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Banking / white paper
Jm Kumar
Senior Consultant, Finance and Reporting practice, Banking, Financial Services, and Insurance, TCS
Ketkee Pandit
Solutions Specialist, CTO Incubation Group, Research and Innovation, TCS
Devang Patel
Solutions Head, CTO Incubation Group, Research and Innovation, TCS
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The IFRS 16 - Leases standard will take effect on January 1, 2019. The new standard requires lessees to recognize a majority of the leases on their balance sheets. In addition, IFRS 16 requires a broader range of data elements compared to the earlier standard. Enterprises including financial institutions, which typically enter into a large number of agreements to lease a variety of assets, will therefore need to modify their accounting processes and ensure quick and accurate extraction of lease data elements.
To achieve IFRS 16 compliance, banks will need to enhance data extraction processes. The way forward lies in adopting a solution built using cognitive technologies such as natural language processing (NLP), optical character recognition (OCR), and machine learning (ML) to automate the capture and extraction of lease data. However, before embarking on an implementation, banks must
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