Boston, January 23, 2014 – Once a technology largely applied to the task of matching cash accounts, reconciliation technology has become essential to the support of numerous other processes within financial institutions, and its uses are about to increase. Market pressures have pushed reconciliation technology to be a top 10 priority for firms, and in the current era of increased transparency and awareness of data integrity, the last two years have witnessed a wave of new entrants to the market. To boot, regulatory and economic factors are making it difficult for firms relying on manual workarounds to sustain them. How can reconciliation technology help firms report data, keep pace with regulatory and market infrastructure changes, contain costs, and decrease risk?
This report, the first in a series of two, examines some of the key trends in the reconciliations market, including current internal and external drivers for investment; reconciliation pain points related to people, process, and technology; and how firms are building the business case for further investment in technology. It is based on Q3 and Q4 2013 Aite Group interviews with individuals engaged in the reconciliation process at 20 different financial institutions.
This 32-page Impact Report contains 17 figures and four tables. Clients of Aite Group's Institutional Securities & Investments service can download this report.