FTF SPECIAL REPORT:
HOW NEW TECHNOLOGY IS DRIVING A FUNDAMENTAL RETHINK OF RECONCILIATIONS
Financial services organizations are looking to apply the advantages of new technology to their reconciliation chores to improve risk mitigation, advance the quality of their operational data, and cut costs, according to a survey conducted by FTF and sponsored by Duco.
While firms have adopted automated reconciliation and exception management systems, the survey found that manual processes still play a large role in reconciliation. Even when firms have adopted some degree of automation, the pain points of error-prone manual processes remain.
In addition, the operational risks, inefficiencies, and data integrity problems are compelling firms to look beyond the status quo. The new survey shows that firms are planning to invest in a new approach to reconciliation over the next three years.