Challenge, approach, and impact

• Increasing regulatory demands

  European financial regulatory institutions demand increasingly detailed information from banks, spanning lists and tables with millions of records. Moreover, the scope of required reports may fluctuate, while the time allotted for their submission could be short.

• Data fragmentation and escalating compliance costs

  Data for accurate reporting is scattered across various internal banking systems, necessitating consolidation, validation and formatting. Reports necessitate support for hierarchical tables and nested data structures, adding to the complexity of compliance efforts.

• Time-intensive manual processes

  Due to the volume and scope of collected data and ongoing regulatory changes preparing and ensuring the accuracy of reports consumes significant time for financial institution employees. So, process automation is essential for efficiency.