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Improving Account Reconciliation

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Challenge

A global bank faced challenges in reconciling thousands of accounts across multiple systems and databases. The manual reconciliation process was time-consuming, prone to errors, and lacked visibility into discrepancies.

Solution

The bank implemented RPA to automate the account reconciliation process. RPA bots were deployed to extract transaction data from different systems, compare it with expected values, identify discrepancies, and initiate resolution workflows. The bots performed automated reconciliations, flagging exceptions for manual review by the reconciliation team.

Results

The RPA implementation significantly improved the account reconciliation process. The automation reduced the time taken to reconcile accounts by 70% and minimized errors caused by manual data entry. The bank gained real-time visibility into discrepancies, enabling prompt resolution and preventing financial discrepancies. The increased accuracy and efficiency of the process improved regulatory compliance and reduced financial risks for the bank.

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