How modern technology can help improve bank reconciliation processes?
AI/ML-based solutions can make a paradigm shift here as they are able to learn patterns from historical manual interventions and help detect breaks/exceptions automatically and resolve them in a faster manner.
They can streamline and automate reconciliation processes across any line of business, dramatically enhance internal controls while enforcing standardization to improve the quality and accuracy of financial data. In addition, these solutions can help increase transparency in financial reporting.
Machine learning can help in reconciliation in the following ways:
- Connects to multiple data sources and bringing standardization in data requirement and quality
- Automatic pattern detection and matching
- Automatic break detection & resolution
- Records all activities for audit purpose
- Provides scalability and helps to streamline the reconciliation process
By employing these solutions financial services can achieve unmatched operational efficiency improvements while ensuring compliance with the toughest of the regulations.
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