Success Story
Client Introduction
A leading US bank operating multiple business lines across loan servicing, finance and accounting, retail services, and e-banking.Problem Statement
- Slow turnaround time and high cost of reconciliation due to the labor-intensive operating model based on manual auditing of physical records
- Hampered execution, backlogs, and delivery snags due to centralized reconciliation of all transactions at a single location
- Limited visibility of transactions due to fragmented processing and lack of reporting dashboard
Solution Offered
A “three-pronged” approach hinged on redesigning the client’s operating model, co-creating the reconciliation process, and deploying an AI-powered reconciliation suite.
Key solution delivered
- Created a flexible commercial model with 50+ in-scope processes across mortgage, consumer lending, F&A, e-banking, and retail services
- Center of excellence for enterprise-grade reconciliation
- Future-state dual operating model for efficient delivery and zero backlogs
- AI reconciliation suite with auto-match rule engine for analysis
- End-to-end transaction management
- SMART dashboard with a 360-degree view of transactions insight
Business Outcomes
- 80,000+ transactions reviewed in 4 months
- 45% optimization in operating costs
- Adherence to the banking regulatory and audit requirements
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