Streamlining Banking Institutions’ Financial Close Processes
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The convenience of online orders has skyrocketed in the midst of the global pandemic. In an effort to ensure safety for customers, businesses have opted to utilize contactless and 3rd-party payment options. The rise in P2P and contactless transactions alone has only intensified the need for automated reconciliation for banking institutions. Traditional, manual methods of transaction matching and account reconciliation can result in inaccurate financial reporting, leading to non-compliance and fraud. The need for visibility in the account reconciliation process has increased as different methods of payment start to emerge (debit, credit, ACH, check, cash, online, and mobile payments).
Control functions, such as risk and compliance, have grown instrumentally with the amounts of regulations that exist for financial institutions. Effective risk management is challenging when reconciling and closing the books with spreadsheets and binders. Streamlining financial processes is essential in mitigating risk.
The shift to digital banking has not only changed consumer behavior but also employee behavior. Financial institutions are introducing hybrid- or remote-working models, meaning banks are starting on the journey to automated infrastructure and cloud solutions. Automating financial processes in a cloud solution allows employees to easily pursue a hybrid- or remote-working environment.
Adra by Trintech has helped many banking and financial organizations simplify and streamline their processes in order to overcome the new complexities they are facing.