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Eliminated the Need for Manual Intervention
The client does not need to allocate additional resources to reconciliation, since the technology is automated.
Scalability for Added Business Value
The same solution can be efficiently rolled out to support reconciliation across different clients and systems.
Integrated Reconciliations Workflow
Partnering with Broadridge for other key functions enabled the client to streamline the reconciliations workflow for enhanced accuracy, transparency and efficiency.
Enterprise-grade, Low-maintenance Infrastructure
The solution is hosted entirely on Broadridge’s secure ASP so it’s always up to date, compliant and secure without additional maintenance to the IT infrastructure.
Our client is one of the largest banks in the world based on market capitalization. As one of North America’s leading diversified financial services companies, they provide services within the personal and commercial banking sector, as well as wealth management, insurance, investor services and capital market services on a global scale.
The Challenge: Reconciling Sensitive Data Across Systems
Today’s banks need to maintain the growing standards of investors and regulators while controlling costs. To support these objectives, the client needed a solution that would drive data accuracy and transparency across systems without adding manual effort. The client maintains a repository of sensitive account information for millions of customers across multiple systems. Each customer record contains over 300 key pieces of information. Because these systems are often manually updated, they were becoming unsynchronized, with customer account information missing or out of date. The client promptly recognized the need for a solution that would automatically recognize and flag customer records that did not match across systems.
The Solution: Intersystem Connectivity for Automated, Accurate Reporting
We delivered intersystem reconciliation as part of Broadridge Data Control Solutions. Broadridge Data Control Solutions are an agile platform for controlling transaction data, rapidly responding to Operational & Regulatory demands. Built around flexible delivery models, it provides external connectivity and standard integration to Broadridge applications. The solution allowed the client to perform a weekly reconciliation across its systems to identify any mismatches for millions of customer records across all 300-plus attributes. It was delivered as a “black-box,” entirely automated with output that would automatically post to the client’s reporting portal. This report would not only provide the client with information about what customer records were unsynchronized, but also what attributes were causing the issues.