ReconArt, both as a company and as a solution, is very well attuned to the particular needs of the banking world. This is thanks to internal industry expertise and long standing partnerships with various banking institutions throughout North America and across the globe. Our banking and other financial institution clients range from small community banks and credit unions, through to large nationally known banks, international banks, US bankers’ banks, and multiple other types of lending and borrowing institutions. We continue to amass experience from this ever-evolving market by truly partnering with our large and rapidly expanding banking customer base, at all times empowering them with a technology that evolves in alignment with their industry.
In terms of reconciliation and close management best practices, Banking is a particularly challenging industry. High account and transaction volumes, process complexity, a multitude of data sources, ever changing regulatory requirements, and other factors compound to create some of the most intricate and cumbersome reconciliation processes that exist today.
This paper has been written so that we can share our experience and solutions with our clients – both current and future – in the sector. While existing users of our technology, as contributors to this paper, will already have seen significant gains in operational efficiency and operational risk management, we hope that they will find many other areas to target for ever greater return.
- The Current Banking Business Environment
- The Industry’s Challenges
- How ReconArt addresses these challenges
- Key functionality of ReconArt™ that brings it all together
- Key ReconArt advantages for financial institutions
- Current State versus Future State
- How to Reach this Future State
- In Summary: Success Stories
Testimonials from the Banking Industry
“ReconArt’s reputation for service and technology caught the attention of BBN as we searched to automate internal processes, expand reporting capabilities and enhance efficiencies. In our recent core conversion, there were transactions posting in the wrong direction. These were easily researched and identified with ReconArt™, with our previous manual process this could potentially have taken a couple of days. Transitioning to Recon Art has proven to be the right choice for BBN.”
— Charlotte Hansen, SVP & CFO, Bankers’ Bank Northeast (BBN)
“After we saw ReconArt’s proof-of-concept demonstration we thought it was a great system; we were impressed with what we saw. We needed to adopt a solution very quickly and we felt like ReconArt’s team was going to be able to implement the product in the short time frame that we were looking at – and they did! We appreciate the fact that ReconArt™ is always kept up to date, and that customer-led enhancements are included in the system regularly. ReconArt™ is processing all transactions that we are performing in a timely fashion – if anything, it is only getting quicker as we continue to grow.”
— Brandy Wheeler, Vice President, Operations Manager, First National Bankers Bank
Customer Success Stories from the Banking Industry