Major retail and commercial bank with legacy systems stress, optimises performance
The bank was constrained by outdated systems and high costs. By implementing Realiti Suite they unified operations, enabled real-time data aggregation, and saved at least $700,000 annually.
The bank’s challenge
A major retail and commercial bank was limited by legacy systems that led to inefficiencies and disconnected financial operations. These outdated systems were a mix of old and new technologies, creating a complex and fragmented view of their cash, liquidity, and reconciliations.
The bank’s reliance on disparate systems across its brands led to slow processes, incomplete data evaluations, and a significant increase in maintenance costs. Additionally, the outdated infrastructure made it difficult to meet regulatory duties and created a painful user experience for staff, ultimately stunting the bank’s growth.
Before implementing Realiti
- High Maintenance Costs: The upkeep of archaic systems was costly, draining the bank’s resources through frequent outages, technical debt, and the inability to scale.
- Inefficiency and Errors: Manual processes and disconnected interfaces left room for significant errors, leading to incorrect financial forecasting and overspending.
- Regulatory Compliance Challenges: The old systems struggled to meet modern regulatory demands, increasing the risk of non-compliance.
- Poor User Experience: The slow, clunky interfaces frustrated staff, leading to low adoption rates and a reliance on multiple tools and processes.
The process of change
The bank began by evaluating the limitations and strengths of its current systems and identifying the necessary tools to meet its goals.
Key considerations included:
- Performance Needs: The ability to aggregate large volumes of data in real-time was critical.
- System Integration: A single platform that could handle all functions, including the integration of Vostro/Nostro modules, was essential.
- User Experience: The new system needed to be user-friendly for both the technical team and end-users.
After implementing Realiti
- Unified System: The Realiti Suite consolidatess all necessary data into one platform, removing the need to juggle multiple systems and screens.
- Real-Time Data Aggregation: By aggregating vast amounts of data in real time, the platform provides the bank with a single, accurate view of transactions at any point during the day.
- Operational Efficiency: This implementation streamlined daily operations, making the bank more agile in managing its liquidity needs and ensuring smooth reconciliation processes.
Performance benefits and ROI
- Technical Simplicity: The Realiti Suite was easy for the technical team to understand and integrate, thanks to its connectivity and seamless file consumption.
- Business Advantages: Real-time functionality allows the bank to track and reconcile 100% of cash flows, delivering cost savings of $700,000 annually. It also provides real-time visibility into liquidity positions, optimising cash control and reducing financial costs.
- Enhanced Financial Control: Realiti Suite empowered the bank with real-time forecasts and self-service capabilities, leading to better financial resource utilisation, direct interest savings, and new revenue opportunities
This transformation has not only improved the bank’s operational efficiency but also strengthened its financial stability and regulatory compliance.
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