Success Story Library
BancorpSouth Leverages the Flexibility of ReconNET and Streamlines Processes for a Variety of Account Types
Overview
BancorpSouth is a bank holding company with $10.8 billion in assets. The company operates 247 banking and mortgage locations in Alabama, Arkansas, Louisiana, Mississippi, Tennessee and Texas. In addition to providing traditional banking services, credit cards, mortgages, trust and fiduciary services, the company provides investment services through its subsidiary BancorpSouth Investment Services, Inc. and insurance services through its subsidiary BancorpSouth Insurance Services, Inc.
Challenges
BancorpSouth was managing a large variety of reconciliation processes manually - a methodology that was labor-intensive, time-consuming, and prone to errors. Additionally, the bank holding company did not have standard reconciliation processes for its accounts. Five full-time staff dedicated every hour of their workday, five days per week, to reconciling accounts. The staff had difficulty keeping up with the workload, and was faced with hiring additional staff.
Objectives
BancorpSouth wanted an account reconciliation solution that would:
- Standardize and automate processes for daily reconciliation of its various accounts
- Improve productivity - reduce the need for additional staff and costs associated with time-consuming and error-prone manual processes
- Resolve exceptions quickly and eliminate losses due to error
- Provide controls that would support compliance with Sarbanes-Oxley requirements
Capabilities Provided
BancorpSouth chose to automate their reconciliation workflow with ReconNET. With ReconNET, BancorpSouth can:
- Balance accounts daily and automate end-of-month processes to manage reconciliation and balancing for over thirty accounts within a single system
- Immediately detect and flag issues for review so they can resolve exceptions quickly and eliminate losses due to error
- Deploy resources to other areas critical to their business now that time-consuming manual processes are a thing of the past
- Confidently comply with audit, accountability, and reporting requirements
Testimonial
“The savings we’ve gained in time is immeasurable. ReconNET has allowed us to centralize reconciliation processes of accounts that were once managed in each branch (250 branches).” - Donna Palmer, Accounting Manager
Other Information
For more information on how you too can improve productivity, increase compliance and reduce error by automating your reconciliation workflow with ReconNET, contact Trintech today.
