Banking

White Paper: MOSTLY.AI

How innovators outperform competitors in banking The winning strategy in banking is to accelerate digital transformation. Synthetic data plays a vital role in this process. Synthetic data enables the development of customer-centric products, mitigates data leak risks, and improves the performance of AI and machine learning models. This ebook includes the best practices you need to maximize your synthetic data opportunities such as: democratization of data access streamlining privacy compliance minimizing data retention developing customer-centric products and many more.  

White Paper: Stratman Solutions

Compliance for CECL is closing in. To ensure your institution is prepared, it is critical to begin preparations now - if you have not yet done so. Top financial accounting firms recommend that Financial Institutions (FI) run their existing allowance calculations in parallel with their selected CECL solution (i.e. spreadsheet or third party software) for a period of time. This recommendation, of course, assumes that FIs have already overcome the major hurdle of choosing a CECL solution (and associated methodologies) for calculating current expected credit losses. For many institutions, researching and selecting a third party solution to establish initial CECL compliance and reporting can be nearly as arduous as the new regulation. Because the standard for CECL compliance is not prescriptive (i.e. there is no “specific methodology” that must be followed), many institutions have adopted needlessly complex solutions with multiple inputs that are likely to become burdensome to maintain long term. On the other end of the spectrum, FIs have developed Excel based solutions (in house or by working with advisors), that are not only labor intensive to maintain, but offer limited functionality. Still other institutions are seizing this opportunity to improve their data gathering, data retention and data mining & analytics capabilities. In whole, it appears the level of disparity in approaches to CECL compliance is equal only to the number of CECL solutions proffered by third party vendors. With this level of “noise” surrounding the CECL regulation, it’s easy to understand why some institutions have reached “analyses paralysis.” As with any new regulatory edict, the most effective path forward to ensure compliance by the January 2023 deadline, is a common sense approach. Each FI should look for a solution that: (1) offers multiple methodologies thereby providing future options and flexibility to determine the impact of each method; (2) is simple to implement - minimizes disruptions; (3) is easy to maintain long term; and (4) is scalable - to meet your future needs. At Stratman Solutions, we began our “CECL” journey with a common sense approach. We developed a solution that could both support our current reporting and compliance needs, and also provide the flexibility we’ll need in the future. Early in our journey, we determined we wanted more than an automated calculation/ reporting tool - only used on a quarterly basis. We wanted a notable return on our data collection and data mining efforts. To that end, we included asset management and asset (action) planning features within our CECL solution. Once finalized, we appropriately named our CECL solution “Asset Quality Management (AQM).”

White Paper: AutoRek

How to Automate Cash Allocation Process? Organizations are typically distressed concerning upgrading to new technology however automation really saves businesses money by streamlining inefficient financial processes like manual cash allocation which might be terribly resource intensive. Cash automation will bring added value by increasing the speed at which transactions are made, scale back errors and increase productivity of staff by allowing them to focus on more value added tasks to create a more profitable risk free environment. AutoRek's solutions are purpose-built to improve the quality and efficiency of financial data management, from cost reduction and process efficiency projects, to improving adherence to regulatory reporting requirements. VanguARd™, an automated cash allocation tool matches amounts received in the bank in any currency to any format of remittance advice, approves the values and automatically applies the money to sales and debtors ledgers in order to match to unpaid invoices. The business benefits of AutoRek includes- reduces production costs of management information and the reliance on IT to cut data and produce reports, reduces financial and operational burden of regulation and improves visibility of adherence to service level agreements. Move ahead and read the following whitepaper that will address all your questions, including these: What are the key challenges in manual processing? How AutoRek Cash Application works? What are the key features of AutoRek's Cash Application Process? What are the business benefits of AutoRek?

White Paper: AutoRek

As we know, bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to determine the differences between the two, and to book changes to the accounting records as appropriate.        The challenge in automating a lot of complicated reconciliations comes not within the matching, but in gathering the information from the myriad systems and services and making ready them to create “golden sources” on either side of the reconciliation. It is the “golden sources” that make matching effective, aid the analysis and resolution of the unmatched items and allow effective reporting. This white paper breaks the reconciliation method down into variety of basic tasks. Each of the five steps—Source, Explore, Enrich, Match, and Escalate—is applied to every reconciliation scenario to some greater or lesser extent. This white paper educates how building and automating simple reconciliations, as quickly as in Excel, allows automatic execution of the most complicated reconciliation and data management challenges running in ultra-high volume scenarios. Read the following whitepaper that will address the following questions : What are the best practices for Bank Reconciliation Processes? What are the challenges in automating more complex reconciliations? How to overcome the drawbacks of Excel-based solutions? How this 5-step approach can build and automate simple reconciliations?  

White Paper: Nous Infosystems

Across the globe, banks are witnessing a stagnation of customer experience levels due to rising customer expectations driven by the proliferation of technology firms. In the last few years, as the customer dynamics have changed radically, banking industry need to think ahead and anticipate the changing customer needs and consequently offer products and services suiting their needs. This whitepaper provides data effortlessly and insights for better banking customer experience. It highlights: Key Mobile Banking features offered by banks Unleashing the power of social media to enhance customer experience Need for Customer-Centric Banking Business Model Elements to improve the banking customer experience

White Paper: DigitalML

Digital Banking leaders succeed by coupling the right approach with an organizational and process transformation that brings effective API design management, avoiding the danger of just adding on another layer of API chaos.  Whether by pursuing new high growth opportunities in payments, or new business lines targeting the under-banked, the right integration and service-delivery approach is a powerful enabler of business success. To succeed in meeting the challenges, they must be able to quickly create and launch innovative new products and services while delivering breakthrough digital banking experiences.  Key takeaways from this whitepaper: Banks must deliver customer-optimized banking experiences to win the digital race Digital Banking and payments are being transformed Delivering digital banking experiences demands a new approach

White Paper: Ameyo

Omni-Channel Interaction Roadmap helps banks at each level of their progress and defines processes to bring that to action at a particular level in their journey towards delivering a better customer experience. With ever-increasing customer expectations, banks often achieve unparalleled customer experience Key takeaways from the whitepaper on “Roadmap to Omni-Channel Customer Communication for Banks”: Challenges around Omni-channel interaction management and a case for continuous improvement Omni-Channel Interaction Roadmap based on best practices to assess the current state Path to mature as a omni-channel experience provider