Case study
Efficiency unlocked: How First Citizens Bank transformed tax operations with ONESOURCE
Read how Thomson Reuters solutions have empowered First Citizens Bank to transform its tax processes — driving efficiency, automation, and compliance.
The need for efficiency in corporate tax compliance
In today’s financial landscape, efficiency and accuracy in tax compliance are critical for large institutions. For First Citizens Bank, managing complex tax obligations across multiple jurisdictions requires tools that reduce manual work and mitigate risk. Compliance is not optional; it’s a cornerstone of trust and stability for a Fortune 500 bank serving diverse clients. Automating tax processes and integrating systems ensures the tax team can meet deadlines, maintain accuracy, and focus on strategic priorities rather than repetitive tasks.
About First Citizens Bank
First Citizens Bank is a Fortune 500 financial institution headquartered in Raleigh, North Carolina, with additional offices in Morristown, Phoenix, and Santa Clara. The bank provides a full range of services for personal, business, commercial, and wealth clients, helping them build financial strength that lasts. What sets First Citizens apart is its family-controlled structure, which fosters long-term stability and a customer-first approach. With a history spanning more than a century, the bank combines traditional values with modern technology to deliver innovative financial solutions while maintaining strong compliance standards.
Implementing ONESOURCE solutions
The bank’s tax team relies on a suite of Thomson Reuters ONESOURCE products. Amanda Kateman, Business Analyst and Vice President of Tax Technology, shares, “We use ONESOURCE Income Tax (OIT), State Apportionment (OSA), Tax Provision (OTP), Uncertain Tax Positions, Calendar, Data Query, and add-ons like Workpapers and OData, which I love.” These tools form the backbone of the bank’s tax operations, enabling compliance across federal and state jurisdictions.
Although these products work efficiently in silos, the team wanted to find an easier way for the products to talk to one another. “When you can just push data from OTP to OIT and so forth, that integration was what we helped streamline,” she explains. By connecting ONESOURCE Tax Provision, Income Tax, and State Apportionment, the team eliminated redundant steps and reduced risk. Add-ons like OData and Data Query further enhanced automation, allowing the team to extract and analyze data seamlessly.
Kateman also leverages the tax technology department’s Tax Warehouse internal database repository that consolidates daily feeds from the general ledger and monthly feeds from the bank’s centralized database that maintains all deposits and loans and mortgages details which are critical to automate the state apportionment data gathering process. “The internal database definitely helps because it pulls from the other systems, it consolidates all the data into one place, and our starting point is OTP. So that’s also helpful,” Kateman notes. This combination of ONESOURCE tools and internal systems created a robust, integrated environment for tax compliance.
“We use ONESOURCE Income Tax (OIT), State Apportionment (OSA), Tax Provision (OTP), Uncertain Tax Positions, Calendar, Data Query, and add-ons like Workpapers and OData, which I love.”
Amanda Kateman
Business Analyst and Vice President of Tax Technology, First Citizens Bank
Measuring success: Efficiency gains and team impact
The results were immediate and measurable. By reducing manual efforts and automating data flows, the team gained valuable time. “Every resource would be working less, it wouldn’t have to work as much,” she adds. The efficiency allowed the team to focus on strategic projects. “We can dig deeper into particular issues or things that we maybe didn’t have time to do in the past,”Kateman says, highlighting the shift from repetitive tasks to higher-value work.
Continuous improvement and collaboration
Kateman emphasizes that ONESOURCE isn’t static — it evolves. “The development of the ONESOURCE products gets better each and every year. I really appreciate that Thomson Reuters is so open to hearing from regular customers on how to improve their software,” she shares. Engagement with Customer Success Managers and participation in user groups ensure that feedback translates into product enhancements. Kateman values these channels for collaboration, noting that they lead to more user-friendly solutions and customizable reports.
Advice for other organizations
For companies considering ONESOURCE, Kateman’s advice is clear. “If I was looking at ONESOURCE products, I would buy the package of OSA, OTP, OIT together for sure. I wouldn’t buy one without the other.” Integration is key to efficiency and risk reduction. She cautions against relying on manual tools like Microsoft Excel, which introduce compliance risks. “Sometimes the implementation can be a lot of work, but once it’s done, once you get through it, it’s good,” Kateman adds, underscoring the long-term benefits of automation.
“Integration is key to efficiency and risk reduction. She cautions against relying on manual tools like Microsoft Excel, which introduce compliance risks. “Sometimes the implementation can be a lot of work, but once it’s done, once you get through it, it’s good.”
Amanda Kateman
Business Analyst and Vice President of Tax Technology, First Citizens Bank
Conclusion: Thomson Reuters and the future of corporate tax
Thomson Reuters ONESOURCE solutions have empowered First Citizens Bank to transform its tax processes, driving efficiency, automation, and compliance. By integrating powerful tools and fostering a culture of continuous improvement, Thomson Reuters enables corporate tax departments to focus on strategic priorities and navigate the complexities of modern tax environments. For First Citizens Bank, the partnership with Thomson Reuters is not just about software, it’s about building a foundation for lasting financial strength and operational excellence.
About Thomson Reuters ONESOURCE
ONESOURCE is the industry’s leading corporate tax technology platform. ONESOURCE enables global tax compliance and accounting decision-making. In over 180 countries, ONESOURCE helps companies stay in compliance, avoid penalties and audits, save time, and increase efficiency through every step of the tax lifecycle, including corporate income tax, indirect tax, property tax, trust tax, tax information reporting, transfer pricing, data management, and internal processes.
At a glance
Industry
Banking & Financial Services
HQ region
Raleigh, North Carolina
Solutions
ONESOURCE Income Tax (OIT), State Apportionment (OSA), Tax Provision (OTP), Uncertain Tax Positions, Calendar, Data Query, and add-ons like Workpapers and OData
Year founded
1898
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