Case Study
Automated Bank Reconciliation reduces processing time by 90%
Results
90%
Processing time reduced by 90%
95%
95% of manual effort eliminated
Better
Increased data accuracy and security
Company Profile
Indian publicly-listed private-sector life insurer, joint venture between a major Indian private-sector financial services group and a global insurance partner. Products span term life, savings, unit-linked plans, retirement annuities, and group business across India’s growing protection-gap market. Tens of thousands of employees, distributing primarily through bancassurance channels and a national agent force.
Challenge
Manual Reconciliation of Statements from Multiple Sources
At this leading life insurance firm, reconciling bank statements had become a time-consuming and error prone task. The team checked information from different sources against amounts listed on bank statements by searching for keywords to identify matches. Each match then required a manual data entry in the accounting mainframe application.
This process was heavily dependent on the user’s knowledge and carried a high risk of mistakes. This made it both more expensive to run and difficult to scale as the firm grew. Management sought to implement a scalable solution which would be less dependent on individual knowledge of identification keywords. The solution should also reduce fraud risk and provide a strong audit trail.
Solution
Automated Bank Reconciliation Reduces Processing Time
40+ database files needed to be reconciled against the bank statements – each with their own formatting, naming convention, and business logic. The WonderBotz Custom Automation solution ingested bank statements from multiple sources, extracted line items, and uploaded them to their internal reconciliation system with a standardized naming format.
Business users can input identification keywords that determine how the bot matches and validates line items. This user-friendly approach allows businesses to adapt the validation process to their needs without relying on specialists, and ensures the solution remains agile.
The automated bank reconciliation bot reduced processing time by 90% and manual effort by 95%. It also enhanced accuracy, improved scalability, and mitigated risks associated with errors, fraud, and dependence on individual knowledge.
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