Imagine the ordeal of reconcilation process and channel resource mapping at a bank – data from various sources will have to be collected, sorted and sifted – and what if this ordeal consumed nearly half a month’s time. And with resources spearheading the mutual fund sales, getting a closer look at the peformance and incentivizing resources promptly sets up an environment that breeds sales and growth.

But with data in silos and manually-driven process turning laborious, automation serves well in helping banks override challenges and automate the reconcialiation and resource mapping.

Putting a ‘face’ to the challenge

Let’s consider this scenario – It revolves around a bank with many branches creating data silos. What the bank lacks is the integration of process, people and data. Information sharing among branches only leads to time-consuming consolidation of files – serving as input for mutual fund reconciliation and channel resource mapping. There is also no track of historical data.

This is further accentuated by the lack of visibility of channel resource movement, leash on the time spent to create matching techniques as there are no relationships to be traced among files, dispute erupting while revoking provisional credit. Also, the 15-day reconciliation cycle and the lack of historical data has a direct bearing on decisions made in terms of allocation, performance and productivity related to the channel resources. In addition, it also delays the process of handing out prompt incentives to channel resources based on their performance.

Automation is the key and where to begin

Automation is the key to reducing complexities, optimize process, achieve data consistency, and reduce errors as well as time taken to achieve reconciliation. Considering the above scenario, where data silos and the lack of historical data causes delays in incentivizing channel resources, it starts with the integration of data. The dire need is to build a repository housing resource-related data encompassing budget and performance against their budget.

The data repository would offer valuable information on resource allocation and resources’ historical movement. The repository would also serve well in guiding the bank to map information between a customer and a Relationship Manager. Most importantly, it would turn into a historical repository holding achievement data along with the target. Automation in turn would accelerate the reconciliation and mapping process enabling the bank to pay prompt incentives to resources.

Saksoft’ Reconciliation Makeover

Akin to the scenario discussed above, Saksoft worked closely with a bank to address mutual fund reconciliation and channel resource mapping difficulties faced by the bank. At the start, the process was a manually-driven and a time consuming one. Dimensional data model was kept at the core of the automated solution to augment decision support covering Resources and their movement. The data model also filled in the void of a repository for holding budget and performance data at resource level and served well in enabling processing, holding and reconciliation of mutual fund Incentive for the channel resources. Complex data matching algorithms and procedures also became a part of the solution to override challenges involved in the reconciliation of Mutual Fund Commission, Trail Commission and Claw Back.

Through this automation work, the bank gained drill-down reports for resource mapping and analytical dashboards covering Productivity performance, Product-wise, Branch-wise, Channel-wise top/bottom performers. And most importantly, the reconciliation and mapping process was reduced from days to hours – What was a 15-day cycle became a 5-hour cycle for the bank.