Automating Financial Spreading for a Commercial Bank: 30% Staff Savings, 99.5% Accuracy

Challenges.

The bank struggled with reclassifying clients' financial statements into Moody's risk analyst template for accurate financial position analysis.

Key business challenges:

• Inconsistent financial statements requiring normalization
• Need for high accuracy in financial analysis
• Resource-intensive process for commercial loan assessment
• Time constraints in implementing an effective solution

Solution.

Coforge implemented a comprehensive solution to address the client's challenges.

Key highlights of Coforge's solution:

• Utilized a seasoned process assessment framework for rapid process transition (3-4 weeks)
• Engaged qualified resources with financial analysis expertise
• Created detailed process checklist to reduce and track errors
• Implemented standardized approach for financial statement reclassification

The Impact.

• 99.5% accuracy achieved in financial statement spreading
• 30% reduction in staffing requirements
• 12 hours turn time For prioritized new loan applications
• Improved compliance with Moody's risk analyst template