While most financial institutions use an accounting system to automate general ledger and accounting processes, it is about time they implement the same in reconciliation and certification, steering clear of age-old manual processes. Essential for an accurate and compliant financial close, these processes are often completed using a spreadsheet and highlighter. With digitalization percolating deep in businesses, organizations today refrain from leaving financial close activities to error-prone, unproductive manual processes and rules-based matching. Similar to the digitalization of consumer-facing applications, automating back-office applications are proving to be revolutionary. Financial institutions are redefining accounting and reconciliation processes by bolstering them with automation, improving accuracy and driving down the time consumed from two to three hours to less than 20 minutes.As the demand for artificial intelligence (AI) reaches an all-time high, enterprises around the world are realizing the benefits they can reap by utilizing the technology. AI-powered matching engines are now maximizing match performance and accuracy without the need for manual rules or updates. Moreover, with more and more finance teams automating their financial operations, AI-based reconciliation platforms are dramatically reducing the time and cost associated with month-end-close.In a scenario where to improve reconciliation processes abound with inefficiencies, particularly when on-boarding new data sources, machine learning can prove to be the perfect resolution. Employing machine learning at key data reconciliation points can unlock significant value in terms of time, operating cost and avoiding regulatory penalties.So far, it has been an interesting journey diving into the exploration of novel reconciliation platforms for us. Abreast of the current trends in the banking sector, we are unveiling how technology can help enhance reconciliation processes for finance teams. In this edition of Banking CIO Outlook, we present to you a list of companies that are transforming reconciliation with next-generation technologies. We hope this edition will provide you with the right assistance in choosing the ideal reconciliation platform for your requirements.Please share your thoughts with us.Copyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com MAY - 23, 2019, Volume 05 - Issue 03 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Nick Masonnick.mason@bankingciooutlook.comVisualizerDavid ParkerIssac GeorgeManaging EditorJames RobertsonUshering a New Era in Reconciliation James RobertsonManaging Editor editor@bankingciooutlook.comRose DcruzCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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