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The client — a member of the Société Générale group and a leading banking institution in Central and Eastern Europe — provides services in corporate, investment and retail banking as well as specialized sectors including pension funds, insurance, and consumer lending. They serve 1.5 million clients, have 400 branches and 750 ATMs, and employ more than 8,000.
The Challenge: Quickly Implementing a More Robust Solution
The client’s needs were not being met with its current reconciliation solution. They wanted to be able to independently and easily introduce new reconciliations, configure brand new matching rules and enrich data files without the need for code changes. The client also needed to meet more bespoke reporting requirements and required user-friendly exception management features to help identify causes of breaks more quickly. They had an aggressive timeline for decommissioning their solution and replacing it with a more robust model.
The Solution: Data Management, Reconciliation and Reporting for Ease, Efficiency and Accuracy
Broadridge replaced the client’s old system with its own reconciliation solution within three months per our commitment. This included a full migration of account static, as well as transactions and balances for their Nostro and Internal Suspense accounts.
From data management through reporting and exception management, the reconciliation process has become more independent, flexible and easy — and more accurate and efficient. Sophisticated data transformation capabilities allowed the client to enrich and normalize data from different sources, without application development. The client can now create bespoke searches and filters to efficiently find specific data and the system can accommodate complex matching criteria to improve matching rates. Moreover, the solution produces white-labeled client reports.
Improved Matching Rates
The solution accommodates much more complex matching criteria to enhance rates.
The interface accommodates additional roles and workgroups to determine what actions each user role can carry out and segregate users into divisions in order to limit access to certain reconciliations.
Streamlined, User-friendly Exception Management
The client can create bespoke searches and filters to efficiently find specific data for an enhanced exception management experience.
Enhanced Data Management
Created a more consistent user experience by enriching
and normalizing data from different sources.