BSFI
Enabling a Global Bank to Simplify its Reconciliation and Reporting
30% Faster Reconciliation and Reporting
10%+
global efficiency gains & lower reconciliation costs.
40%
Increase in auto-reconciliation of derivatives trades.
30%
Reduction in turnaround time (TAT) for month-end reconciliation.
30%
Reduction in number of full-time employees (FTEs).
Why this Global Bank Loves nanoBI
- Automated data acquisition and reconciliation.
- Machine learning-driven matching and validation.
- Self-serve analytics for better insights.
- Reduction in manual processing time and costs.
10%+
global efficiency gains & lower reconciliation costs.
40%
Increase in auto-reconciliation of derivatives trades.
30%
Reduction in turnaround time (TAT) for month-end reconciliation.
30%
Reduction in number of full-time employees (FTEs).
Loved it? Ready to try nanoBI?
About the client
The client is a leading global bank’s shared services center, operating in the BFSI (Banking, Financial Services, and Insurance) sector. The bank has a presence in multiple countries, handling large-scale financial transactions, trade reconciliation, and reporting processes.
Challenges Before nanoBI
- High manual effort in downloading, processing, and reconciling trade data.
- Limited insights and drill-down capabilities in existing tools.
- Numerous ad-hoc requests causing delays.
- Dependency on manual reconciliation, taking up to 15 days.
nanoBI Solution
- nanoBI’s Platform automated and simplified the acquisition of structured data across multiple applications.
- Insights generated using statistical techniques and sent to users who can then drill down & provide commentary.
- A two step Reconciliation process using Deterministic and Probabilistic which is layered on ML algorithms like Text, Pattern Detection, Phonetics and Edit Distance techniques to improve the matched records.
How Things Have Changed
- With nanoBI’s reconciliation and reporting solution, the bank has seen a 40% increase in auto-reconciliation of trade, significantly reducing manual intervention.
- The turnaround time (TAT) for month-end reconciliation has decreased from 15+ days to just 6 days, improving operational efficiency.
- Additionally, the bank has the potential to reduce the workforce by 30%, lowering costs while improving accuracy.
- The introduction of self-serve analytics has empowered business and finance teams with real-time insights, enabling better decision-making.
- Overall, these enhancements have led to a 10%+ improvement in efficiency globally and substantial cost savings.
