Bank Reconciliation Automation
Overview
The customer is a UK-based 36+ billion-dollar multinational company and also one of the largest professional service firms in the world.
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Challenges
Lack of standard process for all financial audits.
Manual effort needed to read bank balances from multiple sources.
Data received from various sources including Excel, PDF, website, etc.
Solution
- RPA process execution
- OCR for extraction of PDF data
- Computer image recognition for bank statement processing
- Machine learning for identification of bank statement discrepancies
Outcomes
- Quality and resiliency – improved accuracy
- Additional throughput and scale – ability to process more with less people
- Better customer experience – customer gets immediate feedback throughout process
- 300% reduced reconciliation time
- Increase in reconciliation speed and efficiency
