This guest article was written by Alice Allegrini, Sales Director at Tagetik, a visionary leader in global performance management software solutions.
When it comes to financial reporting, banks still rely too much on spreadsheets for the collection, entry and verification of data as these require manual intervention and adjustments that consume a lot of staff resources.
Reporting needs to be repeatable and auditable on a regular basis, and the evolving nature of regulation means future-proofing will always be required of the software.
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Research sponsored by Tagetik shows that banks spend 50% of their time preparing regulatory reports when they should really only be spending 20%. Consequently, they are sometimes left with no choice but to pass compliance costs along to customers by reducing existing products and services (44%), postponing or cancelling new product launches (58%) and increasing service fees (42%).
A robust, automated system centred on a reporting database enhanced by Big Data analytics is the optimal choice to overcome these pitfalls as it provides an easy-to-use and timely ‘single version of the truth.’
With regulatory deadlines always looming, banks should now automate to reduce cost and risk and not spend too much time handling data manually. That method is more expensive, more time consuming, and less accurate.