FX-MM Magazine has just released the results of its Reconciliations Survey 2017.
Three specific findings stood out –
- 44% of respondents still perform reconciliations manually.
This is probably due to a reliance on Excel, and manual processing may be only a small part of the overall process, but any manual intervention introduces the possibility of human error.
- 46% rely on bespoke/internally developed legacy systems for reconciliations.
Typically there are only a few people who run and maintain these systems, which is a risk to the business.
- 52% of respondents have no overview of system performance.
Given the amount of automation projects undertaken by financial institutions, the percentage of reconciliations that are still processed manually is surprisingly high. However, the reliance on legacy systems and lack of real-time analysis is less surprising.
A typical implementation of Xceptor Reconciliations Hub involves replacing internally developed systems, automating the capture and validation of data, removing manual intervention, adding workflow tools, and automatically generating dashboards for better oversight.
The FX-MM Survey 2017 results can be seen at https://www.fx-mm.com/news/70612/fx-mm-reconciliations-survey-2017-results/