The Banking industry has undergone considerable evolution in the last 10 years. Increased regulation, the rise of the challenger banks and consumer finance companies have all populated a landscape in 2019 that is very different to 2009. One constant is the need to manage and maximise the use of financial data.
- Reduced Spreadsheet Reliance
- Cost Reduction
- Risk Mitigation
- Volumetric Pricing
- Cloud Computing
- Regulatory Compliance
- Enhanced Control
AutoRek works with leading high street banks, challenger organisations and start-ups to deliver timely, accurate and robust financial data control. Whatever the size of your business there are 7 attributes we know you care about and we have designed our offering to address those needs:
1. Reduced Spreadsheet Reliance
We find many banks still utilise spreadsheets as an interface between core systems. Large amounts of data are downloaded, manipulated and reloaded into another system. Spreadsheets carry four main limitations (i) they become stressed under large data volumes; (ii) version control is a challenge with multi-user access; (iii) poor auditability; and (iv) low levels of automation. AutoRek provides you with the ability to consolidate data in a well-controlled and auditable environment, mitigating the reliance on spreadsheets and manual processing.
2. Cost Reduction
Throughout the automation journey with AutoRek, we identify points in current manual processes that can be improved or removed. From auto-loading source data, performing reconciliations to automated account postings throughout the organisation – efficiencies will be created. Most clients utilise these savings in the first phase to clear down backlogs that have arisen over years of manual intervention. Thereafter they have the clarity of understanding to critically analyse the FTE effort required for each process.
3. Risk Mitigation
AutoRek assists clients in mitigating financial, operational and regulatory risk. Directors, NED’s and regulators are increasingly challenging businesses to identify risks and detail what plans are in place to manage and mitigate those risks. Deploying AutoRek is a tangible step banks can take to show stakeholders that they understand their data at a granular level. The account attestation feature of AutoRek allows banks to streamline the review and sign off process, ensuring every responsible signatory has timely visibility of accounts.
4. Volumetric Pricing
Our volumetric based pricing allows our relationships to grow as you grow. We can provide a partnership pricing agreement that takes account of the number of processes you need to automate and their complexity, giving you clarity over costs as your business grows. We can provide AutoRek as either an on premise or a cloud based solution that will integrate with your existing ERP systems.
5. Cloud Computing
Banks are moving towards a model that sees their IT estate managed in the cloud. This has numerous benefits including (i) reducing the reliance on internal IT teams; (ii) maintaining evergreen status with key applications; and (iii) reducing extended expensive maintenance costs. AutoRek is available on-premise and as software as a service (SaaS) where we work with industry leading cloud providers.
6. Regulatory Compliance
We understand that established new entrants to the market can find the regulatory and reporting regimes onerous. At AutoRek we have a long history of bringing companies from a non-compliant position to one of on-going compliance and control. We deal with many specific regulations, the fundamental challenge to all being data management. It is often the same data that is needed for multiple regulatory returns. By creating a golden source of data, that is validated and enriched, this allows us to cut data it any way you or the regulator requires.
7. Enhanced Control
Taking granular data and surfacing it in a meaningful way through dynamic drill down dashboards, configurable to every level of management, gives the leadership team comfort around performance and internal service levels. The use of RAG status allows summary dashboards to quickly identify where there are bottlenecks or operational challenges that need to be addressed. These indicators can flag potential issues well in advance of key events such as fast close, regulatory deadlines and financial year end.
Find Out More
To arrange a confidential discussion or a tailored AutoRek demonstration, please call us on +44 (0) 845 603 3613 or schedule an AutoRek Demo.