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How Innovators Outperform Competitors in 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.  

Prepare now for CECL

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).”

Automating Cash Allocation

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?

Cloud Computing and Blockchain Technologies

White Paper: China Systems

Cloud Computing and Blockchain Technologies: Their Future Use to Support International Trade and Supply Chain Finance A combination of Cloud and Blockchain will potentially transform the current paper-based trade finance approach for the processing and management of trade transactions into a more inclusive digital and efficient platform. Cloud computing and Blockchain Technology also have the potential to expand the intermediation of a bank’s involvement in open account transactions. Banks are taking a great interest in Blockchain Technology as a potential way of unblocking complex processes that involve different third party touch points. A technology provider that fails to develop its approach to Cloud computing and to the Blockchain developments mentioned in this paper may find that existing clients move away from them at time of renewal and that they are disqualified from RFIs as Cloud- and Blockchain- based solutions become critical selection criteria. This whitepaper on Cloud computing and Blockchain Technology Covers: Transactional banking-The way forward the trade Network Data-Flow –Cloud-based Blockchain Technology Trading. How new technology is forcing disruption in the transaction banking sector Why adoption of Cloud computing by a financial organization will represent a major change to its existing technology management, resource and policies.  

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