Benchmark your firm against reconciliation best practice and discover your next steps to automated recon and beyond.
The future of
recon is coming.
Are you ready?
Intersystem reconciliation will be redundant in the future. The “holy grail” for reconciliation is a place where errors are spotted and corrected automatically.
You can’t consign these recs to history just yet – the technology isn’t quite there – but you can position your firm to take advantage of the technology when the time comes.
No one can reach the end of this journey right now. But it’s possible for all firms to take significant steps to make themselves ready for the final push.
Enabling future technology to thrive
Take machine learning as an example. This will be a key player in reconciliation’s self-optimising future. The algorithms need large quantities of training data to be effective.
This is part of the foundations of fully automated recon that you can build right now. Trying to layer intelligent algorithms over manual processes, or non-standardised data residing in disparate systems across the business, ultimately won’t provide any meaningful results.
Your next steps
The key is to recognise where your firm currently sits in the five stages of reconciliation maturity. You can then use the Reconciliation Maturity Model to identify your next steps and move closer to Stage 5: a world of self-optimising reconciliation.
The five stages of reconciliation maturity
All recs carried out manually, using spreadsheets, or via home-made applications.
High risk of error and lack of auditability.
Point system(s) in place for specific data types. Others recs carried out on spreadsheets or manually.
Teams/processes are disparate, reconciliation as a function is fragmented and duplicate work is likely.
All reconciliations consolidated onto one or more automated systems. Small teams build & onboard recs, and oversee exception investigation.
Significant efficiency improvements. Risk is reduced.
One automated intelligent system reconciles all data.
Additional data quality controls are active throughout the data lifecycle.
Simplification of processes is possible, leading to consolidation and decommissioning of systems.
Full automation across the entire lifecycle of rec, from onboarding to exception resolution. Very little involvement from staff.
Download our guide to:
- Benchmark your firm against the five stages of reconciliation maturity
- Discover the key barriers to automation, and how technology will overcome them
- Identify your next steps to achieving full reconciliation automationg
- Prepare your firm for reconciliation’s self-optimising future
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