Company Overview

Established in 1901, this well-capitalized community bank has over $4 billion in assets. It operates more than 340 locations across Texas, Arizona, Arkansas, and New Mexico, providing financial products and services. The bank offers a variety of personal and business banking solutions, including checking and savings accounts, loans, credit cards, and mortgages. With a commitment to customer service, it ensures that 93% of its customers’
deposits are fully insured by the FDIC.

Challenge

The company’s existing reconciliation process consisted of multi tab excel spreadsheets with data being captured manually from various sources. Most of the time and effort was being spent collecting the data and ensuring that it tied to the original source, instead of reconciling and providing validation.

Solution

Oracle Cloud EPM Account Reconciliation was implemented to perform, monitor, and track completeness of the reconciliation process. Providing improved accuracy, speed, and visibility, both Reconciliation Compliance and Transaction matching methods were implemented using best practices approach.

Result

The implementation has reduced the amount of manual effort required by creating data load processes through data exchange. Rules were created to automate the reconciliation of zero balance and low or no activity accounts. Auto match rules were defined to facilitate that transaction matching process. The new process has reduced the close process from 2.5 weeks to one week.

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