- Customer Success Story -

Enhancing Reconciliation and Settlement Processes at Prudential Bank Ltd

ACCRA, GHANA

Transforming Prudential Bank’s Reconciliation Journey

arbutus_prudential-bank_colourPrudential Bank Ltd  (PBL) a leading 100% Ghanaian bank commenced business in August 1996.  A Truly Dependable Bank that consistently offers unique financial solutions to its diverse range of customers. 
Since incorporation, PBL has successfully operated as a full service licensed universal bank, that stands committed to playing a positive and innovative role in the financial intermediation process.  Most importantly, committed to provide world class, innovative & customized products and services that suit the peculiar needs of their customers with an exceptional drive for quality and an unparalleled passion for delivering excellent customer service.

Client Profile: 

Company: Prudential Bank Ltd. Ghana
Industry: Banking
Contact Name: Bright Osei-Boateng (Mr.), eSettlement and Reconciliation Officer
Duration at Company: 20 years

Challenge: Manual Reconciliation Blues

Bright Osei-Boateng, the experienced eSettlement and Reconciliation Officer, was aware of the gravity of this challenge. His team labored intensively, cross-referencing records, scrutinizing spreadsheets, and contending with fatigue-induced errors. The backlog continued to grow, posing a significant threat to their operational efficiency.


The Data Backlog Dilemma
As the data backlog accumulated, Prudential Bank recognized the urgent need for a solution—a guiding light to navigate them out of the complexities of manual labor.

The Quest for Efficiency
Prudential Bank’s search for an efficient solution commenced under the leadership of Mr. Osei-Boateng. His criteria were clear:

  • Automation: The solution must automate reconciliation processes, liberating the team from repetitive tasks.

  • Speed: Settlement processes needed to be expedited to enhance overall operational efficiency.

  • Reliability: Ensuring data integrity was paramount; the solution had to be error-free.

What other challenges were faced during this process?

During the reconciliation process, Prudential Bank Ltd. encountered challenges beyond manual reconciliation and data backlog:

  1. Data Complexity:

    • Financial data intricate, with various formats and sources.
    • Ensuring accurate matching required handling diverse data structures.

  2. Legacy Systems:

    • Prudential Bank’s existing systems might not seamlessly integrate with new solutions.
    • Arbutus needed to bridge the gap between legacy and modern technology.

  3. Change Management:

    • Employees had to adapt to automated processes.
    • Training and communication were crucial to ensure smooth implementation.

Solution:

Prudential Bank Ltd opted for Arbutus, a robust data analytics platform. Here’s how Arbutus addressed their challenges:

  • Automated Reconciliation:

    • Arbutus streamlined reconciliation by automating data matching.
    • It compared Third-Party Providers’ (TTPs) data against CBA records seamlessly.
    • Manual reconciliation efforts were significantly reduced.

  • Eliminated Manual Entry:

    • Arbutus removed the need for manual data keying.
    • Human errors associated with manual entry were eliminated.
    • The bank no longer faced data backlog due to manual processes.

  • Enhanced Data Integrity:

    • Arbutus ensured accurate data matching.
    • By automating reconciliation, Prudential Bank achieved consistent results.
    • Data integrity improved, leading to reliable financial processes.

Arbutus emerged as the solution, transforming the reconciliation landscape.

Result:

Transformed financial processes, saving time, ensuring data integrity, and maximizing value

  1. Time Savings:

    • Manual tasks were reduced by 95%.
    • Faster reconciliation and settlement processes.
    • Turnaround time significantly improved.

  2. Data Integrity:

    • Arbutus ensured accurate data matching.
    • Eliminated human errors in reconciliation.
    • Enhanced overall process reliability.

  3. Value for Money:

    • The investment in Arbutus paid off.
    • Operational efficiency improved.
    • Seamless solution with cost-effectiveness.

In addition to the efficiency gains, Prudential Bank Ltd. enjoyed several other benefits with Arbutus:

  1. Data Accuracy:

    • Arbutus ensured precise data matching, reducing discrepancies.
    • Reliable financial reporting became the norm.

  2. Reduced Operational Costs:

    • Manual processes were costly in terms of time and resources.
    • Arbutus streamlined operations, leading to cost savings.

  3. Scalability:

    • As Prudential Bank expanded, Arbutus adapted seamlessly.
    • The solution grew with the bank’s needs.

  4. Risk Mitigation:

    • Arbutus minimized the risk of errors and fraud.
    • Compliance and audit processes improved.

  5. Improved Decision-Making:

    • Accurate data empowered informed decisions.
    • Prudential Bank steered confidently towards its goals.

Arbutus became more than a solution—it was a strategic partner in Prudential Bank’s success.

The impact of Arbutus on data accuracy for Prudential Bank Ltd.

  1. Precise Data Matching:

    • Arbutus ensures accurate reconciliation by comparing data from Third-Party Providers (TTPs) against CBA records.
    • The automated process minimizes discrepancies, reducing the risk of errors.

  2. Elimination of Human Errors:

    • Manual data entry often leads to typos, omissions, and inconsistencies.
    • Arbutus banishes these errors, maintaining data integrity.

  3. Consistent Results:

    • Arbutus’s automated approach consistently applies reconciliation rules.
    • Prudential Bank can rely on uniform outcomes, enhancing trust in their financial processes.

  4. Reliable Financial Reporting:

    • Accurate data translates into reliable financial reports.
    • Regulators, auditors, and stakeholders benefit from trustworthy information.

In summary, Arbutus’s impact on data accuracy is profound.

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Transforming Prudential Bank’s Reconciliation Landscape

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