamline operations, improve efficiency, and drive growth. With capabilities spanning Financial Management, Human Capital Management, Payroll, Workforce Planning, and more, Workday addresses the unique challenges facing today's financial services organizations.

Financial Services companies face increasing pressure around regulatory compliance and reporting requirements, risk management and fraud prevention, digital transformation and fintech competition. Workday provides purpose-built functionality to help organizations overcome these challenges while maintaining compliance with standards such as SOX, Basel III, Dodd-Frank.

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Key Features and Modules for Financial Services

Workday offers a comprehensive set of features tailored for financial services operations:

1. General ledger: Workday provides robust general ledger capabilities that help financial services organizations manage their general ledger processes more effectively, with real-time visibility and automation to reduce manual effort.

2. Regulatory reporting: Workday provides robust regulatory reporting capabilities that help financial services organizations manage their regulatory reporting processes more effectively, with real-time visibility and automation to reduce manual effort.

3. Risk management: Workday provides robust risk management capabilities that help financial services organizations manage their risk management processes more effectively, with real-time visibility and automation to reduce manual effort.

4. Multi-entity consolidation: Workday provides robust multi-entity consolidation capabilities that help financial services organizations manage their multi-entity consolidation processes more effectively, with real-time visibility and automation to reduce manual effort.

5. Compliance management: Workday provides robust compliance management capabilities that help financial services organizations manage their compliance management processes more effectively, with real-time visibility and automation to reduce manual effort.

Beyond these core modules, Workday offers unified platform for finance and HR, machine learning and AI-powered analytics, and continuous updates with zero downtime to provide a complete solution for financial services businesses.

Benefits for Financial Services Companies

Implementing Workday can deliver significant benefits for financial services organizations:

1. Automated regulatory compliance and reporting: Workday's integrated platform ensures that financial services companies can achieve automated regulatory compliance and reporting, reducing inefficiencies and improving overall performance.

2. Multi-entity consolidation with real-time visibility: Workday's integrated platform ensures that financial services companies can achieve multi-entity consolidation with real-time visibility, reducing inefficiencies and improving overall performance.

3. Integrated risk management and audit trails: Workday's integrated platform ensures that financial services companies can achieve integrated risk management and audit trails, reducing inefficiencies and improving overall performance.

4. Streamlined financial close processes: Workday's integrated platform ensures that financial services companies can achieve streamlined financial close processes, reducing inefficiencies and improving overall performance.

5. Robust data security and access controls: Workday's integrated platform ensures that financial services companies can achieve robust data security and access controls, reducing inefficiencies and improving overall performance.

Ready to evaluate Workday for your financial services business? Get a personalized pricing estimate based on your specific requirements, or connect with a certified implementation partner who specializes in financial services.

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Implementation Considerations

When implementing Workday for a financial services organization, there are several important factors to consider:

• Timeline: A typical Workday implementation for financial services companies takes 3–12 months, depending on the scope of modules deployed and degree of customization required.

• Data migration: Financial Services organizations often have complex data structures spanning general ledger, regulatory reporting, risk management that must be carefully mapped and migrated to Workday.

• Regulatory compliance: With financial services regulations including SOX and Basel III, the implementation must ensure all compliance requirements are configured from day one.

• Change management: Training and change management are critical for adoption. Workday's modern interface and guided workflows can help ease the transition for end users.

• Integration requirements: Most financial services companies need Workday to integrate with existing systems. Workday supports this through open APIs and pre-built connectors, though integration complexity should be scoped early.

Pricing and Cost Considerations

Workday pricing for financial services companies requires custom quote, enterprise-level pricing. The total cost of ownership depends on:

• User count and licensing: $100–$300+/user/month for Financial Management
• Modules selected: Financial Services-specific modules such as general ledger, regulatory reporting, risk management may require additional licensing
• Implementation services: Professional services for configuration, customization, data migration, and training
• Ongoing costs: Annual maintenance, support, and cloud hosting fees

For a detailed cost estimate tailored to your financial services requirements, get a custom Workday pricing quote.

Why Choose Workday for Financial Services?

Workday stands out as a strong ERP solution for financial services companies for several key reasons:

• Unified platform for finance and HR helps financial services organizations gain a competitive edge
• Machine learning and AI-powered analytics ensures smooth end-to-end operations
• Strong workforce planning and analytics supports growth and geographic expansion
• Industry-specific functionality for general ledger, regulatory reporting, risk management addresses the unique needs of financial services businesses
• Compliance with SOX and Basel III is built into the platform

Get Started with Workday for Financial Services

Ready to move forward? Here are your recommended next steps:

• Get Workday Pricing — Receive a personalized cost estimate based on your financial services requirements
• Compare Workday — See how Workday compares to other ERP solutions for financial services
• Define Your ERP Requirements — Use our free tool to build your financial services ERP requirements checklist

Frequently Asked Questions

What is Workday for Financial Services?

Workday for Financial Services is a cloud-native (SaaS) ERP solution designed to help financial services organizations manage their core business processes including general ledger, regulatory reporting, risk management, multi-entity consolidation. It is developed by Workday and is widely used by financial services companies ranging from mid-size businesses to large enterprises.

How much does Workday cost for financial services companies?

Workday pricing for financial services organizations requires custom quote, enterprise-level pricing. Total cost depends on the number of users, modules selected (such as general ledger and regulatory reporting), and implementation requirements. Get a personalized Workday quote for your financial services organization.

How long does it take to implement Workday in a financial services organization?

Implementation timelines for Workday in financial services typically range from 3 to 12 months, depending on the complexity of operations, number of modules, and extent of customization required. A phased approach is often recommended to reduce risk and accelerate time to value.

Does Workday support SOX compliance?

Yes, Workday includes features and configurations that support compliance with SOX, Basel III, Dodd-Frank. The platform provides audit trails, reporting tools, and process controls that help financial services organizations meet their regulatory obligations. Implementation partners can further customize compliance workflows to match specific requirements.

Can Workday integrate with other financial services systems?

Workday offers robust integration capabilities through APIs, middleware, and pre-built connectors that enable connectivity with other financial services systems including specialized general ledger software, risk management platforms, and third-party applications. This ensures financial services companies can maintain a connected technology ecosystem.

What are the main benefits of Workday for financial services companies?

The primary benefits of Workday for financial services companies include automated regulatory compliance and reporting, multi-entity consolidation with real-time visibility, and integrated risk management and audit trails. The platform also provides unified platform for finance and HR and machine learning and AI-powered analytics to help financial services organizations improve operational efficiency and drive growth.