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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?

Automating ATM Cash Management

White Paper: AutoRek

How to Automate ATM Cash Management? Banks are still practicing manual accounting methodologies to settle their ATM transaction data as we proceed closer to industry 4.0. Processes usually have manual controls, internal uncontrolled interfaces, substandard information quality exacerbated by increasing volumes, and systems that are inflexible and don't support reconciliation and reportage needs.  Automated solutions enable banks to enhance customer satisfaction, reduce costs, generate incremental revenue and improve the efficiency of their self-service channel. ATM Cash reconciliation solutions leverage the settlement processes and confirm the operational stability through accurate matching of cash withdrawal, and cash replenishment at the client managed ATMs. This white paper introduces a cost effective, clear and actionable control regime to be put in place that fully supports– ATM cash management, reconciliation and reporting totally configurable to satisfy your specific business requirements, and also educates how to boost operational performance, mitigate risk and approach efficiencies, in a robustly controlled and auditable atmosphere. Read this whitepaper that will address the following questions: What are ATM reconciliation and cash management challenges? What is the AutoRek's approach to ATM cash management? How ATM cash management can be supported by implementing a cost effective, robust, automated control regime?

Financial and Operational Control and Governance

White Paper: AutoRek

  Insurance is an extremely competitive business that hinges on providing the industry-leading service to customers. Precise data is the lifeblood of this business. This white paper offers wide range of data management solutions that allow insurance firms to complete their financial, operational and risk control and reporting regimes. The application of these product(s) within the insurance sector is determined by the gaps in any client's current systems landscape and control regime. Agile to ever-changing regulatory requirements and increased financial controls scrutiny, their suite of solutions works with the client's existing systems to automate and complete the firm's control regime. This whitepaper explains the business benefits insurance firms can achieve from implementing this suite of solutions through: Reconciliation, Operational General Ledger Accounting and Financial close management/ SOX compliance. This white paper explains: What are the key features of this reconciliation solution? How to improve your business’s existing ERP system capabilities? What are the business benefits insurance firms can achieve from implementing AutoRek Solutions?

Managing Your Financial Controls

White Paper: AutoRek

How to manage your financial controls gaining efficiencies, mitigating risk and enhancing controls? Financial control must contend with complicated data environments, regulatory pressures and ever-present need to gain efficiencies. As businesses become more ascendable, a tactical solution to collate or analyze huge sets of data is no longer sustainable.  A robust process is needed that can manage financial controls and track transactions and accounts through their lifecycle. Managers would like access to key data in period of time and have problems escalated to them as they happen. This white paper informs how dashboards and workflows can accomplish that— from assignment of individual responsibility to account attestation and regulatory reporting, providing a strong robust automated financial control framework to completely support financial management. This whitepaper addresses present-day financial controls questions, such as : How to manage financial controls and track transactions and accounts through lifecycle? How to build a robust control environment and how to deal with complex data environments? What are the risks of tactical solutions? How to control the period end process? How a financial control framework supports financial management?

5 Steps to Perfecting your Bank Reconciliation Processes

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?  

Creating Positive Customer Experience in Banking

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

Speeding Banks’ Innovation In Digital Services And Payments

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

Roadmap to Omni-Channel Customer Communication for Banks

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

Challenge Accepted | BASEL III Compliance-Tools Make the Difference!

White Paper: Analytix Data Services

Basel III is an opportunity as well as a challenge for banks. It can provide a solid foundation for the next developments in the banking sector, and it can ensure that past excesses are avoided. The Basel Committee on Banking Supervision (BCBS) is the primary global standard-setter for the regulation of banks. Although the Basel Committee has recognized the banks are making efforts in mitigating these risks, they still feel more needs to be done. This whitepaper on “BASEL III Compliance” gives an insights into overcoming the difficulties faced in governance of risk data aggregation and to reap full benefits of reporting capabilities in Banking and Financial Institutions. What are the significant challenges faced by banks when they are implementing Basel III? How to best implement a solution that allows the banks to comply with Basel III? How to streamline systems and processes for improved operational effectiveness? What are the guiding principles for effective risk data aggregation and reporting? The complexity and requirements of Basel III and the commercial demands of the banking world will require a flexible Basel III management solution that delivers speed, accuracy, and performance to gain competitive advantage.

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.  

Vertical Solutions Integration In The Banking And Financial Services Industry

White Paper: HCL

Vertical Solutions will be a key component of the future transformational journey for financial services institutions. In Financial service industry,the business applications landscape is changing rapidly, and firms must act fast to cater to evolving customer demand. Financial service institutions (FSIs) need business applications that can deliver new business capabilities more flexibly including analytics, business intelligence, CX, and digital business processes faster. Read this insightful whitepaper that brings you the trends, drivers, and challenges of the business applications environment in financial services enterprises. It addresses questions like: How Vertical solution integration will be a key component of the future transformational journey for financial services institutions? What are the top business imperative that drives company’s transformation initiative to improve customer experience? Would your firm consider transforming its current landscape of financial-services specific business applications? What financial services firms do to simplify the business application environment ? How to overcome the key challenges faced in financial service business applications?      

Digital Banking and Fintech solution leveraging API Economy

White Paper: Nexright

Application Programming Interface (API) economy is the key to provide great digital banking experience to the customers. API provides value in the context of Bank’s business & competitor strategy to meet demands of customer experience driving banking innovations. How do the banks benefit from APIs? Identify attributes which can provide individualized customer experience through power of API economy. Create significant balance change. Attract new customers and generate large transactions. This whitepaper guides you on banking innovation through API economy and topics related to: Understanding the API value chain & identifying APIs. Designing & exposing prediction APIs for app builders. Building Machine learning and analytic capabilities at API layer. What are the business assets provided through the API? How to Design & Model APIs with appropriate context? What are the technologies and tools to engineer the API data? Download this whitepaper which helps you provide individualized customer experience through the power of API economy.

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