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Regional Banking Client
Automating reconciliations using BlackLine
Overview
A regional bank faced challenges with manual reconciliations and underutilization of BlackLine's features. They engaged Embark to optimize their processes and enhance efficiency.
Our Solutions
Embark provided tailored solutions to meet the client's needs:
Index
The Big Wins
1. Efficiency Boost: Achieved high automatic match rates: 90% for Certified Deposits, 89% for Loan Deposits, and 65% for Daily Deposits.
2. Empowerment: Established teams in BlackLine with automatic daily data imports, transitioning data management from Excel to BlackLine.
Client challenges & objectives
The client, a regional bank, needed to overcome significant operational challenges related to manual reconciliations. Their objectives were clear and focused on leveraging BlackLine for efficiency.
The key challenges included:
- Time-intensive manual reconciliations
- Underutilization of BlackLine’s advanced features
- Lack of efficient settlement automation and secure data access protocols
How Embark helped
Embark stepped in with a strategic approach to address the client’s challenges, providing tailored solutions and guidance:
- Created and assigned individuals to teams with different levels of entity access, ensuring sensitive reconciliations were secure
- Developed a data source and import definition for intraday deposit data, enhancing data management
- Created match sets with pass rules to automate transaction matching, streamlining operations
- Held regular weekly calls to discuss progress and used a Sandbox environment to demonstrate the impact of updates
Results
Achieved high automatic match rates with three separate match sets:
- 90% for Certified Deposits
- 89% for Loan Deposits
- 65% for Daily Deposits
Additional outcomes that position the client for ongoing success:
- Teams are established in BlackLine, with automatic daily data imports enhancing operational efficiency
- Thousands of transactions are automated daily, freeing up staff time and transitioning data management from Excel to BlackLine
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