Reconcile monthly bank statements (RBS) with internal reports to identify discrepancies accurately and efficiently.
ITCube, a global IT service provider, was tasked with RBS for a major banking client. This involved matching around 6,000 transactions monthly. Traditionally, this reconciliation was a manual, full-time job that took an entire month to complete. They faced multiple challenges:
Without a clear SOP, the RBS process was inconsistent, leading to errors and inefficiencies.
Manual verification made error detection difficult and time-consuming, increasing the likelihood of mistakes.
Variations in how transactions were named and recorded often led to mismatches, requiring additional manual checks.
ITCube partnered with Matterway to implement an Intelligent Assistant, which automated and guided the RBS process. They built Skills focused on optimizing the workflow by:
Matterway's Intelligent Assistance Platform revolutionized ITCube's approach to bank statement reconciliation. ITCube achieved significant time savings, reduced errors, and optimized resource utilization.
By integrating Intelligent Assistance into the process, the need for manual comparison by multiple agents was eliminated. A single person could now handle the task effectively.
With a standardized SOP and automated checks, error detection and discrepancy resolution became more straightforward and reliable, reducing the risk of human error.
ITCube could reallocate time and resources to more strategic activities, enhancing overall operational efficiency.
The reconciliation process, which used to take around 45 hours, was reduced to just 3 minutes.
The whole RBS process for ITCube was transformed in less than two months.
With Matterway's Intelligent Assistant, ITCube transformed their reconciliation process, reducing the time and resources required while significantly improving accuracy and consistency.
