{"id":825,"date":"2022-09-13T12:42:00","date_gmt":"2022-09-13T12:42:00","guid":{"rendered":"https:\/\/www.ascentbusiness.com\/blog\/?p=825"},"modified":"2023-05-23T11:35:55","modified_gmt":"2023-05-23T11:35:55","slug":"revolutionizing-reconciliation-with-autorecon-for-a-leading-bank","status":"publish","type":"post","link":"https:\/\/www.ascentbusiness.com\/blog\/revolutionizing-reconciliation-with-autorecon-for-a-leading-bank\/","title":{"rendered":"Ascent AutoRECON Helps Leading Mumbai-Based Bank Achieve Automation"},"content":{"rendered":"\n<p class=\"has-small-font-size\">Ascent is proud to have assisted one of the leading&nbsp; Mumbai-based private sector banks founded in 1943, offering a range of financial services, including corporate banking, retail assets, and financial inclusion.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-large-font-size\"><strong>Challenges<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-small-font-size\">Multiple users needed for reconciliation, some units requiring more than 40 resources.<\/li>\n\n\n\n<li class=\"has-small-font-size\">High volume and complex data inputs in multiple formats.<\/li>\n\n\n\n<li class=\"has-small-font-size\">The manual intervention led to a high error rate and risk.<\/li>\n\n\n\n<li class=\"has-small-font-size\">Reconciliation was done on T+3 instead of the required T+0.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-large-font-size\"><strong>Solution<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"340\" height=\"57\" src=\"https:\/\/www.ascentbusiness.com\/blog\/wp-content\/uploads\/recon-page-logo-updated2-2-340x57-2.png\" alt=\"\" class=\"wp-image-1079\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center has-white-background-color has-background has-medium-font-size\"><strong>Intelligent Omni-Channel Multi-Tenancy Platform Enabling End-To-End Reconciliation<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left has-white-background-color has-background has-small-font-size\">The Bank achieved significant automation by adopting AutoRecon including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-small-font-size\">No revenue loss and penalties from regulators.&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Enabling flexible reconciliation of any data type and format, including complex scenarios.&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Significant cost savings.&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Compliance with the local regulator&#8217;s requirement.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-large-font-size\"><strong>Results <\/strong><em>&nbsp;<\/em><\/p>\n\n\n\n<p class=\"has-small-font-size\">The Bank achieved Automation on the following Reconciliations using the AutoRECON:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-small-font-size\">Razor Pay&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Pay U&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">NEFT&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">UPI&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Net Banking&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Chargeback&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Mobile Banking&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Cash at Branch&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Cheque(CTS and Transfer)&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Cash by Collection Agency&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">ECS&nbsp;<\/li>\n\n\n\n<li class=\"has-small-font-size\">Mastercard&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-small-font-size\">If you&#8217;re interested in learning more about Ascent AutoRECON and its benefits, Contact us Right Away!&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.ascentbusiness.com\/request-a-demo\" style=\"background-color:#1c4185\">Request a Demo<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ascent is proud to have assisted one of the leading&nbsp; Mumbai-based private sector banks founded<\/p>\n","protected":false},"author":4,"featured_media":828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Revolutionizing Reconciliation with AutoRecon for a Leading Bank<\/title>\n<meta name=\"description\" content=\"Revolutionizing Reconciliation with AutoRecon for a Leading Mumbai-based bank to achieve automation and significant cost savings. 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