Automation of banking processes has transformed industry practices enormously. However, Facilitating efficient business strategic decisions has proven to improve performance and lead busine...
Automation of banking processes has transformed industry practices enormously. However, Facilitating efficient business strategic decisions has proven to improve performance and lead businesses toward the Automated reconciliation process. The top guns of the banking industry are seen to root for automated reconciliation, though there have been a few misconceptions. In this article, we will address the myths about automated banking reconciliation software.
Myth #1 Automation through Banking Reconciliation Software is Expensive: The first myth is reconciliation automation is expensive. Software upgrades do indeed have an initial cost. But it’s not something that you can’t afford.
Therefore, Consider these two things before opting for banking automation software—first, the consequences of continuing with the error-prone manual reconciliation. The second is how automation impacts your business in the long run.
Automation with banking reconciliation software saves time, effort, hefty consultation fees, and overhead employee expenditure. As a result, It also minimizes financial and reputation loss due to errors originating from manual reconciliations.
Myth #2
Our Staff is Not Trained to Use Banking Reconciliation Software
One of the common myths is that bank employees are not trained to use automated banking reconciliation software. However, it has no ground. The truth is banks need minimal training for operating this software.
Leveraging a platform like Ascent AutoRecon® reduces the manual interventions required and brings intuitive and seamless workflow for Operations/Finance and IT users. In other words, with minimal training and guided workflow, the platform converts into self-service ability.
Myth #3
Banking Reconciliation Software Takes Time to Implement
We face quite a challenge due to this third myth that banking reconciliation software implementation is a time-consuming process. People tend to think that automation needs lots of time to integrate into the system. This can affect their business negatively.
Ascent AutoRecon®, with its integrated data intake, simplified rules engine, intuitive workflow, and reporting, with a templatized and self-service module, changes the build times from weeks to days and, in some cases, hours. This fulfills the need to have a faster time to market for reconciliation and reduces the build’s cost.
Myth #4
Banking Reconciliation Software has limitations to being Real-Time.
Integrated API connectivity, and a cloud-ready operating model, allow firms to explore the real-time nature of reconciliation controls. It is deemed necessary in some business functions (Intra Day Liquidity, Intraday settlements, Payment controls).
Ascent AutoRecon® comes with out-of-the-box readiness for API integration and thus enabling the requirement of real-time reconciliation.
Myth #5
Automation of Transactions Can’t Be Possible with Banking Reconciliation Software
Banks maintain different formats for data across different systems. Therefore, manual Reconciliation adds complexity as per the existence of limited automation of data intake, and a few tools need additional ETL integration to support the numerous formats and types of data.
Ascent AutoRecon® has built-in ETL functionality, enabling a single source of processing all varieties and nature of data. The templatized build and self-service nature of the reconciliation builds facilitates complex enrichments from the front end with no code mode.
TRANSFORM VIA AUTOMATING YOUR SYSTEM WITH BANKING RECONCILIATION SOFTWARE
Ascent AutoRecon® offers your enterprise a comprehensive reconciliation solution that bolsters your business with the right controls at the right time and cost and sophisticated automation. Similarly, it introduces your business process’s unmatched visibility and provides you full financial control over your system through real-time analytics.
Discover the empowerment your organization can achieve through this reconciliation solution by Requesting a demo today!
