A leading US bank operating multiple business lines across loan servicing, finance and accounting, retail services, and e-banking.
- 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
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
- 60,000+ transactions reviewed in 45 days
- 45% optimization in operating costs
- Adherence to the banking regulatory and audit requirements