NLS Tech Solutions‘ main competencies include an in-depth understanding of reconciliation procedures in banks and financial institutions. Read on to find out what a bank did to improve its reconciliation process, reducing costs and increasing customer satisfaction in the long run.
We’ve had the privilege of working with a diverse group of exceptional financial institutions, ranging from small banks with a small number of reconciliation teams focused on a particularly difficult reconciliation to medium- and large-sized players with hundreds of users engaged in a centralized reconciliation function throughout the Reconciliation Lifecycle.
Over the years, this experience has taught us that every new technology deployment is a chance to rise to the occasion and thoroughly comprehend each client’s demands and the complex business logic that controls their workflow—and to learn from it.
For our client, reconciliation at that time entailed manually comparing transactions from their core banking system with those from their various subsidiaries.
The process was long and tedious, and often resulted in errors.
To improve the reconciliation process, our client (a bank in Kenya) considered making changes to its procedures. The reasons for this included the following:
The client’s reconciliation team was individually overseeing the whole bank reconciliation procedure. This procedure was rife with errors due to the laborious process of confirming payments, comparing credit and debit receipts, etc. Since the business has several bank accounts and certain payments were made in foreign currencies, the situation became extremely difficult. The absence of reference numbers and inconsistent payee name spelling presented even more difficulty.
NLS worked with the client to streamline its financial transactions by automating the entire reconciliation process. We implemented our solution to automate the process, making it more efficient.
This new system allowed the bank to reconcile its accounts in a matter of minutes instead of hours or days. Thus, the solution streamlined the entire process, reducing the amount of time needed to complete it.
The bank was able to:
It’s clear that the bank in this case study ultimately improved its reconciliation process by implementing our solution.
By making these changes, the bank was able to improve their overall efficiency and accuracy, which led to better financial health for the company.
Clearing, Cards, Digital Channels, Finance, and Payments Departments, etc.
Our client is a universal bank that was formed via the merger of two leaders in the area’s banking sector.
Real market leader in Corporate Banking, Asset Finance, and Digital Banking in East Africa.