In many banks, financial reconciliation is performed manually, with the support of EUCs (End-User Computing), such as Excel spreadsheets. These tools, widely used to collect and access a massive range of data, are often adopted because they allow users to manage, control and manipulate data in a straightforward and timely manner.
But their use is associated with many challenges that substantially impact financial information security, veracity, tracking, and compliance. If you are using EUCs, you probably identify with some of these challenges:
What is the solution to this problem? Automate the financial process with the help of technology.
Financial automation is the solution for banks that want to optimize their financial processes and increase efficiency. The use of technology minimizes the risks associated with manual tasks and frees financial teams to focus on more strategic activities. One efficient way to carry out financial automation is through platforms that store information in the cloud and on the service provider's servers, ensuring data accessibility, end-to-end control, backups, and traceability. With no-code/low-code technology, end users can integrate other solutions into the platform without the need for programming skills, reducing dependency on technical teams.
Another advantage of these platforms is security, as cloud service providers comply with national and international data protection standards and are subject to ongoing regulatory compliance. Financial automation platforms offer high protection against attacks and data loss and enable rapid problem resolution.In the case of the discovery of a critical vulnerability, it is possible to correct the problem almost immediately, whereas, in enterprise software, it may be necessary to coordinate an action plan with server administration and implement fixes and tests.
Simetrik wanted to take advantage of cloud-based software's benefits to create a highly flexible no-code/low-code solution that allows customization and automates end-to-end financial reconciliation processes. Adopted by organizations in a wide variety of industries, such as Rappi, Nubank, Addi, Grupo Modelo, and Movii, Simetrik has several advantages over EUCs:
Share this article
Easily automate your company's conciliation processes.
Do it yourself in 3 simple steps