Today, BFSI enterprises are handling billions of daily transactions that need verifications on multiple levels, and accurately reported exceptions. The reconciliation process plays a major role. However, annual total cost of ownership (TCO) for the reconciliation function, including people, systems, and infrastructure, is expensive, and BFSI enterprises are under constant pressure to adopt newer technologies, such as automation and cloud, to usher in next-gen reconciliation and reduce cost.
For the BFSI industry, reconciliation is the last line of defense. TCS Reconciliation Services have been designed to act as the one-stop solution for the specific needs of clients, right from advisory and operation execution to technology implementation and BPaaS.
The solution comes armed with smart features such as the PIBS4.0 framework that performs a consulting study of client processes, reconciliation automation that improves efficiency and effectiveness, and TCS BaNCS that is bundled with a combination of ETL, reconciliation, exceptions and workflow management, AI/ML, unstructured data processing, etc.
Overall, the TCS Reconciliation Services help enterprises streamline core process control through automation and reduces costs. The framework allows BFSI organizations to save significant costs in manual processes and embark on larger strategic initiatives for business growth.
By leveraging the TCS Reconciliation Services, BFSI enterprises across the globe can reap the following benefits:
Reduce cost of operation by 60%-70% with offshoring
Bring down reconciliation TCO by 35%-40% in a managed services model
Prevent loss due to regulatory exposure
Improve STP rate (almost 99%) with cognitive solutions such as AI/ML and Cloud
Reduce operational risk incidents, ageing breaks, and break volume by 18-20%
Eliminate manual touch points with reconciliation automation
Undertake seamless platform migration with up to 99% reconciliation automation