Overview
Odyss Global helped a US-based super regional investment bank simplify its reconciliation process. The bank was continuously experiencing inefficiencies due to a manual reconciliation process that was eventually affecting its fund and cash flow analysis. Odyss Global leveraged robust technology solutions to automate and enhance processes.
Problem Statement
Manual reconciliation caused delays and inaccuracies in fund and cash flow analysis
Inefficient reconciliation impacted reporting, compliance, and customer portfolios
Lack of real-time data and tracking mechanisms hindered the effective management of unresolved breaks
Business Goals
Automate the reconciliation process to improve accuracy and efficiency
Improve cash flow management and customer portfolio accuracy
Implement real-time tracking and follow-up mechanisms to resolve breaks promptly
Solutions
- Odyss Global implemented a comprehensive solution, focusing on real-time data analytics and automation. The process began when Odyss Global created a real-time dashboard using Power BI that provided the bank with a snapshot of its current position, including the status of breaks.
- By visualizing data in real-time, the bank could expedite the reconciliation process, identify issues promptly, and take corrective actions more swiftly.
- Furthermore, Odyss Global introduced advanced tracking tools to monitor unresolved breaks. These tools included follow-up triggers that automatically reduced open positions.
Outcome
56% improvement in turnaround times to regulatory requests on compliance
Enhanced cash flow management
More efficient investigation processes
Impact
- Odyss Global’s robust solutions had a great impact on the client’s performance. The real-time dashboard and tracking tools provided the bank visibility into its reconciliation process. This allowed the bank to respond to regulatory requests more swiftly, reducing the turnaround time by 56%. This improvement not only ensured compliance but also enhanced the bank’s reputation with regulators.
- Better cash flow management was another significant impact. With real-time data and automated processes, the bank was able to manage its cash flow more effectively. The enhanced accuracy in cash flow analysis also allowed for better financial planning and risk management.
- Overall, the solutions provided by Odyss Global transformed the bank’s reconciliation process. The automation and real-time data tools not only improved operational efficiency but also enhanced compliance, reporting, and customer portfolio management. The bank was able to achieve its business goals and improve its overall performance, demonstrating the significant value of Odyss Global’s expertise and solutions.
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