Case Study

94% reconciliation rate equips financial major for improved customer satisfaction

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Client: Financial services firm—part of a leading global conglomerate

Industry: Banking and financial services

Business need addressed: Improve reconciliations process, reduce errors, and accelerate efficient closing

Genpact solution: Automated the reconciliation process and streamlined data loadings to eliminate delays and errors

Business impact: Following the Genpact-led initiative, success rate of daily reconciliations increased to 94% from 61%, exceptions decreased by 20%, and manual efforts and delays reduced by 20%

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Business challenge

The financial services firm, part of the global conglomerate, was facing numerous back-end data issues which were hampering its ability to achieve high rates of reconciliation in its treasury/lending business. The firm spanned nine major business departments, more than 150 data interfaces, and more than 500 matching rules, across India, USA, Mexico, Europe, Japan, and China-all of which created significant complexity such as:

  • Reconciliation issues - The financial services firm was unable to quickly and consistently perform daily reconciliations and submit them to the Transaction Lifecycle Management (TLM®) system
  • Data holds - Major errors in reconciliations were creating unbalanced accounts during high-stress closing periods, leading to frequent requests for “data holds”
  • Compliance issues - Lack of structured and approved tracking and policy adherence was leading to compliance gaps
  • Poor performance - The team was able to submit only 61% of daily reconciliations, or approximately 800 of 1,300 proofs, in the preceding six-month period
  • Ad hoc data loads - The firm was relying heavily on unpremeditated data loads and was seeing a significant number of extract, transform, and load exceptions

Key challenges:

  • A large amount of “data missing”
  • Data duplication
  • Incomplete data loads
  • Lengthy manual processes

Genpact solution

After seeing its fiscal exposure grow to roughly $35 million due to the daily unbalancing, this financial services firm knew that changes were in order and turned to Genpact for its extensive experience implementing TLM® and reconciliations solutions.


The Genpact team, made up of system architects, process-domain experts, program managers, and senior developers, conducted extensive brainstorming and process discovery sessions to identify the various activities in the current process that were leading to slowdowns and errors. These initiatives included the creation of Ishikawa (fishbone) diagrams, which maps cause and effect of all critical issues. Genpact also performed in-depth trend analyses on seven months of historical transactions.

Design and implementation

  • Process redesign of load schedules to accommodate more data
  • Control checks to validate source and output of data
  • Implementation of new configurations to improve daily reconciliation rate
  • Proactive data checks to improve accuracy before loading them in TLM®
  • Automation of ad hoc files
  • Auto-exclusion logic to sign-off 60% of records without user involvement

The solution was implemented across five regions: India, USA, Mexico, Europe, Japan, and China.

Business impact

Following the implementation of the TLM® platform, the financial services unit of the global conglomerate experienced significant improvements, including:

  • Daily reconciliation submissions increased to 94% from 61% (above the programs’ target goal of 80%)
  • The number of cases involving missing data decreased by 40%, and partial data loads decreased by 20%
  • Manual efforts and waiting times decreased by 20%

Automated, error-free process will enable the financial services unit to:

  • Improve regulatory compliance while lowering cost
  • Faster cycle time, fewer data issues, smoother quarterly closings
  • Improved customer satisfaction
  • Real-time visibility and control – The financial services unit will also be able to build scalable, flexible processes that bring real-time visibility and control to operations

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