Automation of banking processes is now transforming the industry practices. Facilitating efficient business strategic decisions are improving performance and leading businesses towards the automated reconciliation process. The top guns of the banking industry are rooting for automated reconciliation, though there are some misconceptions. In this article, we will address the myths about automated banking reconciliation software.
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. 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 fee, and overhead employee expenditure. It also minimizes financial and reputation loss due to errors originating from the manual reconciliations.
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. With minimal training and guided workflow, the ease of use of the platform converts into self-service ability.
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 through banking reconciliation software 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, change 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.
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.
Automation of Transactions Can’t Be Possible with Banking Reconciliation Software
Banks maintain different formats for data and across different systems. Manual Reconciliation adds to the complexity as there is limited automation of data intake, and some 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 build facilitate complex enrichments from the front end with no code mode.
TRANSFORMATION THROUGH AUTOMATING YOUR SYSTEM BY 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. 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!